Small businesses banking with Tide can make cash deposits in PayPoint and Post Office partnered stores under separate deals signed in May.
Despite launching just 18 months ago, Tide already has 30,0000 small business customers. Like the previously announced partnership with consumer bank U Account, Tide services in PayPoint stores will be processed through PayPoint’s deposit solution.
The partnerships with Post Office and PayPoint give Tide a combined network of 40,000 sites. Customer deposits are capped at £500 per day. At post offices, customers will be charged £1 per transfer, whereas at PayPoint terminals, customers will be charged 3% of the deposit value, meaning a maximum charge of £15.
Describing the company’s partnership with PayPoint, Tide CEO George Bevis said: “The extensive network of physical locations we can now access thanks to PayPoint’s network is hugely exciting.”
PayPoint commercial director Lewis Alcraft said it “underlines the important role that convenience retailers continue to play in providing vital services to their local communities.”
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