Payments technology provider Worldpay has collaborated with Sage Pay, a unit of cloud business management solutions provider Sage Group, to facilitate payments for businesses across the UK and Ireland.

The alliance is said to offer businesses of all sizes the ability to offer “cost effective” card payments solutions.

The tie-up will also lower time-to-trade for businesses, Worldpay said.

Sage EVP for payments and banking Seamus Smith said: “We know it takes on average between 7 – 15 days for businesses to chase payments every year – time they could spend growing their business.

“By increasing the opportunities for businesses to accept card payments, their customers can quickly pay by card (or other digital payment methods of their choice), which helps reduce the businesses’ admin burden and the time it takes to chase them up.”

In announcing the partnership, Worldpay cited a 2017 report published by Sage titled ‘The Domino Effect: the impact of late payments’.

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The study found 17% of all invoices from small and medium businesses paid late in the UK and Ireland.

Worldpay EVP for UK and Europe Steve Newton said: “Worldpay is one of Europe’s largest payments processors and we are delighted to be partnering with Sage to champion the needs of growing businesses across the UK and Ireland.

“By partnering with such an established market leader in business technology solutions, where we are unlocking the power of digital payments for businesses of all sizes.”