London-based global payments service provider SumUp today announces the launch of a new Business Account solution for SumUp merchants in the UK, and almost a dozen European markets.
The Business Account from SumUp is central to the evolution of the company’s core package, as it looks to expand its merchant offering. Upon launch, the solution will enable over 130,000 merchants to get paid into their business account.
In 2021, SumUp has raised €750m to fuel international expansion and growth and, more recently, acquired US customer loyalty and SME marketing company Fivestars for over €270m. As the funding is used to broaden SumUp’s global reach and strengthen its footing in key markets, the Business Account is being launched to the benefit of merchants in the UK.
With SumUp Business Account, UK-based merchants will now be able to combine a SumUp issued account number and sort code with other SumUp services (such as the Card Reader, Invoicing, SumUp Card, payment links, and more) to streamline their business operations in a way that reduces the reliance on a high street bank.
SumUp merchants can now direct money from their sales to the SumUp Business Account the very next day, even on weekends or public holidays, helping to improve liquidity flow and providing a more immediate access to funds. Merchants will consequently be able to transfer funds to suppliers (can make instant bank transfers in their local currency), to pay rent, or use the SumUp Card to pay in-store, online, or withdraw cash from an ATM.
The SumUp Business Account is also easily accessible to busy SMEs, either on desktop or on the go with a smartphone via the SumUp App, where merchants can receive notifications about incoming and outgoing funds - all while benefiting from SumUp’s efficient and effective customer support. The SumUp Business Account is yet another product that SumUp adds to its growing product suite made to give small businesses a complete toolkit for running their business.
Dimitri Gugunava, VP Banking at SumUp comments: “The SumUp Business Account is the latest solution that we’ve brought forward to help our UK-based merchants improve the daily running of their businesses.
“We are proud to be able to provide our British merchants with new ways of managing their funds, and the SumUp Business Account will offer a seamless experience to merchants with fast-paced operations managing their businesses on the go.”
The signup process to the SumUp Business Account takes just a few minutes, and allows merchants to separate business finances from their personal ones and manage it for free. SumUp Business Account is free from any signup, monthly or transfer costs.