enabling businesses in 13 European countries to accept card payments online, directly into their account.
The off-the-shelf product will form part of Revolut Business’ starter pack, providing companies with an end-to-end solution to help them manage everything in one place.
Business customers can take advantage of low fees and very competitive rates, with a 1.3% fee for UK and EEA consumer cards, and a 2.8% fee for all other cards. Revolut Business customers on paid plans will also receive an allowance of free UK and EEA card payment acceptance every month at no additional cost. Revolut’s move into acquiring will see the company compete with market incumbents Stripe and Adyen.
Revolut Business helps businesses stay on top of their finances and accept payments online hassle-free, using Revolut Business’ easy-to-install checkout plugins or building their own checkout experience using the customisable widget and Merchant API.
Additionally, businesses can request payments from anyone anywhere in the world, without the need for a website or online store, by using an easy, fast and secure payment link that can be shared with customers.
The new functionality enables businesses to manage everything in one place, without the need to alternate (and reconcile) between acquiring and banking platforms. Businesses can use the saved time to concentrate on what really matters, growing their business. Customers with a Revolut Business account will benefit from seeing payments settled the next day, allowing for quick access to business funds and improved cashflow.
Companies can look to expand into new markets and regions without worrying about incurring additional fees. Businesses can save on currency conversions and accept payments in 14 currencies (EUR, GBP, USD, CAD, CHF, JPY, AUD, HKD, SEK, DKK, NOK, NZD, PLN, ZAR). Funds can be kept in the same currency or converted to another currency at the interbank rate to help save on foreign exchange.
Nik Storonsky, CEO and Founder at Revolut, said:
“Payments sit at the core of any business so we have crafted a solution that meets not only their business account demands but also their payment acceptance requirements.
“Companies across Europe know that it’s now essential to their success to be able to do business online. That’s why we introduced a new secure way to accept payments through websites and we have enabled customers without an online presence to get paid fast through secure payment links. Our mission is to democratise acceptance and we are already on the way.”
Revolut Business customers in the UK, Austria, Belgium, Denmark, France, Germany, Ireland, Italy, Netherlands, Poland, Portugal, Spain and Sweden are all able to accept payments online. The product will roll out to eligible businesses in the EEA in the coming weeks.
