Right, I get it. Goosed.ie is a consumer tech site and this is a very business-related update but bear with me. Today at Web Summit, Revolut announced that they are launching a payments solution for business owners. This means if you’re a Revolut Business customer, you’ll be able to start accepting payments through your website. This is good news for consumers too and here’s why.
Revolut Payments For Businesses
Revolut’s new payments solution is launching in 13 European countries to enabling Business customers to accept card payments online. While this sounds like a thing for big businesses, one of the reasons I’m talking about this is because every small business could make use of this, allowing them to accept card payments online.
What’s most impressive is Revolut’s low fees and very competitive rates, with a 1.3% fee for EU and UK consumer cards and a 2.8% fee for all other cards.
This sees Revolut playing in a new space, one within which you’ll find one of Ireland’s biggest tech companies; Stripe. Founded by the Collision brothers, Stripe is far from a household name, mainly because they’re a business to business company. They poked their head out recently by powering The Late Late Toy Show charity donation portal which has since raised over €6 million.
@RTE By the way, John and I will personally donate €100,000 to the appeal, too.— Patrick Collison (@patrickc) November 27, 2020
What Does This Mean For Shoppers?
Right now, this means very little for you as a shopper. Long term, you might start to see easier ways to shop online. Speaking to Goosed.ie at Web Summit, founder Nik Storonsky confirmed that the long term plan is to allow people to check out online using a “Pay With Revolut” option. This will simply send a notification to your phone where you can confirm your payment without having to faff around with card details. Given there are well over one million customers in Ireland, this has massive potential for online shopping and is PSD2 friendly.
We may also see retailers being able to adapt their pricing to international markets better. One reason, as a consumer, I love Revolut is because I can shop in Sterling on sites like ASOS instead of paying their awful exchange rate. Revolut will allow businesses to either keep money in the paid currency or immediately convert it at the Interbank Exchange Rate.
Revolut Founding CEO Comments
Nik Storonsky, CEO and Founder at Revolut, said: “Payments sit at the core of any business so we have crafted a solution that meets not only their business account demands but also their payment acceptance requirements. Companies across Europe know that it’s now essential to their success to be able to do business online. That’s why we introduced a new secure way to accept payments through websites and we have enabled customers without an online presence to get paid fast through secure payment links. Our mission is to democratise acceptance and we are already on the way”.
Revolut Business customers in the UK, Austria, Belgium, Denmark, France, Germany, Ireland, Italy, Netherlands, Poland, Portugal, Spain and Sweden are all able to accept payments online. The product will roll out to eligible businesses in the EEA in the coming weeks.