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News

SumUp launches 7AM payouts in the UK

Friday 22 September 2023 08:39 CET | News

Global fintech SumUp has launched 7AM payout in the UK, enabling near-instant access to merchants to their funds. 

Through this, SumUp wants to address the UK cost of living crisis and support merchants in accessing their money faster, managing cash flow, and keeping up with expenses. The company continuously requests input from merchants on areas for improvement and methods of enhancing its product suite. Receiving faster payouts has been a regularly requested service, as it provides flexibility for merchant’s finance management. 

Global fintech SumUp has launched 7AM payout in the UK, enabling near-instant access to merchants to their funds.

 

7AM payouts’ features

The additional integration allows merchants who have earned money via SumUp before midnight to receive it into a nominated bank account by 7 AM the next day. Initially, 7AM payouts will be exclusively available for SumUp One subscribers, a multi-product subscription that combines SumUp’s product suite in a single, unified offering for merchants.

The subscription plan’s objective is to offer merchants a way to reduce costs on products such as proprietary SumUp hardware and capitalise on lower transaction fees. Additionally, SumUp One improves business efficiency by combining payment requirements in one ecosystem, resulting in easier reporting and cash management.

7AM payouts have been automatically applied to SumUp One memberships with no additional charges. 

Cost of living crisis in the UK

Due to the conflict in Ukraine and the global recovery from the COVID-19 pandemic, food and energy prices have been increasing exponentially over the past year. The UK has seen a considerable rise of 9.6% in prices of consumer goods and services from October 2022. Until August 2023, the annual inflation rate was 6.3%, down from 6.4% in July.

This strongly impacts businesses across the UK, as 67% of adults in the region are spending less on non-essentials because of the rising cost of living. According to Reuters, supermarkets, such as Tesco and Sainsbury’s, reported that consumers are buying less, switching to cheaper products, and shopping more often. Currently, the market environment is considered incredibly challenging in the UK.

SumUp’s latest developments

SumUp’s main objective is to support small businesses, being the financial partner for over 4 million merchants in 36 markets worldwide. The fintech provides merchants with a free business account and card, an online store, and an invoicing solution through its application. Moreover, SumUp offers in-person and remote payments integrated into its card terminals and point-of-sale (POS) registers.

Recently, the company announced that Tap-to-Pay on iPhone is available for its customers in the UK and the Netherlands. Through this, SumUp merchants can securely accept all forms of contactless payments, including Apple Pay, contactless credit and debit cards, as well as other digital wallets.

Moreover, in August 2023, SumUp launched in Australia, aiming to serve the country’s business community. The introduction is accompanied by the roll-out of its proprietary hardware and software solutions developed for local businesses. 

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Keywords: product launch, online banking, mobile banking, fintech, financial services, SMEs
Categories: Banking & Fintech
Companies: SumUp
Countries: United Kingdom
This article is part of category

Banking & Fintech

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SumUp

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