emerchantpay, a leading payment service provider, and Propel, a pioneering asset finance specialist, have announced a new strategic partnership.
The strategic alliance enables emerchantpay to provide financing solutions to companies across an array of business structures for card payment terminals. Propel’s award-winning platform, Propeller, ensures an optimised sales process for emerchantpay sales teams and partners. emerchantpay is also launching a ground-breaking customer onboarding platform that will seamlessly integrate with the Propeller platform to give an industry-leading digital onboarding experience.
As the UK economy bounces back from the pandemic, small and agile businesses look particularly set to prosper in the months to come. SME retailers who service local clients were hit hard in the last 20 months, and potentially have increased debt burden and tax deferrals as a result. emerchantpay’s solutions are more relevant than ever for retailers; enabling increased cashflow, rapid payment and contactless solutions to the end customer.
emerchantpay, with 17 regional and representative offices across the globe and 20 years in payment processing, will be the first payment service provider to partner with Propel, offering card terminal financing solutions to a range of business customers. Propel has helped more than 40,000 businesses access financing to acquire the use of critical equipment quickly and easily. This agreement is one of a series of important strategic partnerships between Propel and leading organisations, such as Barclays Business Banking and Azets.
Jon Horddal, Chief Product Officer at emerchantpay, said: “We are delighted to be partnering with Propel, a leading digital-first, asset finance company that place the customer at the centre of their thinking. The partnership will enable emerchantpay to offer flexible finance solutions in a digital framework, delivering rapid decisions for our customers. The partnership will enhance the services we provide for our customers and enable our partners to accelerate their growth in an ever-changing payments landscape”.
Jon Maycock, Commercial Director at Propel, said: “Post pandemic, SME merchants will add real value to the economy. We are excited to be partnering with emerchantpay. The significant value that their payment services provide to the SME community underpins the liquidity of the retail industry. We are delighted to support them with transparent finance solutions that protect the merchants and allow them to access funding that is quick, simple and easy to understand”.
In March 2021, there were 1.5 billion card transactions in the UK; with contactless payments today accounting for more than a quarter of all payments in the country. Accepting card payments has never been more integral to core business activities and the long-term growth of UK businesses. emerchantpay and Propel believe this new financing solution is a significant development for UK businesses as they bounce back from the pandemic.