Revolut stands as a British financial technology startup, and has recently rolled out a new service. This service allows for Europe-based merchants to accept card payments in real-time, around the clock, with the money being put into their Revolut business account directly.
Boasting Fees As Little As 1.3%
The new product has been dubbed “merchant acquiring”, and boasts consumer card acceptance fees that are nice and low. Any card payments that are done that aren’t from an EEA or UK consumer holds a 2.8% fee, with those within it gaining a fee as small as 1.3%.
With this new solution, the fintech firm explained that users could save money when it comes to currency conversions, boasting 14 currencies in total that it accepts payments from. Users can opt to convert these funds at interbank rates to another, or simply keep the funds in the currency in question.
Keeping The Admin On The Downlow
With this new solution, Revolut is capable of settling, accepting, and storing payments all within a single account, effectively keeping every business transaction in one place. What this means for the merchant is that there is no need to start juggling multiple apps and logins in order to achieve day-to-day business. With all the funds being transacted within the same systems, administrative mires won’t affect the time frame, allowing for the payments in question to be settled within the next day.
The Mandatory Kind Words
Nik Storonsky stands as the founder and CEO of Revolut, and gave comment about the matter at large. He explained that any business out there has payments at its core, as one would imagine. As such, Storonsky stated that Revolut’s new solution meets the requirements for payment acceptance as well as the demands from business account owners.
Storonsky highlighted the need for companies across Europe to have an online presence to succeed, highlighting that companies are very aware of it, as well. Revolut used this as inspiration to develop secure ways to accept payments online, and even those without an online presence can use secure payment links to enact fast payments. Storonsky reiterated his firm’s goal of democratizing acceptance, noting that they’re on the path to do so as is.
With this new solution roll-out, the fintech firm arena has become just that more competitive. Fintech firms are battling it out in a fiercely competitive market to try and offer attractive traditional banking alternatives. With Revolut as the new competitor, it faces off against Stripe, its established rival. Stripe, in turn, had revealed that it had expanded its portfolio partner banks. In yesterday’s announcement, the payment firm revealed that these new partner banks would offer co-branded banking services.