Financial technology platform, Adyen, has teamed up with SumUp to optimise payments and accelerate settlements for small businesses. Specifically, SumUp will build on its existing near-instant settlements offering for SumUp merchants and scale this benefit to millions of small and micro merchants in Europe and the UK. The aim is to give them faster access to their money and ensure full control over their finances.
Faster settlements and payouts within minutes
Through the expansion of accelerated settlements in cooperation with Adyen, SumUp will provide more of its users with access to same day settlements, seven days a week, 365 days a year. This means that SMEs will receive their funds within minutes rather than within days after a sale. This initiative provides small businesses with faster access to funds, reducing the need for large working capital reserves and addressing critical cash flow needs. 79% of SME platform users place a high value on faster access to funds and have expressed their demand for same-day payouts (source: Adyen/BCG – Embedded Finance Report: How platforms are revolutionising SMB banking, 2022).
The partnership brings together two global fintechs with decades of payments experience. Adyen’s single platform consolidates payment services. It streamlines pay-ins, reporting, and payouts in real-time, thereby reducing transit times and enhancing financial agility. SumUp offers an industry-leading, end-to-end platform of business tools and financial services for SMEs. SumUp’s product suite currently offers in-person and remote payment acceptance, card terminals and point-of-sale registers, a free business account and card, online store hosting and invoicing tools.
Serving global merchants
According to SumUp, its growth has been driven by the ability to enter new markets while launching new product categories and services. It currently serves over 4 million merchants in 36 markets around the world. By teaming up, Adyen and SumUp say they will set a new industry standard for resilient and future-proof market expansion. This builds on an existing successful partnership in Australia.
“This partnership is one of a kind as we join forces as major payments players to give SMEs the ability to settle at incredible speeds,” said Alexa von Bismarck, President EMEA, Adyen. “Cash flow is of the utmost importance for small business owners. We are proud of being selected by SumUp as their partner on this mission.”
Marc-Alexander Christ, co-Founder and COO, SumUp added: “Over the last 10 years, we established the de facto market standard for card acceptance and financial technology for merchants in 36 markets. This partnership will allow us to keep pushing boundaries and continue providing our merchants with the best solutions to manage their business, be it payments, software or financial services. We are excited to amplify our ecosystem of tools and services for small, medium and even enterprise merchants.”
