SumUp is a London-based fintech company that enables smaller businesses to take card payments through the device and online. The fintech company is going to launch its own pre-paid card with a partnership with Mastercard. The SumUp Card, a newer offering, will enable the merchants to get access to the funds quickly collected through SumUp since it will not require money to be transferred out to a third-party bank account.
The idea is especially useful for cash-flow bound micro-businesses, which is – the card can be utilized for every business payment, along with letting SumUp merchants access other advantages like lower FX rates and guaranteed next-day payouts. It indicates that SumUp now involves making and collecting payments developing into a banking app of sorts. The SumUp supports contactless, online and Chip and PIN payments, and it also has no upfront cost or even monthly fee. It is immediately available in France, Italy, and UK with plans to develop the service to further territories in the following 12 months.
A spokesperson of SumUp told TechCrunch that the card was an advantageous tool for the merchants to acquire their payouts faster, including on the weekends as well as to control the cash flow. Also, that allowed the merchants to have a revision of their finances in a place. Merchants could also keep their money on the card as well as could use that for paying their business expenses, separating business and personal cash flows.
The spokesperson also said that following the feedback from SumUp merchants, that had been clear that quicker payments and uninterrupted access to the funds had been particularly important to those running a micro-business and who might not be able to open a traditional business account.