UK-based start-up Statement has built a comparison site for small businesses to find card payment providers to suit their needs and budget - based on previous merchant statements. Founded by Ed Hardy (CEO, ex Worldpay), and Olivia Stannah (CTO, ex Citymapper), the platform launches today.
Apparently 92% of SMB merchants have stuck with their card payments provider for over a year and that 66% of merchants don’t know the fees they are paying on transactions – Statement wants to change those stats, and now they can.
The Payment System Regulator (PSR) did a review of the card payments provisions for the 1.1 million SMBs that accept card payments in the UK - and as a result on July 6th the PSR’s remedies 'force providers to be more transparent with their retail customers, including sending nudges and prompts encouraging businesses to shop around and capping contract lengths at 18 months'.
Statement has raised a £1.5 million pre-seed funding round, led by Northzone and includes Notion Capital, Triple Point and TinyVC, with angel investment including Charlie Songhurst, Chris Adelsbach and Chris Mairs.
“We all use our cards without a second thought, but accepting card payments has been frustrating for small business owners for far too long.” says Hardy. “90% of contracts are still signed through telesales or field sales making it hard to quickly search the market. We’re building the technology to create a more transparent payment industry where businesses can compare and board to their chosen provider online, cutting the process of finding the right provider from days down to minutes.”
Main image: Ed Hardy and Olivia Stannah, founders of Statement