Payments broker launches tech-enabled service to boost SME cash flow

Elland-headquartered payments broker, Accept Cards, says it expects to further grow its team of 14 employees, as it launches a cash payments solution.

The firm says it is responding to SME demand for instant, affordable cash deposits which underpin cash flow stability.

Its new service, called Accept Cash, will use Smart Safe technology so businesses can deposit into a smart safe and settle to their bank account the same day, creating a convenient way to bank at a time when bank branches are closing.

Handling and depositing cash securely, with open bank technology, the service will also offer detailed reporting, same day settlement and accountability for SMEs and Enterprise businesses.

Retail, convenience and hospitality sectors are expected to use the service most due to customer requirements and demand.

Richard Bradley, CEO of Accept Cards and Accept Cash, said: “The cost and time implications of depositing cash is currently squeezing SMEs financially and operationally.

“Not only does it take time out of a working week for a staff member to cash up and physically go to a bank, it’s also increasingly difficult to do so given the rise in high street banking closures.

“Added to this, the fees associated with depositing cash can be very high, making it difficult for SMEs – who want to be able to offer cash to their customers – to balance the books and forecast cash flow.

“As an independent payments broker, we pride ourselves in disrupting this sector with the latest innovations in technology.

“Cash is here to stay and we’ve identified that SMEs need to be able to deposit cash quickly and affordably.

“Accept Cash’s innovative approach and use of new technology will allow businesses to access cash in their bank accounts on the same day – without having to visit a bank – by combining open banking and technology with secure smart safes.

“Ultimately, consumers need to have the choice of both cash and card payments and this should not be prohibitive in any way for SMEs; after all, they remain the backbone of the UK’s economy.”

Martin Smith, strategy & solutions director at Cennox, will work alongside the Accept Cash team to implement and roll-out the new technology for SMEs.

Smith said: “Innovation in the UK’s cash payments sector is much needed and we are behind when compared to the rest of the world. Many countries adopted this approach many years ago.

“What Accept Cash is doing is bringing more choice to businesses owners as well as driving the most efficient and innovative ways of managing cash, making it more viable as a payment choice to be accepted.

“Cash is almost double the cost of card payments currently for UK businesses but we know demand for cash is high: this is all about making it a level playing field by making businesses aware of the opportunities to reduce the cost of taking cash.

“The Accept Cash approach brings the latest in technology and innovation combined with the most optimal ways of banking cash, their solution will help so many businesses across the UK.”

Earlier this year, Accept Cards became employee owned, with all the shares transferring to an Employee Ownership Trust (EOT). The EOT enables employees to take ownership of the firm and steer the direction of the business.