SumUp, Mastercard Intro Business Payments Card

U.K. FinTech SumUp is launching its first card for business payments, in partnership with Mastercard , SumUp announced in a blog post on Tuesday (Feb. 18).

The new SumUp Card will enable merchants to quickly access money and monitor finances while making necessary business payments. The card will also help U.K. small businesses and owners to make and take payments.

“This card provides all the benefits a small business like [mine] is looking for. When taking payment for trips around Cheshire, it’s incredibly helpful to switch between my bank account and the SumUp Card to ensure that I always have access to the funds I need the very next day. I’d be lost without it now,” said Ian Young, taxi driver and SumUp Card user.

Payments taken by merchants via SumUp readers can flow directly to their SumUp Cards. The card assures next-day payouts, even on weekends. All purchases and balances are monitored through the SumUp App. SumUp merchants can get the card with no upfront costs or monthly fees. Overseas payments are also free, with online, contactless and chip-and-PIN payments available.

Aside from the U.K., the card will be available in Italy, Germany and France. Expansion plans are in the works.

“This is a small card for big ideas. Since launching our first reader, we have been dedicated to empowering merchants so they can focus on making their business[es] as successful as possible,” said Marc-Alexander Christ, co-founder of SumUp. “We had this in mind when we designed our latest product, with the SumUp Card being a smart solution so we can continue being the driving force behind small businesses across the globe.”

SumUp said that 2 million merchants worldwide use its technology, with 5,000 people joining daily. The new card was developed to streamline end-to-end processes — point of sale (POS), payments, funds availability. Beta-testing was successfully conducted with a sampling of more than 25,000 merchants.

“This extended partnership brings more innovation to micro-, small- and medium-sized businesses, offering a convenient way for them to pay and be paid using the simple, speedy and secure payment experience they’ve come to expect from Mastercard anywhere in the world,” said Jason Lane, executive vice president of market development for Europe at Mastercard.

Mastercard and SumUp partnered in July to boost electronic payment acceptance across 27 European countries. Over the next five years, Mastercard and SumUp will bring card acceptance to several million micro-, small- and medium-sized businesses across Europe.