editorial
SumUp, a global fintech company, has launched a new feature called 7AM payouts in the UK. This feature allows merchants to have near-instant access to their money, providing them with greater flexibility and helping them manage their cash flow.
In response to the ongoing cost of living crisis in the UK, SumUp has been working closely with merchants to ensure they receive their money faster, enabling them to keep up with their expenses. The company values feedback from merchants and is constantly striving to improve its product suite to make business operations as simple as possible for its users.
The introduction of faster payouts has been a highly requested service by merchants as it offers optimal flexibility for their finance management. Previously, it took one to two business days for payouts to reach a merchant’s nominated account. Merchants had the option to choose how often payouts were sent, either daily (excluding bank holidays and weekends), weekly (every Monday), or monthly (every third business day of the following month).
With the new 7AM payouts feature, any money earned via SumUp before midnight will be paid into a nominated bank account by 7AM the next day for SumUp One subscribers. This includes weekends and public holidays, with no additional fee charged. This makes it the earliest payout available in the market, giving merchants peace of mind by ensuring their funds are accessible before they start their day.
Michael Schrezenmaier, CEO Europe of SumUp, emphasizes the importance of faster funds access for merchants, particularly in the face of the UK’s cost of living crisis. He believes that this feature will give merchants more control over their money and help them manage their cash flow more effectively.
Initially, 7AM payouts will be exclusively available to SumUp One subscribers. SumUp One is a multi-product subscription that combines various SumUp products into a unified offering for merchants. This subscription plan not only allows merchants to save money on SumUp hardware and benefit from lower transaction fees but also improves business efficiency by consolidating payment requirements in one ecosystem, making reporting and cash management easier.
The introduction of 7AM payouts comes at no additional charge for SumUp One subscribers, as it has been automatically applied to their memberships. This demonstrates SumUp’s commitment to providing its users with added value and ensuring they have the best possible experience while using its products and services.
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