Revolut Business has partnered with American Express to enable its merchants in the United Kingdom to accept American Express payments.
This collaboration allows Revolut to enable its merchants to access a previously untapped pool of premium customers and helps American Express expand its merchant network in the U.K., Revolut said in a Wednesday (Oct. 9) press release emailed to PYMNTS.
The partnership now enables American Express payments via Revolut Gateway, Payment Links and Tap to Pay on iPhone, and it will add more in-person payment solutions later this year, according to the release.
The addition of American Express brings to seven the number of payment methods Revolut Business enables merchants to accept at their checkout, per the release.
The availability of preferred payment methods is a critical factor in consumers’ online shopping decisions and appears to be a driver of cart abandonment across online platforms, according to the PYMMTS Intelligence and Adobe collaboration “How Preferred Payment Availability Can Reduce Cart Abandonment.”
Seventy percent of consumers consider the availability of their preferred payment method to be very or extremely influential when choosing an online store, the report found.
Managing multiple payment options is crucial for reducing cart abandonment, so retailers should implement technology solutions to simplify this complexity and drive business growth, the report said.
The partnership with American Express is the latest of several moves Revolut Business has made to enhance its offering.
The company launched Revolut BillPay in September, saying this feature automatically pulls bills in from the user’s accounting software or allows users to upload bills to their account. Revolut BillPay helps businesses reduce the manual effort involved in processing, paying and managing all their bills.
In August, Revolut Business said its Payment Gateway can now be integrated with BigCommerce, making online businesses’ payment processing smoother and enabling them to offer their customers a seamless checkout experience.
This combination allows merchants to accept a range of payment methods, have next-day settlement, and accept payments and settle funds in more than 25 currencies. It also allows users to manage payments and see analytics in their BigCommerce admin dashboard.