UK based fintech startup SumUp has announced that it will launch its free mobile payments on March 21. The new service will be made available for all its British merchants and it will enable them to request payment in an easy and efficient manner. This announcement comes at a time when most businesses are on the back foot, trying to cope with the impact of coronavirus.
SumUp’s free Mobile Payments solution
The new payments feature by SumUp is easy to use as merchants request payment from their customers by simply sharing a link. This link can be shared over email, WhatsApp, SMS or any other messaging platform and is a notable solution for small businesses who would ultimately receive payment via cash or card in-store. With precautions put in place to combat the spread of Covid-19, this can be a new and effective way for merchants to collect payments.
SumUp was founded back in 2011 by Daniel Klein, Jan Deepen, Marc-Alexander Christ, Petter Made, and Stefan Jeschonnek. With 9 funding rounds till now, the company has raised a total of €398 million. The company surpassed annual revenue of €200 million in 2019, and 100% year over year growth is predicted for 2020.
Free invoicing solution in tow too!
To provide addition support for UK merchants, SumUp will also launch a free invoicing service for its existing customers. This will enable the startups’ merchants to send and keep a digital record of invoices. The company itself will levy 0 percent transaction fees on all payments received through the Mobile Payments and Invoicing features, until April 30. Free invoicing and mobile payments solution will be available in key European markets, including the UK.
Marc-Alexander Christ, Co-Founder of SumUp says, “at a time when preemptive measures are being implemented throughout Europe and consumer behaviour is drastically changing, we think it’s extremely important to encourage people to use remote payments solutions that preserve the health and safety of our society and can serve as a potential boost for many small businesses in these difficult times.”
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