The Bulk Payments feature has been launched by Starling to process payments at scale for businesses.
The new feature is available to UK business customers with GBP accounts through Starling’s Online Banking platform for GBP 7 a month. Customers simply add the feature to their subscriptions within the app, log into Online Banking, and complete a template with recipients’ details.
Those who are new to Starling can download the app, apply for a business account, and then sign up for Bulk Payments once the business account is verified and open. For a limited time, new subscribers can also use Bulk Payments for free during their first month.
Starling Bank is a fully licensed and regulated bank built to offer an alternative to the traditional banks. It offers personal, business, joint, EUR, and USD current accounts alongside a children’s card. Starling also provides a Software-as-a-Service (SaaS) proposition through its subsidiary Engine, using the proprietary technology platform that it uses to power its own bank. The Starling Marketplace offers customers in-app access to a selection of third-party financial services.
There are just over 5.5 million UK small businesses recorded in the latest government statistics from October 2021. The same report found small businesses account for 99.2% of the total business population in the UK. It defines small businesses as companies that have 0 to 49 employees.
With small businesses in the UK accounting for 48% of employment and 36% of turnover in 2021, the new feature will save business owners time and effort so that they can focus on growth.
There is a high adoption rate of digital technologies in the UK compared with its European counterparts. A 2019 KFW study found that 51% of UK SMEs considered digitisation a top priority for the next two years, but COVID-19 forced them to accelerate digitalisation plans bringing about a new set of challenges.
According to research conducted by YouGov on behalf of IONOS, the UK is the frontrunner in digitalisation implementation when compared to the other countries polled, with almost 80% of UK SMEs surveyed having a website, 76% using an email with their own domain, and 64% using social media to further their business needs. France came out much lower, with just over half of those asked having a website (52%), and under half (47%) using social media.
Merchants should think of payment processing not only as a tool to sell products, but also as a part of their business growth.
Scaling up payments’ infrastructure isn’t just an operational consideration: it’s a critical part of future-proofing a business. Technology is contributing to high levels of competition in many sectors. The result is that scaling up is both a matter of survival and ambition.
Many businesses must grow quickly to remain competitive. International markets are only becoming more profitable. Cross-border ecommerce is becoming more widespread.
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