Convenience retailers can earn £300 cashback per year for up to five years by switching to a PayPoint ATM.

The company has sited ATMs in more than 4,000 stores, with some retailers seeing savings of more than £600 per month.

Anthony Sappor, ATM product manager at PayPoint, said: “I am delighted to announce we are extending our offer so more retailers can benefit from reduced banking charges and offer a vital service to their customers.

Retailers who have a PayPoint ATM will benefit from its Net Settlement system, which allows retailers to offset any incoming bills against cash withdrawals. 

“As bank branches continue to close, ATMs within convenience stores play an increasingly key role in serving local communities, as well as driving footfall and cost benefits to retailers,” Sappor said.

PayPoint's offer is available to retailers who already have an ATM that has a high volume of cash withdrawals, as well as independent retailers who do not already have a PayPoint ATM in their shop.