SumUp’s card payment terminals, software, and smartphone apps are the world’s first EMV certified end-to-end mPOS payments system, according to the company. It will be releasing a new contactless payment terminal, designed for the US market, which is compatible with EMV payments, Apple Pay, Android Pay, and swipe payments.
The SumUp system accepts most major credit cards like Visa, MasterCard, and American Express, and targets small and medium-sized businesses.
It is currently active in 14 other countries, including the UK, Germany, Brazil and most recently Sweden, running EMV payments, which puts a greater security liability on the store to protect customers’ card data. SumUp charges a per-transaction fee of 2.75%.
“The shift to EMV chip cards puts more costly fraud liability on stores without chip terminals - - but only half of small businesses are even aware of EMV liability,” said Daniel Klein, CEO of SumUp.
The company is headquartered in the UK and since 2012 has raised over $56 million in funding. Its latest funding was in August through a Series D round at €10 million from American Express, Groupon and BBVA.