London-based SumUp, a global fintech platform, announced on Thursday, September 21, that it has introduced a new feature called 7AM payouts in the UK.
Launched amid the ongoing cost-of-living crisis, the feature aims to accelerate fund access for merchants. 7AM payout is expected to aid cash flow management and expense handling.
“We have always made it easier for merchants to get paid – and what can simplify business more than releasing funds even faster than before,” says Michael Schrezenmaier, CEO Europe of SumUp. “SumUp merchants work hard for their money and we’re only too happy to have launched this category-leading 7AM payouts for SumUp One subscribers in the UK.”
“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,” Schrezenmaier adds.
A frequently requested feature
SumUp actively seeks input from merchants to improve its evolving product suite and simplify business for them. One of the most popularly requested features is faster payouts, which offer greater financial flexibility.
Previously, payouts took one to two business days to reach a merchant’s designated account. Starting now, SumUp One subscribers will receive their money made before midnight credited to their bank accounts by 7AM the next day.
The 7AM payouts feature is also available on weekends and holidays with no extra fees. SumUp’s 7AM payouts are the earliest available, giving merchants peace of mind about their funds before their morning coffee.
Exclusive to SumUp One subscribers
As of now, only SumUp One subscribers will be able to access 7AM payouts. Other than the newly added feature, merchants can access various other exclusive features by paying a monthly SumUp One subscription fee of €33.37.
These include reduced transaction fees (1.69 per cent to 0.99 per cent) and accelerated next-day business payouts (instead of the usual 1-2 days). There are also discounts on SumUp hardware, like 50 per cent off the SumUp Solo Card Reader, as well as unlimited invoicing.
Aside from cost efficiency, the company says SumUp One also enhances business operations by consolidating payment needs within a unified ecosystem. This simplifies reporting and cash management. SumUp One members automatically gain access to 7AM payouts at no additional cost.
More about SumUp
Founded in 2012, SumUp is a leading global financial technology company with a mission to empower small businesses. It serves as the financial partner for over 4 million small merchants in 36 markets worldwide. The fintech company assists them in initiating, operating, and expanding their businesses.
SumUp offers merchants a complimentary business account, a card, an online store, and an invoicing solution through its Super App. It integrates in-person and remote payments with SumUp’s card terminals and point-of-sale registers.
SumUp is dedicated to using its success to create a positive impact. It commits to donating 1 per cent of its revenue to support environmental causes and actively advocates for various educational and entrepreneurial projects worldwide.
Last August, SumUp revealed its partnership with Victory Park Capital, an alternative investment firm that specialises in private credit. The partnership led to the securing of approximately €91 million credit facility.
The fund is expected to help SumUp offer upfront payments to merchants in the UK, with future intentions to extend this service to various European markets.