SumUp Launces Business Accounts for Merchants

Global payments service provider SumUp is launching Business Accounts, a new solution for the company’s…

Global payments service provider SumUp is launching Business Accounts, a new solution for the company’s merchants in the U.K. and Europe that will enable them to send sales payments directly into their account, according to a press release emailed to PYMNTS on Tuesday (Nov. 16).

The new solution is a central component of SumUp’s core package as it moves to build out the breadth of the merchant tools it offers. With SumUp Business Account, U.K. merchants can use their account number and source code with services already offered by SumUp: point-of-sale card reader, invoicing, SumUp Card, payment links and more.

The combined tools and business account are intended to streamline operations for small- to-medium- businesses (SMBs) and reduce reliance on a high street bank.

See also: SumUp Taps Google Pay For Merchants To Spend POS Proceeds

“The SumUp Business Account is the latest solution that we’ve brought forward to help our U.K.-based merchants improve the daily running of their businesses,” Dimitri Gugunava, VP of Banking at SumUp, said.

Gugunava added that the company strives to bring British merchants innovative tools for fund management, and SumUp Business Account “will offer a seamless experience to merchants with fast-paced operations managing their businesses on the go.”

Read more: PayPal Rival SumUp Snags Fivestars For $317M

With SumUp Business Account, merchants can send funds from sales directly to their account any day of the week, including weekends and holidays, and get more immediate access to their money.

Merchants can also transfer money to suppliers, pay rent, and use the SumUp Card in-store, online or at ATMs. The SumUp Business Account is available to SMBs via desktop or the SumUp App, where users can receive alerts about transactions as they happen.

SumUp works with more than three million merchants worldwide and operates in 34 markets across Europe, the U.S., Brazil and Chile.

Earlier this year, SumUp raised 750 million euro ($848.8 million) to help the company expand globally. Last month, the startup acquired Silicon Valley marketing automation platform Fivestars for $317 million.



About: It’s almost go time for the holiday shopping season, and nearly 90% of U.S. consumers plan to make at least some of their purchases online — 13% more than did in 2020. The 2021 Holiday Shopping Outlook, PYMNTS surveyed more than 3,600 consumers to learn what is driving online sales this holiday season and the impact of product availability and personalized rewards on merchant preference.