Park Place Payments, NOW Corp Team For SMB Payments

Park Place Payments, which provides payment processing to companies, and Atlanta-based NOW® Corp unveiled a collaboration that is meant to change how small and medium-sized businesses (SMBs) take payments, according to a Wednesday (Nov. 11) announcement.

“The need for small and mid-sized businesses to get paid faster has never been greater,” NOW® Corp CEO and President Lara Hodgson said in the announcement. “The future of small business access to capital will be shaped by innovations in payments and we are excited to partner with Park Place, which puts us at the forefront of these innovations.”

The acceptance of payments for products or services has historically been a large cost center for independently owned companies that don’t have much bargaining power, according to the announcement, which notes that NOW® Corp and Park Place are set to change that paradigm.

NOWaccount®, the signature offering of NOW® Corp, lets companies receive instantaneous payment at the time of delivery and billing, which takes away the gap made between vendor accounts receivable and purchaser payment.

The company’s NOWaccount® payment system lets companies receive immediate payment in a method that feels like taking a credit card even when a card is not provided and a bill is needed, according to the announcement.

Park Place, for its part, offers payment processing with “exceptional pricing clarity and transparency, next-gen technology sold without markup and extraordinary customer service that saves its clients time and money,” according to the announcement.

“Our client-centric approach has established us as an industry innovator,” Park Place Payments Founder and CEO Samantha Ettus said in the announcement. “We are thrilled to partner with like-minded industry disruptor NOW® Corp to expand the solutions we bring to our clients.”

In separate news, EE is teaming with Square to help grow the availability of touch-free payments for SMBs in Britain. EE clients will have complimentary access to a Square reader via the collaboration, with fee-free processing on the first £1,000 (roughly $1,300) of purchases whether on the web, in person, or over the phone.