Accept Online Payments | Revolut Business

The financial technology company Revolut is introducing its own payment processing platform. This development positions Revolut as a direct competitor to established players in the market such as Stripe, Adyen, Braintree, and Checkout.com. This is a completely new, internally developed product, and not simply a modification of an existing system.

As background, Revolut currently provides business accounts that facilitate sending and receiving international payments, as well as currency exchange services. Businesses can also request debit cards for direct spending from their Revolut accounts.

Revolut’s new payment processing solution expands its capabilities, enabling businesses to accept card payments directly from their customers. The platform currently supports 14 different currencies and provides next-day settlement of funds into your Revolut Business account.

Regarding pricing, a limited amount of card payment processing is available without fees, depending on the specific plan selected. Beyond this allowance, transactions from customers in Europe and the U.K. are subject to a fee of 1.3%. For cards issued outside of Europe and the U.K., a fee of 2.8% applies to all transactions – no free allowance is provided in these cases.

These fees are marginally lower than those charged by Stripe, which levies 1.4% + £0.20 for European cards and 2.9% + £0.20 for non-European cards. However, it’s important to note that companies like Stripe have invested considerable time and resources in refining their payment infrastructure, offering a wider range of payment methods, currency support, and sophisticated fraud protection measures.

Following the creation of a merchant account, Revolut provides plugins compatible with popular e-commerce platforms like WooCommerce, Prestashop, and Magento. Additionally, a Merchant API is available for integrating a checkout feature into custom websites.

For freelancers or those with minimal invoicing needs, Revolut also offers the ability to generate payment links. Customers can then complete payments through a webpage hosted by Revolut.

A key benefit of Revolut’s payment processing solution is its seamless integration with Revolut Business. This integration allows users to view payment data and manage banking activities within a single interface, eliminating the need to switch between separate platforms like Stripe and a traditional bank account for reconciliation.

This solution may be particularly advantageous for business-to-business (B2B) companies that process a relatively low volume of transactions and prefer to avoid implementing a dedicated payment processing system. The performance and user experience of the API will be important factors as customers begin to utilize it.

Currently, online payment processing is available to business customers located in the U.K., Austria, Belgium, Denmark, France, Germany, Ireland, Italy, Netherlands, Poland, Portugal, Spain, and Sweden. The service is expected to become available to the rest of the European Economic Area in the near future.