Latest cash-out scheme boosts retailers’ bottom line

PayPoint, the UK’s leading branded payments network, has introduced another scheme to boost retailers’ incomes by offering a nationwide cash payout option to customers of Mobile Phone Xchange, the UK’s leading mobile phone recycling company, through the PayPoint network.

Until now, customers wishing to sell their mobile phone through the various schemes available have only been offered a choice of payment into a bank account, by cheque or as gift vouchers. Under this new scheme, customers of Mobile Phone Xchange can opt to receive a text message bearing a unique number and the value of the payment. The retailer checks the unique number using the PayPoint terminal and hands the cash to the customer. The retailer is then reimbursed by PayPoint within three days.

“This payout method, called CashOut, proved very successful with customers and retailers alike in recent projects with energy providers when we processed rebates, credits and cash payments,“ said Mike Igoe, Director of Retail Strategy at PayPoint.

“Customers like the convenience of using a local shop to collect their payment and this generates additional footfall and business for our retailers, with some of the money being spent straightaway in
the shop, as well as a healthy transaction fee and reduced banking charges. Adding the mobile delivery channel to CashOut adds a new dimension of speed and convenience that can only broaden the appeal of CashOut.”

Geoff Walters, Managing Director of Mobile Phone Xchange, commented: “Many companies say they offer ‘Cash for your old phone’ but Mobile Phone Xchange is the only company able to deliver on that promise in a manner convenient for customers. For us, cash means cash in hand, usually the same day as we receive your old phone and, in most cases, just a few minutes from where you live or work.”

i-movo, the secure digital voucher specialist, is the technology provider behind CashOut. According to David Tymm, CEO at i-movo, security is key: “There can be no greater vote of confidence in a system than when a retailer takes money out of their till and hands it to the customer. With approaching four million transactions to date, retailers now accept our vouchers with the same confidence with which they have long accepted credit and debit card payments.”

- ENDS -

Enquiries:
PayPoint Press Office
Robin Granger / Katie Buckett
Brands2Life
020 7592 1200 / 07940 422 931 / 07832 286400
PayPoint@Brands2Life.com

Peter Brooker
Head of Corporate Affairs
PayPoint
01707 600356 / 07900 418960

peterbrooker@paypoint.co.uk

ABOUT PAYPOINT:
PayPoint is a leading specialist payments company with operations in the UK, Ireland, Romania, France, USA and Canada. It handles over £9.5 billion from over 550 million transactions annually for
more than 6,000 clients and merchants.

PayPoint processes consumer payments across a wide variety of markets (energy pre and postpayment, telecoms, housing, water, transport, e-commerce, parking and gaming) through its retail
networks, internet and mobile phone channels:

Retail Networks: The PayPoint branded retail network in the UK numbers over 22,000 terminals located in local shops (including Co-op, Spar, McColls, Costcutter, Sainsbury’s Local, One Stop,
Londis and thousands of independents). Collect+, a joint venture with Yodel, formerly Home Delivery Network Limited, provides a parcel collection and drop off service at more than 3,400 PayPoint
retailers. Its ATM network numbers more than 2,300 ‘LINK’ branded machines across the UK, mainly in the same sites as PayPoint terminals. In Romania, the branded retail network numbers over 4,800
terminals located in local shops, processing cash bill payments for utilities and mobile phone top-ups.
In Ireland, over 500 outlets in shops and credit unions process mobile top-ups and bill payments.

Internet: PayPoint.net is an internet payment service provider linking into all major UK acquiring
banks to deliver secure online credit and debit card payments for over 5,600 web merchants. It offers a comprehensive set of products ranging from a transaction gateway through to a bureau service and
FraudGuard, an advanced service to mitigate the risk of fraud.

PayByPhone: PayByPhone is a leading international provider of services to parking authorities allowing consumers to use their mobile phones to pay for their parking by credit or debit card. It has
contracts in the UK, France, Canada and the USA.

PayPoint floated on the London Stock Exchange in September 2004. It is widely recognised for its leadership in prepayment systems, smart technology and consumer service.

ABOUT MOBILE PHONE XCHANGE:
Founded in 2005 MPX Mobile Phone Xchange was instrumental in changing the nation’s attitude to their old mobile phones, leading the movement out of mobile phone recycling and into mobile phone
selling for value. Mobile Phone Xchange is IT led, and has pioneered many of the innovative techniques used by the industry today to gather and process the phones. With many consumer and corporate customers, Mobile Phone Xchange today handles tens of thousands of phones monthly, allowing consumers, mobile phone networks and retailers to unlock the value in the used mobile phones.
 

For more information, please contact: Marc Walters, Commercial Director, Mobile Phone Xchange, Tel: 0208 732 3578, marcwalters@mobilephonexchange.co.uk

ABOUT I-MOVO:
i-movo was founded in 2003 with the singular aim to provide a secure digital voucher service that can be implemented by any retailer without the need for additional hardware or expensive custom software development.

Seven years on i-movo is the world’s only secure digital voucher system using existing payment technology deployed across multiple retailers and used daily by multiple brands.

For more information, please contact: David Tymm, CEO, i-movo, Tel: 0207 960 2571, david.tymm@imovo.com. www.i-movo.co.