The annual commission paid by PayPoint to retailers has increased by 15.2% to an average of £1,208 per store.
The increase was revealed in the service provider’s annual results for the year ending 31 March, 2023, with the 15.2% difference representing a £162 rise for each of its 28,478 sites.
PayPoint attributed the change to increased transactions and higher commission rates for electronic and digital services. In the financial statement, it added: “The overall PayPoint network and PayPoint One estate have grown again this year and our broader commitment to our retailer partners to deliver further value and opportunities to earn has delivered an increase to retailer commission paid out of over +15% year on year.
“New services and transaction volumes have driven this positive impact to retailer partner revenues, including our Counter Cash solution, which is now enabled in 5,680 sites, with 1,930 sites transacting regularly and over £42.9 million withdrawn in the financial year, and good growth in our FMCG consumer engagement proposition, PayPoint Engage, delivering brand campaigns leveraging our PayPoint One platform, advertising screens and i-movo vouchering capability.”
The 28,478 PayPoint stores also represents an increase from 28,254 sites in the previous year.
Speaking to Better Retailing during a call about the firm’s performance, chief executive Nick Wiles also highlighted how its latest partnership with the Fed would help drive further footfall into stores. The partnership will give a targetted 1,500 of the trade body’s retailers an opportunity to generate more than £1,000 a year as “super agents” selling gift cards and vouchers for Park Christmas Savings.
Wiles added: “It’s still very early days but we see it as a major opportunity. We conducted a pilot between March and May and we learned quite a lot in that early stage. The scheme was launched formally two weeks ago and we’ve got 100 retailers signed up. That’s predominantly existing PayPoint retailers, but there were some who weren’t part of the network previously.”
The full PayPoint interview will be featured in RN 4 August.