Global fintech SumUp has launched 7AM payouts in the UK, a feature giving merchants near-instant access to their money.
As the UK cost of living crisis persists, SumUp has responded by “working with merchants to ensure they get their money faster, to help manage cash flow and keep up with expenses.”
SumUp continually seeks input from merchants “on areas for improvement and ways of enhancing their ever evolving product suite, to make business as simple as possible for merchants.”
Receiving even faster payouts has been “a regularly requested service by merchants, as it offers optimal flexibility for their finance management.”
Until now, payouts typically “took one to two business days to land in a merchant’s nominated account once sent, and merchants could choose how often payouts are sent (daily, except for bank holidays and weekends; weekly, every Monday; and monthly, every third business day of the following month).”
Any money earned via SumUp before midnight “will be paid into a nominated bank account by 7AM the next day for SumUp One subscribers – inclusive of weekends and public holidays, with no additional fee charged.”
7AM payouts by SumUp will be “the earliest payout available on the market, giving merchants peace of mind that their money will be in their account before the first coffee of the day.”
SumUp CEO Europe Michael Schrezenmaier said:
“Faster funds access is crucial for merchants amidst the UK’s cost of living crisis and in regular times, will give merchants more control over their money, aiding cash flow management”.
At first, 7AM payouts will be an exclusive perk for SumUp One subscribers. SumUp One is a multi-product subscription which “combines the best of the SumUp product suite in a single, unified offering for merchants.”
The subscription plan “enables merchants to save money on products such as proprietary SumUp hardware and capitalise on lower transaction fees, because of the low fixed monthly cost.”
In addition to cost savings for merchants, SumUp One “improves business efficiency by combining payment requirements in one ecosystem, which makes for easier reporting and cash management.”
7AM payouts have been automatically “applied to SumUp One memberships at no extra charge.”