Manchester Office ‘Crucial Part of Growth’ as UTP Group’s Same-Day Settlement Proves a Hit with Merchants
UTP Group (UTP), a European card payment solutions provider, which now has operations in Manchester, Hastings and Reading, is seeing increased demand for its services as more and more merchants are looking for quick and easy to use FinTech solutions.
As the UK economy begins to recover, UTP, which opened offices in central Manchester in 2020, is experiencing the same upward trend as the rest of the fintech industry. As preferences shift away from cash payments, fintech has seen an accelerated growth like no other. UTP, which supplies thousands of small and medium size businesses with a fast and secure payments service, is keeping up with this demand to help retailers provide the best service possible and says opening an office in the heart of Manchester’s fintech scene was a key part of this growth plan.
- Faster Processing solution proves a hit with 300% rise in demand for same day funding
- Shipments of new devices is 28% higher than pre-pandemic levels
- Credit card processing up 60%*
Today (when compared to the same period in June 2019), the UK-based payment services firm is seeing a 60% increase in credit card processing volumes, as well as a 300% increase in demand for same-day funding.
UTP works alongside Faster Processing to provide its in-store and eCommerce customers with the ability to receive fund settlement within hours rather than days and it’s proving to be a huge success.
Michael Ault, CEO and founder of UTP Group, says: “With Faster Processing, our clients are able to receive and send funds within hours. Covid has really impacted so many of our clients, especially those in the leisure and retail sector, and we are delighted we can offer this added rapid service. Many are reliant on transactional cashflow, so same-day funding means that their funds can be accessed almost instantly and hassle free.”
In addition, the merchant services provider has seen shipments of new hand-held payment terminals increase by almost a third (28 per cent). Accelerated no doubt by the impact of Covid, businesses are becoming more reliant on card transactions, where previously cash may have been the preferred choice of payment, card is taking over. The increase also follows the launch of the UTP Pro Android terminal in April this year in preparation for the return from lockdown and demand for increased functionality at the point of sale.
Michael added: “Demand has increased for merchants to provide a cashless, one might say more covid-safe way for customers to pay and of course we are delighted to be able to provide a solution.
“It’s great news to see UK businesses demanding more from their payment service providers, especially now. We are excited to see where UTP will be in the next 12 months and to be going on that journey alongside thousands of small and medium size businesses.”
Founded in the UK, UTP’s business is now gaining a hold on the European and global card services markets, with a launch to market in Spain planned for end of 2021, and a further two international offices planned in the first half of 2022.
For more information visit www.utpgroup.co.uk.