Revolut Business launches Revolut Reader in the UK and Ireland

Tuesday 5 July 2022 14:17 CET | News

UK-based digital banking super-app Revolut has announced the launch of Revolut Reader in the UK and Ireland. 

A lightweight card reader, the new product is designed streamline payments acceptance for merchants of all kinds, whether their business is in-person or online. The launch sets the tone for Revolut’s move into in-person payments, as the super app continues to diversify its offering for business customers.

Key characteristics of Revolut Reader

Revolut Reader accepts instant transactions made with debit and credit cards, as well as contactless payment methods. The tool is designed to run transactions 24/7 and, with payment speeds under 5 seconds, customers can accept, settle, and store funds all in one place, their Revolut Business account.

Maria Garcia Marti, Product Owner Acquiring, explained for Fintech Finance that the solution will not slow business down, easy access to funds, and receiving payments faster than the industry standard of 2-3 business days. Furthermore, the company officials details that the security and long battery-life of a small pocket-sized device will be capable of streamlining operations without the need to manage multiple accounts and systems.

Revolut Reader can be adapted to other POS systems in place within businesses, having a SDK/ API solution included. In the coming months, Revolut Business offer will be extended with a POS solution aimed at ensuring flexibility to larger merchants if they need to integrate Revolut Reader with POS systems already used.

Fees and accessibility for the Revout Business offer

The payment terminal enables the customer to accept, settle and store payments within a single account. Revolut Reader comes with pricing situated at 0.8% + GBP/EUR 0.02 per transaction fee and a one-off cost or customised pricing for businesses dealing with high volumes.

By opening a Merchant Account with Revolut Business, a customer can connect a business account to Revolut Reader and gain free access to a suite of Revolut Business tools (local and international payments, foreign exchange at interbank rate, IBAN for global transfers, payments requests, expenses, subscriptions and company cards management, payroll, Revolut Pay check-out solution).

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Keywords: Revolut, IBAN, contactless payments, POS, credit card
Categories: Banking & Fintech
Companies: Revolut
Countries: Ireland, United Kingdom
This article is part of category

Banking & Fintech


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