Revolut Business has launched a new merchant acquiring product in Australia.
The FinTech platform says that it is the first in the market to integrate account-to-account, online, and in-person payments directly within a core business account.
Businesses will now be able to manage their end-to-end payments operation from a single platform, eliminating the need for multiple third party providers.
The launch also gives businesses direct access to Revolut’s global retail network of more than 70 million customers.
The full-suite acquiring solution is already being used by globally recognised businesses, including Audi Revolut F1 Team and Booking.com.
The move comes as the company grows exponentially in Australia, with a 235 per cent uplift in monthly transaction volumes in the past 12 months.
The company said that traditional acquiring solutions rely on a fragmented system of multiple third-party providers, with its new product consolidating the process, offering 24 hour payment settlement including weekends, and the ability to hold and settle funds in 30+ currencies.
The merchant acquiring suite is launching with online and in-person tools for both SMEs and large enterprises.
It starts with Tap to Pay on iPhone, to Revolut Terminal, an all-in-one payments terminal designed for “constant connectivity” for businesses requiring more payment processing power.
Merchants will also have the option to integrate Revolut Pay into their online checkouts, a one-click account-to-account checkout solution.
Businesses will be able to accept a range of online payments including those made via Apple Pay and Google Pay via API, payment links, and invoices.
“This launch marks a genuine step change in how Australian businesses can manage payments,” said James Roberts-Thomson, head of Revolut Business Australia. “Revolut Business exists to redefine what’s possible for business banking — replacing complexity with clarity, high fees with fairness, and slow systems with global innovation.
“83 per cent of Australian businesses have said they want to save time processing finance admin – we’re here to offer them the ease and control they deserve.”
Last week, Revolut Business introduced a new billing solution designed to improve the management of recurring payments.
The financial “super app” for businesses said that through an enhancement of the technical infrastructure, the new tool allows merchants to build, automate and optimise subscription plans directly within its platform, moving the FinTech from a payments processor to a “full revenue operations partner.”
According to the digital lender, the tool eliminates separate business software fees for merchants managing recuring billing and allows them to move from multiple, fragmented systems to a single, unified platform for payments, billing, and subscriber management.
