Revolut will launch its first hardware device for business customers in the UK and Ireland, marking the addition of in-person payments to its repertoire.
The ‘Revolut Reader’ is designed to allow merchants of all kinds to accept payment anywhere, and includes chip and pin, contactless, Google Pay, and Apple Pay. The card reader can process transactions under five seconds, with over 200 transactions supported on a single charge cycle.
Users will run this through their Revolut Business account, where customers can accept, settle and store funds. The pricing of a transaction could be priced at 0.8% + £0.02 per transaction fee and a one-off cost or customised pricing for the businesses dealing with high volumes.
This service can be used by businesses of any size. In signing up to a merchant account with Revolut Business, a user can connect a business account to Revolut Reader and gain free access to a suite of smart Revolut Business tools. These include local and international payments, foreign exchange at interbank rate, IBAN for global transfers, payments requests, expenses, subscriptions and company cards management, payroll, and the Revolut Pay check-out solution.
Revolut Reader can be adapted to other POS systems in place within businesses, having a SDK/ API solution included. In the coming months, Revolut Business offer will be extended with a POS solution that will bring more flexibility to larger merchants if they need to integrate Revolut Reader with POS systems already used.
Maria Garcia Marti, product owner acquiring at Revolut, commented: “When designing new products, our team always has customer needs in mind: a fast and easy to use solution that will not slow business down, easy access to funds, and receiving payments faster than the industry standard of 2-3 business days. Plus, the security and long battery-life of a small pocket-sized device, capable of streamlining operations without the need to manage multiple accounts and systems. This is exactly what Revolut Reader is offering our business customers: really tap into business growth.”