UK fintechs Lopay and TrueLayer partner to offer merchant-friendly instant payouts
TrueLayer, Europe’s leading open banking payments network, today announces that Lopay, the UK’s highest-rated point-of-sale (POS) solution, now offers its real-time settlement solution to its 20,000 businesses.
With thousands of happy customers and a near-perfect rating of 4.9 in the Apple App Store, Lopay is known as the point-of-sale platform that gives small businesses more. Combined with low fees for using its service — typically less than half of some of its closest competitors — Lopay aims to help the businesses it serves keep more of their hard-earned money.
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 completely instant settlement. They wanted a fast, reliable and scalable platform to support their needs across the UK and Europe, and selected TrueLayer as the partner that could offer this.
Working with TrueLayer, Lopay has been able to integrate low-cost and instant payouts into its offering. The entire integration — backed by clear documentation and expert integration support — took just one week from start to finish.
At a time where the ongoing cost of living crisis is holding back UK small businesses, the ability for a Lopay customer to quickly get access to their hard-won earnings is vital.
Richard Carter, CEO and Founder of Lopay explains, “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.”
Commenting, Sara Rita, Director of Enterprise Success at TrueLayer, added, “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.”
The partnership with TrueLayer will support Lopay’s ambition of remaining the lowest-cost, highest-rated payment solution in the UK as it continues to scale, alongside its plans to make the platform even more rewarding for its 20,000 businesses. A new Lopay Rewards Card, with industry-leading cashback and discounts, is set to be launched soon. Instant payouts will also support Lopay’s plans to scale across Europe.
