SumUp to issue payment card for merchants

via Finextra

SumUp, the UK-based financial technology company, has today announced the launch of its first-ever card for business payments, in partnership with Mastercard. The card will allow merchants easier and quicker access to their funds, give them the ability to closely monitor their finances, and help them make essential business payments in a quick-and-easy manner. 

With the launch of the ‘SumUp Card’, SumUp is able to facilitate both the making and taking of payments, becoming the first complete toolkit for UK small business owners. 

This new addition to the product suite will allow payments taken by merchants via SumUp readers to flow directly to their SumUp Card. The card also guarantees next-day payouts, even on weekends, providing smaller merchants with vital access to funds when convenient – with all purchases and balance being monitored through the SumUp App. 

The card is available to SumUp merchants with no upfront cost or monthly fee, as well as free overseas payments. Online, contactless, and Chip-and-PIN payments are fully available.

SumUp’s latest figures show that 2 million merchants currently rely on SumUp’s technology worldwide (with an extra 5,000 joining every day), from beauty salons, to taxi drivers, to parish priests. The card will be available in the UK, Italy and France as of today, with plans to extend the service to further territories in the next 12 months.

The new card has been built to streamline the process from point-of-sale, to payment, to accessible funds – following direct consultation with their network of small businesses and successful beta-testing with a sample of over 25,000 merchants. 

Ian Young, Taxi Driver and SumUp Card user, comments: “This card provides all the benefits a small business like myself is looking for. When taking payment for trips around Cheshire, it’s incredibly helpful to switch between my bank account and the SumUp Card to ensure that I always have access to the funds I need the very next day. I’d be lost without it now.”

Marc-Alexander Christ, Co-Founder of SumUp, comments: “This is a small card, for big ideas. Since launching our first reader, we have been dedicated to empowering merchants so they can focus on making their business as successful as possible. We had this in mind when we designed our latest product, with the SumUp Card being a smart solution so we can continue being the driving force behind small businesses across the globe.” 

Jason Lane, Executive Vice President Market Development Europe at Mastercard, comments: “We are delighted to be building on our partnership with SumUp with the launch of a business card. This extended partnership brings more innovation to micro, small and medium-sized businesses offering a convenient way for them to pay and be paid using the simple, speedy and secure payment experience they’ve come to expect from Mastercard anywhere in the world.”