According to TechCrunch, thanks to this initiative, Revolut will be competing directly with companies such as Stripe, Adyen, Braintree, or Checkout.com. The acquiring solution enables companies to accept card payments in 14 currencies and settles payments on their Revolut Business account the next day.
Moreover, regarding fees, companies can get a small allowance of free card payment processing fees depending on their plan. However, above that limit, they have to pay 1.3% on card transactions from customers based in Europe and the UK, while for other cards, there's a 2.8% fee on all transactions.
Furthermore, after creating their merchant account, Revolut offers its users plugins for WooCommerce, Prestashop, and Magento. They can also use the Merchant API to add a checkout widget on their custom website. Besides, the solution supports freelancers that need to send a couple of invoices per month, as it allows them to generate payment links. The recipient can then pay from a web page hosted by Revolut.
Overall, the main advantage of Revolut’s acquiring solution is that it’s integrated with Revolut Business, allowing users to use payments and banking in the same interface, TechCrunch stated. Online payments are available for business customers in the UK, Austria, Belgium, Denmark, France, Germany, Ireland, Italy, Netherlands, Poland, Portugal, Spain, and Sweden. The rest of the European Economic Area should get the feature soon.
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