PayPoint provides bill payment, parcel and banking services through convenience stores. It also owns Love2shop, which sells gift cards and savings plans.
What you get
Equiniti (EQ) keeps PayPoint’s share register and includes the company in its list of EQ Boost eligible companies. If your holding qualifies, you can spend your dividends on retailer e-vouchers worth more than you pay. The extra value varies by retailer.
EQ Boost is not a Love2shop scheme
PayPoint bought Appreciate Group, owner of Love2shop and Park Christmas Savings, in 2023. EQ Boost is run by Equiniti, PayPoint’s registrar, not by Love2shop.
What it takes
The published terms do not state a minimum shareholding.
You spend your own dividend money. Choosing EQ Boost replaces the dividend instruction Equiniti holds for that holding, including any dividend reinvestment or scrip instruction. The whole dividend goes to EQ Boost, and you cannot top up the account with other money.
Before buyingA perk is a minor benefit of owning a share, not a reason to buy one. Share prices fall as well as rise, and dealing costs, spreads and tax can exceed a perk’s value. Read about the risks.
Holding through a broker
EQ Boost does not accept shares that a broker holds for you in its nominee account. It generally accepts company-sponsored nominee accounts, but that general rule does not confirm any particular holding. Ask Equiniti whether yours qualifies.
Other conditions
- Age and residency
- You must be over 18. EQ’s terms appear to limit the service to UK residents; if you live elsewhere, ask Equiniti before you apply.
- Excluded holders
- Corporate shareholders; executors and administrators acting for deceased shareholders
- Joint holdings
- The account opens in the first-named holder’s name. They must have permission to create it, and withdrawals go to a bank account in their name.
How to claim
You need your shareholder reference to register for Shareview. EQ Boost also asks for your date of birth and an email address that no other EQ Boost account uses.
- 1. Check your PayPoint dividend electionIn Shareview Portfolio, open the Dividend Election page for your PayPoint holding. If EQ Boost appears, select it and follow the instructions in the activation email. If EQ Boost or your holding does not appear, ask Equiniti.
- 2. Buy vouchers when your dividend arrivesSign in to EQ Boost, compare the current retailer offers and read their terms.
Dates
The published terms do not say how long you must hold the shares.
- Qualifying date
- Check the record date in PayPoint’s announcement for the dividend you want to redirect.
- Claim deadline
- Choose EQ Boost at least 15 working days before the dividend payment date, unless EQ states another deadline. A late instruction takes effect for a later dividend.
- Expiry
- Each retailer sets its voucher expiry and spending rules.
Practical notes
Voucher and account risks
Vouchers are in sterling. If a retailer goes out of business, you could lose the value of its unspent vouchers. EQ Boost is not regulated by the Financial Conduct Authority (FCA), and money in the account has no Financial Services Compensation Scheme protection. If Equiniti Financial Services Limited holds your shares, the dividend loses FCA client-money protection when it moves to EQ Boost.
Changing back to cash
You can withdraw unspent money to a UK bank account in the account holder’s name. To stop future dividends going to EQ Boost, change the election by the same deadline shown above. A late change may send one more dividend to EQ Boost.