December 7, 2019 News Magazine

Penta, the German business banking challenger, partners with SumUp to target offline businesses

Penta, the Berlin-based business banking challenger that also now operates in Italy, has partnered with BBVA-backed card reader company SumUp in a bid to attract more offline businesses.

Up until recently, Penta had been targeting digital businesses, such as startups and e-commerce SMEs, but has since re-positioned itself for wider business banking appeal.

By partnering with a POS provider offering easy card reader-enabled payments, the German challenger bank wants to extend that of offline, such as restaurants, craftsman, healthcare and architects.

Specifically, Penta says businesses can order a SumUp Card Reader via Penta, and in doing so will save money on the initial SumUp setup fee and be able to seamlessly integrate SumUp-powered payments with their Penta account.

They’ll also get access to the existing Penta features, such as being able to open a business banking account entirely digitally, issue multiple payment cards, grant limits and permissions per card for staff, facilitate expense management and integrating with popular accounting tools.

In future, the SumUp integration is planned to go deeper. This will include the ability to use SumUp payments data to forecast future sales and feed into a businesses credit worthiness when they seek a loan.

“One request that we’ve had since day one has been for our customers to easily and quickly accept card payments, so we are very proud to be able to offer this with our newest partner SumUp,” says Penta CEO Marko Wenthin in a statement.

Adds James Henry, Head of Sales and Partnerships at SumUp: “By cooperating with Penta, we will enable even more small and medium-sized companies to digitize their business and make the payment experience as convenient as possible for their customers. Penta, with its growing customer base of companies, is the ideal partner for us to reach the broad mid-market”.


Source: TechCrunch

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