Starling Bank and SumUp partner for quicker payments to SMEs
Challenger bank Starling has partnered with point of sale provider SumUp to offer faster settlements to small merchants in the UK.
Currently, small businesses must generally wait between two and four days for payments to clear through point of sale (POS) machines, thanks to the long clearing times at traditional banks.
But Starling and SumUp's partnership promises to offer payments cleared by the next working day.
SumUp's POS technology is used by 1.5 million merchants around the world, and is one of few challenger POS offerings that can be used without an app.
Meanwhile Starling was the first challenger bank to become a direct member of the Faster Payments Service. As well as its own accounts, the bank offers third parties a platform on which to build and scale their own products.
Helen Bierton, Head of Banking at Starling Bank, said: “Small businesses are the lifeblood of an innovative and entrepreneurial ecosystem, so making sure they can receive the rewards of their hard work is incredibly important. Our partnership with SumUp means that whether a small merchant is serving coffee or cutting hair, we are helping to ensure they get paid as quickly as possible so they can get on with growing their businesses.”