Small and mobile businesses in Switzerland got a new option for accepting card payments: the SumUp app installed on their smartphone or tablet.
Combined with the PIN+ card reader, small businesses can accept debit and credit cards using the latest Bluetooth connectivity and a Wifi or 3G/4G connection to process the transaction.
The traditional POS market in Switzerland
Before May 2014, if you wanted to accept cards, you agreed to sign up for a long-term contract, and paid monthly fees and annual service fees, in addition to paying a fee for each transaction.
Merchants usually contracted Aduno or SIX Payment Services to have a functioning POS system in store. The Ingenico Compact from Aduno means a one-time purchase of around CHF 1,590, excluding VAT, or a monthly rent of around CHF 53. Mobile terminals were priced higher.
UBS partners with SumUp
UBS realized that young entrepreneurs and small business owners were looking for alternatives, so it partnered with SumUp, and together they launched the service in Switzerland in May 2014. SumUp is the first mPOS player to step into Switzerland.
The SumUp app is easy to use and provides many of the accounting functionalities small business owner wants to have at a glance. The app won the Master of Swiss Apps title for its mobile card terminal and a gold medal in the category “Business” at the Best of Swiss Apps Awards in November 2014.
The card reader incorporates the latest mobile Chip and PIN technology on the market. As opposed to European competitors iZettle and Payleven, SumUp’s PIN+ terminal has been developed in-house.
SumUp costs: 1.50% for debit and 2.50% for credit
You can download the app from the App Store or Google Play and order the card reader. SumUp’s PIN+ reader costs CHF 99, a one-time investment for a portable card reader that uses Bluetooth Low Energy to wirelessly connect to the smartphone or tablet you own.
SumUp doesn’t force users into long-term contracts. There is a transaction fee of 1.5% for debit cards and 2.5% for credit cards issued by Visa and MasterCard. It is important to keep in mind that no other bank fees will be added. Users can get paid by SumUp to a regular bank account. There is no need for a merchant account.
Who is SumUp suitable for?
SumUp’s PIN+ terminal is suitable for any small business who want an easy solution for accepting card payments. It is particularly useful for anyone taking payment on the go. At this moment, SumUp is the only one of its kind in the market in Switzerland, as there are no available mPOS alternatives, just traditional point of sale systems.
