And if you ask SumUp CEO Daniel Klein, the company has arrived just in time.
“We are here to help U.S. merchants and partners, such as cash register vendors, to transition quickly and securely to EMV, by making payments as easy as possible for their customers,” Klein said. He pointed out that SumUp is the “platform of choice for EMV transactions in 14 countries” serving tens of thousands of merchants.
SumUp CMO and co-founder Stefan Jeschonnek demonstrated his company’s platform at FinovateEurope 2013 in London.
As part of its U.S. launch, SumUp will be unveiling a new EMV contactless card terminal, available for pre-order at $99. The new terminal is designed specifically for the U.S. market, enabling merchants to accept electronic and e-wallet, Apple Pay and Android Pay payments via NFC, as well as accept payments with EMV chip-cards. “The shift to EMV chip-cards puts more costly fraud liability on stores without chip terminals,” Klein added, “but only half of small businesses are even aware of EMV liability.”
SumUp provides end-to-end payment-processing solutions supported by its own proprietary EMV card terminals, and mobile apps. U.S. merchants using the technology will be able to accept Visa, MasterCard, and American Express payments. SumUp will charge a transaction fee of 2.75%. The company plans to announce strategic partnerships with “major U.S. companies” soon.
One company already partnered with SumUp is Visa, whose SVP for Innovation and Strategic Partnerships, Bill Gajda, praised SumUp’s “impact on the conversion of cash to electronic commerce” around the world. Gajda added that encouraging EMV adoption was also important. “We are focused on encouraging and supporting the adoption of EMV chip technology in the U.S. as quickly and efficiently as possible, so that everyone can realize the powerful security benefits that EMV chips provide,” he said.
Founded in 2011 and headquartered in Dublin, Ireland, SumUp demonstrated its platform at FinovateEurope 2013 in London. The company has more than $56 million in funding.
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