4 innovative FinTech companies disrupting the UK Payment ecosystem

By Megha Bhattacharya

FinTech companies are driving real change for consumers and businesses alike. The unbundling of financial services allows FinTech start-ups and scaleups to provide more efficient and streamlined offerings, and to disrupt traditional banking, payment, and lending services.

Check out these 4 PayTech companies in the UK –

1. Paymentsense

London headquartered Paymentsense offers face-to-face and virtual payment solutions to around 70,000 small businesses in the UK and Ireland. Its software also allows users to create and analyse sales reports to help businesses generate overviews and insights of their performance.

The company launched BiteBack, a new online toolkit that enables businesses to process takeaway orders quickly and easily. The solution hosts restaurants’ menus digitally, allowing consumers to order their meal online, collect it and pay at pickup.

Paymentsense offers several virtual payment methods through its online payment gateway, which acts as an online version of a physical payment machine.

2. SumUp

London-based SumUp has developed a payment processing system that allows sellers to process payments using smart devices. Payments can be processed either through a payment link sent to the customer’s mobile device or through an attachable card reader.

SumUp announced that it has collaborated with Google Pay to allow merchants to make safer and quicker business transactions using SumUp Card. Existing SumUp Card-holders in the UK, France, Italy, and DACH, will now be able to add the Card to their phone wallet and start using it for business payments in stores, online, and with other Google products.

The SumUp Card is a free Mastercard that gives merchants next-day access to the payments they receive through SumUp, even on weekends. Merchants can use the card online, in-store or at the ATM – wherever Mastercard is accepted.

3. Checkout.com

Headquartered in London, Checkout.com offers enterprise businesses with global payment processing capabilities and direct access to domestic acquiring across payment methods and geographies. It processes around 150 currencies and provides access to all international cards and popular local payment methods to merchants through its integrated platform.

The FinTech was recently selected by British Home and Living Brand, The Cotswold Company as its new online payment service provider. The integration to Checkout.com will give Cotswold Co.’s customers a range of payment methods. Customers can pay with Google Pay and Apple Pay new payment methods unlocked by Checkout.com, thus offering customers flexibility and convenience, while unlocking additional revenue opportunities for the business.

Checkout.com’s unified payments platform helps to manage every stage of the payment process. It offers businesses faster payment processing, with Checkout.com combining several separate payment technologies into its one platform, thus resulting in significantly faster processing speeds.

4. GoCardless

GoCardless has developed a platform that allows companies to make and receive recurring payments through direct debit. Businesses can make payments directly into the bank accounts of customers in over 30 countries worldwide.

GoCardless, on a mission to take the pain out of getting paid for businesses with recurring revenue, recently announced the launch of Instant Bank Pay, a new open banking feature directly integrated into its global payment platform.

Instant Bank Pay enables merchants to take instant, one-off bank-to-bank payments from new and existing customers while still reaping the benefits of bank debit for their recurring payments. The new feature provides better visibility of payments, eliminates costly credit card fees, and reduces late payments. The announcement marks the first milestone in the company’s journey to accelerate its open banking strategy, for which it received $95 mn in funding at the end of 2020.

READ MORE: Payments & Cards Systems and Suppliers Report 2020 by IBS Intelligence