Starling Bank and SumUp partner to bring faster payouts to small businesses in the UK
Digital-only UK’s Starling Bank has partnered with SumUp, Europe’s leading mobile point of sale company.
With its card terminals relied upon by over 1.5 million users globally, SumUp is helping small business merchants by delivering access to affordable payment devices. Their terminals can be used with an accompanying app or without it, via their standalone 3G Reader solution which comes with an integrated free data card.
Starling’s Banking Services business provides fintechs, such as SumUp, with access to key payment schemes and a full bank offering all through a simple API.
While SumUp enables merchants to accept card payments with an easy-to-use device in hand, traditional banking providers and existing card rails mean the process of settlement for small businesses currently requires a waiting time of two to four days for payments to clear through. By using Starling Banking Services, SumUp can now ensure their UK merchants will soon receive payments on the next business day and do not need to wait days to see the money their customers have paid them for their products and services.
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