Starling Bank partners SumUp for merchant settlements
Written by Peter Walker
Starling Bank has partnered with mobile point of sale company SumUp to provide small merchants with access to faster settlements.
SumUp’s terminals can be used with an accompanying app, or without an app via the company’s standalone 3G Reader, which comes with an integrated free data card.
Starling’s Banking Services business provides FinTechs like as SumUp with access to payment schemes and a full bank offering all through Application Programming Interfaces (APIs).
While SumUp lets merchants accept card payments in seconds with a device in hand, traditional banking providers and existing card rails means the process of settlement for small businesses currently requires a waiting time of two to four days for payments to clear. The partnership means SumUp can now ensure UK merchants will soon receive payments on the next business day.
Dimitri Gugunava, vice president for 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.”