The UK’s largest independent payments broker Accept Cards has today launched an innovative cash payments solution to respond to SME demand for instant, affordable cash deposits which underpin cash flow stability.
Accept Cash will utilise Smart Safe technology so that businesses can deposit into a smart safe and settle to their bank account the same day, creating the most convenient way to bank when bank branches are closing and the Post Office fight with the growing demand - helping to support healthy cash flows for the UK’s SME sector. It is understood to be the first UK card payments company to move into cash solutions on the back of new technology, which includes the ability to split the same day settlement for franchisee networks.
The launch comes as the majority of Accept Card clients have seen cash transactions continue to hold firm in the midst of a cost of living crisis. The UK last year saw a rise in cash payments, with the British Retail Consortium estimating they accounted for 19% of total transactions in 2023 (up from 15% in the previous year).
Accept Cash estimates that a business with an average monthly revenue of £80,000 would save 73% in cash processing costs via its newly introduced service. 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 most utilise the service 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. We’re pleased to be one of the very few providers in the UK to offer this same day settlement service and respond to demand.
“Not only is Accept Cash the perfect solution to solving a big headache for businesses processing cash, it is likely to also encourage some businesses who have moved away from cash to return to accepting it. 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.”
Bradley added that many existing Accept Cards clients are set to implement the new technology in the coming months, with several new clients now live and also in the process of being onboarded.
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.”
The addition of Accept Cash to the Accept Cards business is expected to see the Elland-headquartered firm further expand its team of 14 employees. 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.
Bradley added: “Our staff team have been the driving force behind this exciting new chapter in our history. I’m really looking forward to seeing Accept Cash help SMEs to succeed because of our innovative approach. As a payments broker we’re keen to embrace all innovation around payments, for the benefit of all our clients, referred to by our long-standing network of professional partners.”
Operating nationally, Accept Cards is a whole-of-market broker offering bespoke advice and solutions. It works with more than 45 partners and is trusted by banks, accountants, professional trade associations and business consultants to support customers with their payment requirements. Bradley established Accept Cards in 2005 after more than 25 years in the banking sector.
The broker supports businesses of all sizes with a range of payment solutions including merchant services, card machines, online payments, e-commerce solutions, EPoS, open banking, charity donations and much more.