PayPoint stores receive £1k in average commission

Independent PayPoint stores generated an average of £1,009 in commission during the first half of the firm’s current financial year.

The services provider revealed the performance across 18,786 independent convenience stores for the six-month period ending 30 September 2023. These sites represented 70% of the total 28,646 stores across the entire PayPoint estate, an annual increase from 28,478 in the previous year.

In the results, the firm attributed growth to parcel services where it recently signed a new multi-year partnership with Yodel and Vinted, card processing and open banking services. PayPoint also referenced Love2Shop services available in more than 2,600 PayPoint locations alongside 1,500 Fed members taking on its Park Christmas Savings scheme.

Asked by Better Retailing whether the firm is on track to hit total commission levels of £34.4m from its previous financial year, PayPoint chief executive Nick Wiles said: “One of the big drivers at the moment is parcels and we would be hopeful that commission levels into retailers will continue to grow strongly. If you take the assumption that parcels will lead the way, there’s more opportunity around being a Park Christmas Savings super agent and Counter Cash.

“The range of opportunities is growing and that’s the message we’ve been getting across to retailers. Working with PayPoint is going to make you money and that’s the message that was probably missing. Several years ago, it’s a message that retailers weren’t hearing.”