Vesta Software Group is pleased to announce the launch of Vesta Merchant Services (VMS), a company designed to offer the ability to monetise acquiring and merchant services to Vesta Software Group companies.
According to a report by UK Finance (2019), cash is decreasingly used in everyday life, declining from 50% five years ago to 23% in 2019. Meanwhile, card payment accounted for more than 50% of all payment transactions in the same year. This trend is predicted to continue, with cash payments forecasted to decline year on year, with only 9% of transactions coming from cash by the year 2029.
For niche vertical market software companies, this is a golden opportunity to monetise card payment volume flowing through their systems. As an FCA (Financial Conduct Authority) approved authorised payment institution, VMS is enabling all Vesta Software Group companies the opportunity to offer end-to-end payment services.
Vesta Portfolio Manager, Richard Clancy, states “As solutions become more and more digital and cash slowly disappears from our solutions, our companies can now utilise merchant services to achieve a new revenue stream. Selling solutions can also be changed from the traditional License & Maintenance method to more a transactional process.”