TrueLayer, Europe’s open banking payments network, has joined forces with Lopay, the UK-based point-of-sale (POS) solution, to offer merchant-friendly instant payouts to Lopay’s 20,000 businesses; comprising sole traders to large enterprises.
Lopay explained that after looking for a fast, reliable and scalable platform to support its needs across the UK and Europe, it selected TrueLayer as its new partner.
Typically, point-of-sale providers offer next-business-day settlement on any payments collected. This delay can cause cash flow issues, particularly for SMBs. One of Lopay’s core differentiators is offering instant settlement to all of its users.
Working with TrueLayer, Lopay is now able to integrate low-cost and instant payouts into its offering. At a time when the cost of living crisis is holding back a large number of small businesses across the UK, the ability for Lopay customers to gain instant access to their earnings could prove vital.
Richard Carter, CEO and founder of Lopay, explained: “Being in complete control of your hard-earned money is essential, now more than ever.
“The cost of living crisis has meant that businesses have to be more flexible than ever before. Being able to offer payouts which are truly instant, even on weekends and bank holidays, helps us to continue to support our merchants.
“Plus, the quick integration process meant we could quickly turn our attention back to supporting our customers.”
Boosting customer loyalty
Sara Rita, director of enterprise success at TrueLayer, also discussed the importance of the collaboration: “Businesses like Lopay show the exact reason we built our instant payouts solution.
“For so many brands, the ability to offer a real-time, low-cost payouts solution, which doesn’t add to their manual admin burden, has typically been an unnecessarily difficult prospect. TrueLayer Payouts settle in seconds and help the businesses we serve boost customer loyalty and eliminate manual tracking processes.”
TrueLayer is currently live across 21 countries and boasts over 10 million users. By partnering with TrueLayer, Lopay can continue to offer a low-cost payment solution in the UK as it continues to scale.
It also has plans to make its platform even more rewarding for its business users. A new Lopay Rewards Card, with cashback and discounts, is set to be launched soon. Instant payouts will also support Lopay’s plans to scale across Europe.