Revolut Business has launched a merchant acquiring platform in Australia, integrating online and physical payment acceptance with account-to-account transactions.
A UK-based fintech firm, Revolut Business now enables Australian businesses to handle payments, process funds, and manage operations through a unified system linked to their existing accounts. This integration brings together both payment processing and financial management under one umbrella.
Platform Components and Fees
For in-person transactions, the merchant acquiring solution offers Tap to Pay on iPhone for smaller businesses and Revolut Terminal for those needing dedicated hardware. The terminal ensures uninterrupted connectivity during transaction processing.
Online payments are facilitated via Revolut Pay, supporting account-to-account checks alongside API integrations, payment links, and invoice-based collection methods. Digital wallet transactions like Apple Pay and Google Pay are also supported.
Transaction fees start at 0.5% per transaction with fund settlements happening within 24 hours, including weekends. Revolut Business allows holding and settling funds in over 30 currencies to minimize currency conversion costs.
The service caters to small and medium-sized enterprises as well as larger corporate clients. Revolut Business claims an impressive 99.99% platform uptime.
Growth and Market Entry
This launch follows Revolut Business’s expansion in Australia, reporting a 235% increase in monthly transactions over the past year. The company highlights its global retail customer base of more than 70 million users as a significant opportunity for merchants using this acquiring service.
In the Australian market, card-based payments remain prevalent with businesses often relying on multiple third-party providers for payment acceptance and processing.
A survey conducted by Revolut Business with YouGov revealed that finance and administrative tasks are the most time-consuming aspects of business operations for 83% of respondents.
James Roberts-Thomson, Head of Revolut Business Australia at Revolut, emphasizes the platform’s goal to reduce dependency on multiple payment service providers by consolidating acceptance, processing, and settlement functions. This service competes with established merchant acquirers and payment facilitators in the Australian market.
