Total Payments moves into business banking to help SMEs

A UK payments provider is extending into offering business bank accounts as it looks to help small firms streamline their financial workings.

The firm which has carved a name for itself providing card payment solutions to SMEs, Total Payments, partnered with business bank account providers offering on the back of what it stated was “increasing demand from clients for more joined-up financial support”.

Small businesses today often seek integrated banking solutions that go above and beyond merely a point of transaction to include services like invoicing, expense management and cashflow management.

In the words of director Nick Mehat: “We’ve spent years helping businesses navigate the complexities of payment processing, and by offering business bank accounts is a natural next step in making that entire process simpler, more transparent and better connected”.

Nick stated that they wanted to eliminate the “friction between taking payments and managing money” for small business owners who have traditionally had to rely on multiple separate systems.

For small business owners, the appeal of such providers lies largely in the speed and simplicity they offer compared to traditional high-street banks. Where a conventional business bank account can take several weeks to open, fintech-backed providers are typically able to get businesses up and running within 24 hours, with no lengthy paperwork or branch visits required. Total Payments, connects its existing clients with these providers — meaning businesses already using Total Payments for their card payment processing can access business banking solutions through a single point of contact, rather than navigating the market alone.

This follows the continued trend of UK financial services being tailored for SMEs through fintech and challenger institutions, moving into digitally-based, integrated services. Total Payments is transitioning from a payment specialist to an all-inclusive financial facilitator.