Revolut’s new business solutions means its taking aim at payment processing giants Stripe, Checkout.com and Adyen.
Nikolay Storonsky, the challenger bank’s co-founder and CEO, unveiled the new strategy whilst speaking at the Web Summit, saying that the service would serve as a cornerstone of the neobank’s business starter pack.
The new payment processing functionality was said to empower businesses to manage everything in one place, without the need to alternate and reconcile between acquiring and banking platforms.
The business offering will enable companies in 13 European countries to accept card payments online directly into their account. Business customers will also enjoy a 1.3% fee for UK and EEA consumer cards and a 2.8% fee for all other cards.
The challenger bank said its business package will empower companies to better manage their finances and accept payments online by installing checkout plugins or building their own checkout experience using the customisable widget and Merchant API.
“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,” Storonsky, who was recently named the UK’s first tech billionaire, said.
“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.
Copyright © 2020 FinTech Global
