Fast Money and Adyen are now executing quick payouts.
Vivid Money, a Berlin-based neobank, has announced a new strategy to attract small and medium-sized enterprises (SMEs) across the continent. This move comes after the fintech successfully onboarded over 50,000 SMEs within a year.
The new strategy includes the introduction of an express payout feature, allowing business customers to cash out card transactions instantly. While Vivid Money's express payout fees are not explicitly detailed on their official business or banking pages, the fintech does charge 3% ATM fees on cash withdrawals and 0.5% currency conversion fees for Prime users.
In comparison, competitors such as Revolut and Qonto do not explicitly detail their express payout fees in the search results. Stripe, another payment processing platform, charges fees for payouts (transfers to bank accounts) that can reach around 1% above standard fees for instant payout options.
Vivid Money's express payout feature is made possible by its partnership with payment processor Adyen. This integration allows customers who accept Adyen's business terms to withdraw payments directly to their account.
In addition to the express payout feature, Vivid Money offers a range of services tailored to SMEs, including a tool for business travel, corporate investment programs, and business loans. The fintech also offers a yield account through which corporate clients can generate weekly payouts by staking on Vivid Money's platform.
Online payments through Revolut, another popular fintech, cost 1% plus 20 cents for domestic cards. Revolut claims to transfer funds within 24 hours but charges a fee starting at 0.8% plus 2 cents per on-site payment. Qonto, a business banking platform, allows businesses to create payment links to withdraw funds, costing 1.5% plus 25 cents for domestic private customers and taking up to four days.
Vivid Money's express payout feature is available in all pricing models, including free tariffs. Customers will receive their money within seconds. The fintech boasts that this feature sets it apart from other providers like Revolut, Qonto, and Stripe, which charge significantly higher fees and take longer to pay out.
With this new feature, Vivid Money continues to position itself as a competitive B2B platform in Europe, offering innovative solutions to meet the needs of small businesses.
Vivid Money's new express payout feature, available in all pricing models, allows business customers to instantly cash out card transactions with no detailed fees provided on their official pages, setting it apart from competitors like Revolut, Qonto, and Stripe who charge significantly higher fees and take longer to pay out. This strategy, along with other SME-focused services such as business travel tools, corporate investment programs, and business loans, positions Vivid Money as a competitive fintech in the European fintech industry.
