Adyen has teamed up with UK-based fintech SumUp to accelerate settlements for small businesses.
In a statement, the firms said the deal allows SumUp to scale its existing near-instant settlements offering to small and micro merchants in Europe and the UK, giving them faster access to their money and greater full control over their finances.
Same day settlements will be provided seven days a week, 365 days a year with he aim of providing small businesses with faster access to funds, reducing the need for large working capital reserves and addressing critical cash flow needs.
According to Adyen research, 79% of SME platform users place a high value on faster access to funds and have expressed their demand for same-day payouts. The partnership brings together two fintechs with decades of payments experience.
Adyen’s single platform consolidates payment services, streamlining pay-ins, reporting, and payouts in real-time, thereby reducing transit times and enhancing financial agility.
SumUp offers an end-to-end platform of business tools and financial services for SMEs with a product suite that includes 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.
Alexa von Bismarck, President EMEA at Adyen, said: “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. Cash flow is of the utmost importance for small business owners, and we are proud of being selected by SumUp as their partner on this mission.”
