Discover how SumUp’s ‘7AM payouts’ in the UK provide swift access to merchant funds, addressing financial flexibility amidst the cost of living crisis.
Global fintech SumUp has introduced “7AM payouts” throughout the UK, providing merchants with very quick access to their money, in response to the ongoing crisis in the cost of living.
SumUp disclosed that, as the need for maximum flexibility in financial management increases, it frequently receives requests from merchants to provide even faster payouts.
Upon dispatch, payouts normally arrive in the designated merchant account within one to two business days. Merchants have the option to determine the frequency of payouts, which include daily (barring bank holidays and weekends); weekly (every Monday); and monthly (every third business day of the subsequent month).
For SumUpOne users, any money earned through SumUp before midnight will be paid, fee-free, into a designated bank account by 7 a.m. the next day. This includes weekends and public holidays.
SumUp’s 7AM payouts are now the earliest on the market, providing merchants with the assurance that their money will reach their account prior to the morning coffee.
“We have always made it easier for merchants to get paid—and what can simplify business more than releasing funds even faster than before,” said Michael Schrezenmaier, CEO of SumUp Europe.
We are thrilled to announce that SumUpOne members in the UK will now receive market-leading 7AM payouts, since we know that our merchants work hard for their money.
“In regular times, faster funds access will give merchants more control over their money, aiding cash flow management. This is especially important for merchants during the UK’s cost of living crisis.”
Increasing merchants’ business efficiency
Currently, 7AM payouts are only available to SumUp One users. SumUpOne is a multi-product subscription that offers merchants the best of the SumUp product range in a single, cohesive package.
Because of the low set monthly cost of the subscription plan, retailers can profit from cheaper transaction fees and save money on things like proprietary SumUp gear.
Retailers can now take advantage of a number of advantages for just £29 per month, such as reduced transaction costs (from 1.69 to 0.99 percent), next-day business payouts (instead of the usual one to two days), discounts on SumUp hardware (such as 50% off the SumUp Solo Card Reader), and unlimited invoicing.
SumUp One seeks to greatly increase corporate efficiency by consolidating payment requirements into a single ecosystem, which will simplify reporting and cash management procedures while also saving merchants money. SumUpOne memberships have already automatically benefited from 7AM rewards at no additional cost.
