Vivid, a financial platform for small businesses and entrepreneurs, is partnering with Adyen, a worldwide fintech platform, to develop a full-scale Instant Card Payments solution that lets small businesses accept card payments and get their money right away.
Through the partnership, Vivid and Adyen looked to address challenges for small businesses in getting paid. Many of them still have to wait several days to obtain their own money from card payments.
Even though online shopping is becoming more popular, many small companies still don’t take payments online. Visa says that 34% of small and micro businesses in Europe still don’t take card payments. The ability to offer Instant Card Payments could help overcome these barriers by making onboarding simpler and more attractive to hesitant businesses. This is largely because the prices are expensive and the onboarding process is hard.
Even for places that do accept cards, the wait times are still high. In reality, 35% of small and medium-sized businesses (SMBs) wait hours or even days to get their money, which leaves them with cash flow problems that stop them from reinvesting in their firm.
But it seems evident that the advantages of taking digital payments—especially Instant Card Payments outweigh the problems. Fifty-five percent of small companies in Europe that take debit or credit cards say that clients spend more when they use cards. On the other hand, 41% have seen their sales go up by 6% to 15% since they started using digital payments.
Vivid and Adyen, on the other hand, claim that long settlement times and exorbitant costs are still holding back too many companies. The new card acquiring solution lets small businesses and entrepreneurs take card payments, Apple Pay, and Google Pay via invoice payments, Pay by Link, or e-commerce plugins like WooCommerce, OpenCart, and Wix. This gets rid of these problems.
Helping small and medium-sized businesses throughout Europe
Vivid likewise has a mix of quick payments and low prices. Most payment processors take hours or even days to settle payments, but Vivid sends money to the entrepreneur’s account right away, as soon as the consumer asks for it.
This Instant Card Payments solution is meant to provide companies quick access to their money at a lower cost, so they can pay suppliers, cover payroll, and invest in development right now.
“Partnering with Adyen allows us to bring enterprise-grade payment technology to the smallest businesses in Europe,” explained Alexander Emeshev, co-founder of Vivid Money. “Whether you’re a freelancer starting out on our free plan or an SMB scaling your operations, you can now accept payments effortlessly and get your revenues instantly – no complicated setups, no expensive subscriptions.
All Vivid Business clients in the European Union may already use the new card acquiring service.
“With our Adyen for Platforms model, Vivid can offer their customers a seamless way to accept payments online and in-person, and access their funds instantly,” added Hella Fuhrmann, country manager DACH at Adyen. “It’s a powerful step toward solving the everyday cash flow and complexity challenges that small businesses face.”