London-headquartered payments service provider SumUp has announced the introduction of a Business Account solution for its merchants in the United Kingdom and nearly a dozen European markets.
As mentioned in a release shared with CI, the Business Account from SumUp is “central to the evolution of the company’s core package, as it looks to expand its merchant offering.” Upon launch, the solution should enable more than 130,000 merchants with getting paid via their business account.
This year, SumUp has secured €750 million in capital in order to support its global expansion and growth and has acquired US customer loyalty and SME marketing firm Fivestars for more than €270 million.
As the funding is used to “broaden SumUp’s global reach and strengthen its footing in key markets, the Business Account is being launched to the benefit of merchants in the UK,” the announcement noted.
With SumUp Business Account, UK-based merchants will be able to “combine a SumUp issued account number and sort code with other SumUp services (such as the Card Reader, Invoicing, SumUp Card, payment links, and more) to streamline their business operations in a way that reduces the reliance on a high street bank,” the announcement added.
SumUp merchants are now able to direct funds from their sales to the SumUp Business Account the very next day, “even on weekends or public holidays, helping to improve liquidity flow and providing a more immediate access to funds,” the update revealed.
Merchants will “consequently be able to transfer funds to suppliers (can make instant bank transfers in their local currency), to pay rent, or use the SumUp Card to pay in-store, online, or withdraw cash from an ATM,” the update noted.
The SumUp Business Account is also accessible to small businesses via desktop or on the go with a smartphone via the SumUp App, “where merchants can receive notifications about incoming and outgoing funds – all while benefiting from SumUp’s efficient and effective customer support.”
The update also mentioned that SumUp Business Account is another product that SumUp adds to its “growing product suite made to give small businesses a complete toolkit for running their business.”
Dimitri Gugunava, VP Banking at SumUp, stated:
“The SumUp Business Account is the latest solution that we’ve brought forward to help our UK-based merchants improve the daily running of their businesses. We are proud to be able to provide our British merchants with new ways of managing their funds, and the SumUp Business Account will offer a seamless experience to merchants with fast-paced operations managing their businesses on the go.”
The signup process to the SumUp Business Account takes only a few minutes, and enables merchants to “separate business finances from their personal ones and manage it for free. SumUp Business Account is free from any signup, monthly or transfer costs,” the announcement noted.
To learn more about SumUp Business Account, check here.