London-based fintech company SumUp announced the launch of its first-ever card to make business payments. Launched in partnership with Mastercard, the SumUp Card lets merchants access their funds easier and quicker, provides them with the ability to monitor their finances closely and help make key business payments in an easy and quick manner.
Following the launch of the SumUp Card, the London-based fintech can carry out both making and taking of payments and becoming the first one for UK small business owners. Eventually, there is no need for money to be transferred to a third-party bank account.
Aimed at micro-businesses
The SumUp Card is meant to be useful for micro-businesses with constrained cash-flow as it can be used for business payments. And, the merchants will have access to benefits such as low FX rates and guaranteed next-day payouts even on weekends. SumUp covers both collecting and making payments, which makes it a sort of banking app.
Interestingly, there is no monthly fee or upfront cost. And, online, chip-and-PIN and contactless payments are also fully available. Marc-Alexander Christ, co-founder of SumUp, said: “This is a small card, for big ideas. Since launching our first reader, we have been dedicated to empowering merchants so they can focus on making their business as successful as possible.
Plans for expansion
Currently, almost 2 million merchants use SumUp’s technology across the world and an additional 5,000 are said to be joining the service everyday. The merchants range from taxi drivers to beauty salons to parish priests. The SumUp Card will be available in the UK, France and Italy from February 18 and will be expanded to other regions in the next 12 months.
Partnership with Mastercard
Back in July 2019, Mastercard and SumUp announced a partnership to increase the number of electronic payment acceptance locations across 27 countries in Europe. In five years, the two companies will bring card acceptance to several million micro, small and medium-sized companies in Europe.
Main image picture credits: Mastercard
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