The fintech startup Revolut is launching its own acquisition solution. With this move, the company is competing directly with Stripe, Adyen, Braintree or Checkout.com. This is an in-house product and not just a coat of paint on an existing solution.
As a reminder, Revolut already offers business accounts. You can use it to send and receive international payments and exchange money in multiple currencies. You can also order debit cards to spend money directly from your Revolut account.
With Revolut's acquisition solution, the company takes it one step further as you can now accept card payments from your customers. Revolut supports 14 currencies and makes payments the next day on your Revolut Business account.
When it comes to fees, depending on your plan, you can get a small allowance for free card payment processing fees. Above this limit, you pay 1.3% for card transactions from customers based in Europe and the UK. For other cards, you pay 2.8% on all transactions – there is no free allowance.
This is slightly cheaper than Stripe, which costs 1.4% + £ 0.20 for European cards and 2.9% + £ 0.20 for non-European cards. Of course, companies like Stripe have been optimizing their payment infrastructure for many years. Currently, Stripe supports more payment methods, more currencies, advanced fraud prevention features, etc.
After you have created your merchant account, Revolut already offers plugins for WooCommerce, Prestashop and Magento. You can also use the Merchant API to add a checkout widget on your custom website.
If you are a freelance worker and only need to send a few invoices per month, you can generate payment links too. The recipient can then pay from a website hosted by Revolut.
The main benefit of Revolut's takeover solution is that it is integrated with Revolut Business. You can view payments and banking on the same interface. You don't have to switch between your Stripe account and your bank account to reconcile transaction details.
This could work especially well for B2B companies that don't have a lot of transactions and don't want to set up a separate payment solution. Let's see what customers think of the API when they use it.
Online payments are available for business customers in the UK, Austria, Belgium, Denmark, France, Germany, Ireland, Italy, the Netherlands, Poland, Portugal, Spain and Sweden. The rest of the European Economic Area should get the feature soon.