Tide expands platform with new payment acceptance service

By Megha Bhattacharya

UK-based business financial platform Tide today announced that it will be expanding its platform with the introduction of Tide Payment Acceptance in 2021. The company stated that the platform will be available in the UK initially and will be rolled out to its Indian business. The new payment acceptance solution is expected to allow members to accept payments from customers online or at their business premises through card terminals.

Oliver Prill, Tide CEO said, “I am delighted to have Mark on board to deliver Tide Payment Acceptance. His experience in the field is second to none and he is already making huge steps towards creating a simple and efficient product for our members in the UK and India.”

“Introducing Tide Payment Acceptance is a big step for Tide and takes us even closer to our vision of giving small business owners everything they need to manage their business banking and admin under one roof. Creating smart and simple connections between the products and services needed to run a business is what we are passionate about and what makes Tide unique – this is a very exciting addition to the platform.”

According to the company, Payment Acceptance aims to support members in boosting sales, cash flow and remove the risks and costs associated with cash or bank transfers. The company has appointed Mark Hazzard as VP of Financial Services, to lead the development and launch of its Payment Acceptance service.

Mark Hazzard, VP of Financial Services at Tide said, “Payment acceptance has long been a complex and costly process for micro and small businesses. I am extremely excited by the prospect of bringing the service into the Tide platform and leveraging the full range of Tide products and platform capabilities. Combining payment acceptance with other services such as the current account, invoicing, lending and accountancy tools will enable Tide members to automate their financial tasks and have a holistic view of their business performance, demonstrating a significant time saving.”

Last year, ClearBank, in collaboration with Tide, was awarded £25 million in a bid to assist UK SMEs to boost COVID-19 recovery and turn it into a growth opportunity. The new funding aimed to provide financial support and products for helping SMEs face challenges in the post-pandemic and post-Brexit economic environment. Both ClearBank and Tide support the affected enterprises in meeting accelerated demand for digital services.