SumUp: Easy Acceptance Payment Solution for your Business

4 March 2020 | 1222 Views | By Mint2Save

Aligning with the interests and methods of customers is of the paramount importance for any business. After the customer makes a deal to get a product or use a service, the business must be ready to take payment in any way given by the customer. They cannot afford to dissatisfy the customer by not possessing the means of carrying out the transaction with certain methods.

There might be situations where a customer might be ready with cash or other electronic payment and only can make payment through their card. By using SumUp card readers, you can instantly use cards for all kinds of payment including Megastripe, chip and contactless cards.

It is also easy to get started and use the reader. This 3 in 1 card reader is beneficial because all of these three kinds of cards are in use. Though Mega Stripe transactions are least secure, they are the most conventional ones and are included in SwipeUp to make sure you can get paid at all times. The Chip cards add an additional layer of security so many Debit or credit providers are switching to the cards that include chip.

This is set to be the primary payment technology of all card payments. By including contactless payment which has recently emerged, SwipeUp card reader makes sure that you also get paid using the NFC cards like Apple Pay or Google Pay.

How Good is SumUp

SumUp is easy to set up. Just purchase your card reader, Signup online at their website or text to their number and start making payments!

It can handle many types of payments including swipe, dip and tap which includes cards of types magstripe, chip and contactless. It has a huge battery life that includes over 500 transactions per charge. After a successful transaction, you will receive the payment in 1-2 business days from which the fee will already be deducted.

There is a free SumUp App for iOS and Android. Through the app and the account you can track all of your sales, manage your inventory and monitor payouts. SumUp adheres to many standards like PCI- DSS, SSL and TLS and PGP to provide good security for its users to protect your transactions from being monitored or modified by unauthorized third parties.

How to Use SumUp Card Reader

The very first thing you need to do is obviously get the reader. You can order it via their website, or amazon. After opening their website, click get your card reader. Then, Enter your email and password for continuing. This will be the official email address for your account, so make sure that you access this mail regularly. Then, input your payment and shipping details for getting the reader which will generally arrive in 4-5 business days. In case, you had already bought the reader on Amazon, simply click the “I already have a reader link in the top right corner of the page”.

Either way, you will be redirected to the registration page. While registration, you need to give your personal, business and bank details. You need to make sure that the information you give is correct since any future changes will have to be made by only contacting the customer support team.

The required information includes:

First name and last name
Address or location
Contact number
Email address
Details of the company
Details of the bank
Any other related information which depends on the business type

As the federal law requires that all the financial institutions to verify the identity of each person who opens the account, SumUp will ask from time to time to share additional documentation to verify the account. Next, enter your phone number to get an activation code. You can give this activation code to SumUp through either the app or the Dashboard. Now you are set to use the reader!

Now download their free SumUp app within the Google Play store or Apple App Store.

How to Use SumUp Card Reader

You need a Bluetooth enabled mobile device or tablet for using the SumUp reader. Now, Pair up the reader with your device and perform an initial transaction of $1 to complete the connection process.

On the bottom of the card reader, there are 4 blue lights, which represent different notifications when the reader is in standby mode or taking payments. The LED lights will flash on and quickly turn off as soon as you turn on the card reader. To indicate the reader is turned on, one of the lights will be turned on every 4 seconds.

The LEDs will also flash when you connect the reader to your device. When accepting contactless payments, first LED light will light up, and after holding the card or phone in front of the reader, 4 of them will light and the reader will beep. Other than that, LED lights will also represent the card reader’s battery level.

To check it, press the power button down once and release it quickly. The number of LEDs switched on will indicate the percentage of battery level. If four LEDs are on, it means that your battery is at 100%. One LED will be turned off with each decreasing 25%, i.e., Three LEDs represent battery level of 75% and two represent 50% and one representing 25%.

Generally, SumUp processes your transactions and after taking their fee for the transaction, they will transfer the funds to your bank accounts as fast as possible. In case you don’t want to receive daily payouts, you can choose a different payout frequency by contacting their support through the email support@sumup.com.

Although the payout settings can be changed at any time, only the new sales will be affected which means that your previous sales will be deposited according to the former options.

Journey of the Payout

From the moment you complete the transaction to your receive the money, this is the journey your payout takes:

After your bank has authorized the transaction, your transaction will be marked as successful in the App and the journey of the payout starts.
Depending on whether you had processed the transaction with your credit card or debit card, the first destination of the information will be determined. If you had processed using a credit card, then the information will be first transmitted to the card scheme and then on to the bank of the customer. This introduces a slight delay. Else if the transaction is processed with a debit card, the information of the card is transmitted directly to the bank of the customer and thus it is faster than the ones using a credit card.
Then, SumUp receives the funds and after deducting the transaction fee, it immediately transfers the outstanding amount. On the same day, you will receive an email with the report attached.
Now, you will receive the funds on your bank account. Each payout will have an individual payout ID to organize and allocate your payments.

The Pay On Bank statement, the payouts will appear in the form: SumUp Payments Limited — PID123_SUMUP

It should be understood that while SumUp might collect information regarding transactions and its locations and also your communication with their customer service, it never shares the information with third parties unless and until it is required for completing a transaction. Sharing the data with partner companies becomes necessary sometimes to process the payment securely —to prevent fraud for example. It never stores any personal information of

Pricing

Their pricing model is simple and transparent. They do not contain any fixed or monthly costs.

How much does SumUp charge per transaction?

Only you have to pay One free per transaction — 2.65% of the total transaction and this cost is the same for all the card schemes like Mastercard, Visa, American Express etc. The fee for the transaction is deducted from the funds delivered to your bank account.

It is important to see that they charge only for successful transactions — if for any reason the transaction had failed, SumUp won’t take a single penny!

There are no other costs either — the Delivery, App, Dashboarding and reporting, Telephone and Email support are all free and your payment will be delivered to your bank account in 1 to 2 business days.

But for Virtual Terminal, they charge an additional $0.15. This is because of the risk involved in processing the payment.

Coming to the price of the actual product, it costs only $19 (excluding taxes) and the shipping is free nationwide. They also offer a 30-day money-back guarantee if for any case you do not like the product. There are no rental contracts for this card reader.

They also have an affiliate program which pays 30 Euros on every paid card reader and they pay 20 Euros on every paid order and 10 extra on top of every order when you refer at least 10 orders within a week.

Conclusion

SumUp card reader is a very useful tool that lets you accept many kinds of payments. It is affordable and has a simple pricing scheme only taking 2.65% for the transaction.

By following simple steps, you can set up the card reader and start using it for processing the payments.

SumUp does collect some information about the transactions, but it does only to make it more secure. It does not collect any personal information and also adheres to many standards to safeguard the transactions.