Starling Bank has teamed up with SumUp to provide small merchants with access to faster settlements.
Its card terminals are used by over 1.5 million users globally and SumUp wants to help small business merchants with affordable and easy payment devices. The terminals can be used with, or without, an accompanying app with its 3G Reader solution, which comes with an integrated free data card.
The Starling banking services business will provide SumUp with access to payment schemes and a full bank offering through an API.
SumUp enables merchants to accept card payments in seconds with an easy-to-use device. With Starling’s help, SumUp can now ensure UK merchants will receive payments on the next business day.
Starling’s existing clients for its banking services include the Department for Work and Pensions, Raisin UK, and fintechs Currency Cloud, Pockit, PelicanPay, and Vitesse.
Helen Bierton, head of banking at Starling Bank, said: “Small businesses are the lifeblood of an innovative and entrepreneurial ecosystem, so making sure they can receive the rewards of their hard work is incredibly important. Our partnership with SumUp means that whether a small merchant is serving coffee or cutting hair, we are helping to ensure they get paid as quickly as possible so they can get on with growing their businesses.”
Dimitri Gugunava, VP Banking and Acquiring at SumUp, said: “We always look for new ways to improve the services we offer our 1.5 million merchants worldwide on a journey of empowering them to succeed while doing what they love. Quicker payouts is an important step which we were able to take through our partnership with Starling Bank.”
Over the next five years, the partnership will work to make card acceptance solutions available for micro, small and medium-sized companies (MSMEs) across 27 European nations.
It will enable these businesses accept electronic payment through SumUp card readers. These card readers accept payments made through card, smartphones or wearables.