As the cost of living crisis continues, global fintech SumUp has launched ‘7AM payouts’ across the UK, giving merchants near-instant access to their money.
SumUp revealed that it received regular requests from merchants to offer even faster payouts, as the need for optimal flexibility in finance management grows.
Payouts can typically take one to two business days to land in a merchant’s nominated account once sent, and merchants could choose how often payouts are sent (daily, except for bank holidays and weekends; weekly, every Monday; and monthly, every third business day of the following month).
Any money earned via SumUp before midnight will be paid into a nominated bank account by 7am the following day for SumUp One subscribers – inclusive of weekends and public holidays, with no additional fee charged.
7AM payouts by SumUp becomes the earliest payout available on the market, giving merchants peace of mind that their money will be in their account before the first coffee of the day.
Michael Schrezenmaier, CEO for Europe at SumUp, commented: “We have always made it easier for merchants to get paid – and what can simplify business more than releasing funds even faster than before.
“SumUp merchants work hard for their money and we’re only too happy to have launched this category-leading 7AM payouts for SumUp One subscribers in the UK.
“Faster funds access is crucial for merchants amidst the UK’s cost of living crisis and in regular times, will give merchants more control over their money, aiding cash flow management”.
Improving business efficiency for merchants
7AM payouts are currently an exclusive perk for subscribers of SumUp One, a multi-product subscription combining the best of the SumUp product suite in a single, unified offering for merchants.
The subscription plan enables merchants to save money on products such as proprietary SumUp hardware and capitalise on lower transaction fees, because of the low fixed monthly cost.
For £29 per month, merchants can now enjoy a host of benefits, including lower transaction fees (from 1.69 per cent to 0.99 per cent), next-day business payouts (instead of the standard one to two days), money off SumUp hardware such as 50 per cent off the SumUp Solo Card Reader), and unlimited invoicing.
In addition to cost savings for merchants, SumUp One also aims to significantly improve business efficiency by combining payment requirements in one ecosystem, making reporting and cash management processes easier. 7AM payouts have already been automatically applied to SumUp One memberships at no extra charge.