Epos Now is a global payments and technology provider enabling over 55,000 retail and hospitality sector business across the globe to harness the power of cloud technology to create exceptional customer experiences.
As the leading electronic point-of-sales service provider in the UK, Epos Now was looking to increase top-line revenue by upselling more products and improving merchant retention.
The company already offered a range of financial products to SMEs across the United Kingdom, from card readers to e-Point of Sale services, but now, they needed to ensure that every revenue stream was performing to its maximum potential. Epos Now already had an embedded finance provider in place, but results from the partnership were not as impressive as they expected.
The next step for the team was to find a new provider or build a custom solution in-house.
Epos Now Capital in the UK achieves 2x higher approval rates for merchants who applied for funding
Epos Now wanted to go live quickly and seamlessly, without distracting the organisation from its core product. Hence, they decided to test out a new white-label embedded finance provider - YouLend.
Compared to their incumbent provider, YouLend delivered 6x higher application rates and 2x higher approval rates; making the pilot a definite success for the company. Epos Now subsequently decided to roll out the product to its entire UK merchant base, and has successfully launched in the United States, as of November 2022.
Paving the way for an international launch
After going live with Epos Now in a record 3 week time-to-market, YouLend was able to provide full API integration and process their merchant applications in minutes.
Through the partnership, Epos Now has extended £11.5 million in funding to over 600 small businesses in the UK.
Since partnering with YouLend, Epos Now has seen a significant uplift in business funding to our customers compared to previous partners we have used. This is due to the agnostic, flexible, and automated capital offering now in place. - Ryan Heaphy, VP Strategic Partnerships EMEA, Epos Now