Revolut Business launched its acquiring solution at Web Summit 2020, 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, an end-to-end solution to help companies manage everything in one place, according to a press release.
Revolut’s move into acquiring is a competitive one with market incumbents Stripe and Adyen. Business customers can take advantage of low fees and competitive rates, with a 1.3% fee for U.K. and EEA consumer cards and a 2.8% fee for all other cards.
Customers can choose paid plans with the Revolut Business acquiring system and receive a set number of free U.K. and EEA card payment acceptances every month at no additional cost.
Revolut Business helps businesses accept payments online problem-free, using the company’s checkout plugins, or they can use the customizable widget and merchant API to build their own checkout experience.
The new acquiring functionality enables businesses to request payments from anyone anywhere in the world, without the need for a website or online store by using a secure payment link that can be shared with customers. Funds can be converted to another currency at the interbank rate if necessary and save on foreign exchange rates.
Revolut Business account customers will benefit from seeing payments settled the next day, allowing for quick access to business funds and improved cashflow.
“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,” Nik Storonsky, CEO and founder at Revolut, said in the release.