Revolut launches card readers for businesses

Revolut launches card readers for businesses

Earlier this week, Revolut unveiled a new product - card readers for SMEs. This move marks UK-based neobank's first venture into physical goods sales. With an intended target audience consisting of small shops, restaurants, cafes and bars, the move is seen as a way to expand the product portfolio available at Revolut for businesses. Nikolay Storonsky, Revolut's CEO commented on the time lines for the launch in an interview with Bloomberg, saying he was moderately optimistic that the Financial Conduct Authority would approve the license “as soon as possible” and mentioned that the approval is already waiting to be processed for over a year and a half.

The announcement also unveiled some pricing details. And while it's too early to say what the definitive pricing would be, the fees for payment processing aresupposed to begin at as low as 0.8 per cent + £0.02 per transaction on top of the one-off cost of purchasing the PoS terminal itself, starting at £25. The company also mentioned that "customized pricing" would also be available for firms dealing with high transaction volumes, suggesting discounts for scale.

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Revolut is a financial institution founded in 2015 headquartered in London, UK. Europe's biggest neobank, Revolut is a pioneer of mobile-first banking. Offering a wide range of financial services and banking products, including (but not limited to!) trading stocks and crypto, Revolut is a safe option regardless of customer's country of residence.

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