Ryft - the unified payment platform
by Startacus Admin
The lowdown on Ryft, the London-based fintech and its innovative next day payout system for marketplace businesses and their merchants.
Payment systems can be a bit of a headache. Anyone who has started a business that requires something more than simply sticking your bank details onto an invoice will have experienced the <sarcasm> joy </sarcasm> of looking through the almost identical and yet frustratingly different options to find one that suits you the best, doesn’t charge too-high fees, and pays out your money in a timely fashion, all while integrating into your systems easily and giving your customers the widest range of payment options possible.
London-based fintech startup Ryft is taking aim at existing payment integration platforms with its PSD2 compliant payments system. Their platform accepts payment from every major card, as well as Apple and Google Pay, and comes with built-in fraud detection and strong customer authentication.
Their biggest selling point compared to the likes of Stripe is that they don’t have high fees, and they pay out to the merchant the very next working day, rather than having them wait.
Each transaction comes with a flat rate fee of 1.2%, and the amount of commission for individual merchants can be easily customised, meaning if your company is running a marketplace with a range of different offerings, some of them costing your platform more than others, it’s no trouble to account for that in the payment system. And for such platforms, Ryft will verify and onboard those merchants themselves, and say that you can easily ‘leverage our payment stack to implement a white label solution payment platform into your digital platforms such as ERPs, CRMS and accounting tools’.
In September, Ryft announced that they had raised £1.2 million in a seed funding round led by SFC Capital, with participation from the founders of Shutterstock and LoveFilm. With such big rivals in the space of payment integration platforms, this funding will help Ryft get a strong foothold and really leverage their USP.
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Published on: 13th September 2022
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