Payzone has launched a service that doesn’t charge retailers to bank cash – regardless of who their payment supplier is.

Retailers can join myPayzone Club for £1.99 per week, signing up to a 12-month rolling contract will allow access a bank account, which includes no fees for cash deposits or direct debits. Retailers will not need a Payzone terminal to get access to the service and the payment supplier is hoping that banking benefits is the beginning – it could potentially include utility costs and business insurance.

The account is issued by Advanced Payment Solutions and cash deposits can be paid into any Post Office branch. According to Payzone, the only extra charges is to claim an additional card for staff members, or to withdraw money from an ATM.

Simon Newton, commercial director at Payzone, said: “We’re very happy to provide our business deals to all retailers, including those who work with our competitors.”

“We don’t operate exclusive contracts and would be very happy for retailers to pick and choose whichever services suit them best, whether they’re from Payzone or our competitors.”

For more details visit myPayzone club