The Access Group responds to rapid growth in online payments with the launch of Access PaySuite.
Launch of Access PaySuite
The Access Group has announced the launch of Access PaySuite, its new FCA authorised payment division that is focused on integrated payment experiences.
The Access Group is one of the leading software providers in the UK and, by establishing PaySuite alongside its pre-existing software in specific sectors such as finance, HR, hospitality, health and social care, not for profit, education and construction, customers will benefit from an integrated, seamless and innovative approach to payments tailored to the industry they operate in.
Acquisition & Integration
Continuing to build on an impressive period of growth, the launch of Access PaySuite, follows the acquisition and integration of Rapidata, EazyCollect and Eazipay into a single company combining the best of each organisation.
The last 12 months have forced many businesses to pivot, with 53 per cent of consumers now preferring to pay through digital channels and it’s estimated that 42 per cent of business to business payments globally are now made through digital channels.
Online payments for subscriptions are also set to grow by a staggering 72 per cent in 2022, highlighting the need for organisations to examine the digital payments offering as well as introducing more streamlined payments technology.
Access PaySuite intends to be at the forefront of these changes in the payments landscape and the new solutions will play an integral role in helping businesses rebound, fueling growth across the finance, insurance, utilities, telecoms, lottery and not for profit sectors and more.
By automating payment processes and ensuring Direct Debits are set up and made on time, Access PaySuite is a simple and intuitive platform that can be adapted to suit a range of customer needs, facilitating a frictionless process that allows recurring payments to be made and managed in just a few clicks.
The advanced solution is designed to improve understanding of cash flow and business performance, as well as reducing the time spent chasing late or failed payments. It can manage online payments, Direct Debits and integrated payment solutions and is suitable for subscription businesses, memberships or those offering consumers the option to pay in installments.
Additional Expenses for SMEs
Analysis of the latest Government data, published as part of The Access Group’s report “Are you ready for the future of payments?” shows that currently, around 78 per cent of SMEs wait over a month after the agreed terms to receive funds owed to them, costing each around £5,000 per year. Larger organisations sometimes experience problems due to inflexible and outdated payment systems that don’t talk to each other, resulting in lost time, missed opportunities and general frustration.
Andrea Dunlop, managing director of Access PaySuite, said: “In an increasingly digital world, people expect a frictionless payment experience, whether they’re dealing with a retailer, a charity, a utility company or a government body.
“Our vision is to enable organisations to make the most of new developments in payments, without having to become experts themselves. Access PaySuite will deliver seamless payments experiences to customers, ensuring an integrated, frictionless process that helps businesses scale and accelerate their growth.