UK fintech SumUp has launched its first card for business payments in partnership with Mastercard.
The card’s aim is to allow merchants to access their funds more efficiently as well as monitor their finances. It will also help them make business payments quickly.
Marc-Alexander Christ, co-founder of SumUp, said: “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.”
The card is available to SumUp merchants with no upfront cost or monthly fee, as well as free overseas payments. In addition, the card also guarantees next-day payouts, including weekends, providing smaller merchants with access to funds when convenient.
SumUp trialed the card through its network of small businesses with a sample of over 25,000 merchants.
Ian Young, Taxi Driver and SumUp Card user, said: “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.”
According to SumUp figures, two million merchants currently use SumUp’s technology worldwide, with 5,000 joining every day.
The new card is currently available in the UK, Italy and France, with plans to extend the service in the next 12 months.
Jason Lane, EVP Market Development Europe at Mastercard, said: “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.”