Revolut, a formidable player in the fintech sector, has announced the launch of a new payment terminal aimed at larger businesses, furthering its rivalry with industry giants like Square.
- The device, set to roll out in the UK and Ireland, coincides with the festive season, a strategic move to enhance Revolut’s business-to-business services.
- The Revolut Terminal offers a seamless checkout option, integrating with Revolut’s extensive user base and providing merchants with valuable insights and reduced transaction fees.
- Revolut’s payment processing performance has shown significant growth, with in-person transactions quadrupling over the last year.
- The new terminal targets larger SMEs, contrasting Revolut’s existing small business solutions, aiming to capture market share from both fintech competitors and traditional sectors.
Revolut, a leader in the financial technology landscape, is expanding its business-to-business offerings with the launch of its new payment terminal, the Revolut Terminal. This move positions Revolut in direct competition with established players such as Square and SumUp. The device is expected to be available in the UK and Ireland, aligning with the festive season, which is a peak period for retailers.
The terminal facilitates Revolut Pay, a checkout option enabling payments directly from the Revolut app. This feature allows merchants access to Revolut’s vast global network of users. Additionally, it offers merchants a competitive advantage with transaction fees of 0.5 per cent plus £0.02, integrating seamlessly with Revolut’s software for enhanced business analytics and management tools.
Revolut’s merchant acquiring division, which has been innovating since 2021, provides both online and offline payment solutions. The company maintains a robust infrastructure, as evidenced by its 100 per cent platform uptime during high-demand periods like Black Friday last year, and it aims to uphold a 99.9 per cent uptime with the new terminal. Such reliability is crucial for larger businesses that cannot afford downtime during sales.
The introduction of the Revolut Terminal highlights the company’s objective to penetrate a market currently dominated by legacy systems. General Manager Alex Codina underscores the significance of this initiative as one of Revolut’s major strategic bets. The company aims to provide unique offerings that appeal to larger small and medium enterprises (SMEs) operating across various locations.
In a strategic pricing move, Revolut Terminal is available for pre-order at a reduced price of £129 plus VAT in the UK until the end of October, before becoming available in Ireland. This competitive pricing is part of Revolut’s strategy to enhance its market presence amidst stiff competition from other fintech companies and traditional payment platforms.
Revolut’s entry into the payment terminal market marks a significant step in its strategic expansion, promising enhanced services for larger businesses.
