Bitcoin: SumUp offers European merchants free transaction opportunity

SumUpSumUp has included Bitcoin in its mobile Point of Sale (mPOS) system, offering European merchants a payment method with no transaction fees from 2015 onwards.

This is made possible by a partnership with BitPay. SumUp can now boast of offering the first Bitcoin-ready mPOS solution for the European market. BiPay sees the partnership as another important step towards its target of 1 million BitPay customers in 2017. In a conversation with CoinDesk, co-founder and CSO of SumUp said that this decision is an important step towards alternative payment options such as Bitcoin and Apple Pay.

We want to enable our customers to use all types of payments

There are quite a lot of new opportunities out there, but we think Bitcoin is the most advanced option currently.

SumUp was founded in 2011 and has received $33 million in various financing rounds to date. This allows SumUp to become active in the European market and compete with its competitors iZettle and Payleven.

SumUp says there are currently no plans to introduce new fees by the end of the year. In the future, however, the company wants to keep this option open.

“We will carefully review the need for fees, but it is likely that they will remain at 0% after the review,” Christ said.

Keeping costs down

Existing customers who are interested in the new payment methods can already use the service now.

When paying, customers will then receive a QR code and can select the desired wallet. SumUp makes use of the BitPay confirmation tool which confirms a BTC payment within seconds.

“BitPay retrieves our backend and connects it directly to the app, it only takes seconds. It’s faster than a credit card payment,” says SumUp senior Android developer Dirk J├Ąckel.
Developer Gustav Simonsson says SumUp wants to keep a big advantage of Bitcoin: low transaction costs. Simonsson:

“We thought that if BitPay doesn’t charge transaction fees, why should we? We pass this advantage 100% on to our customers.”

The only costs that arise are the Miner fees that the customer has to pay.

Good feedback from customers
Christ says it is amazed by the variety of new technologies, but for SumUp such a technology is only interesting if it is also used by the end customer.

So far Christ is very positively surprised by the new registration due to the Bitcoin integration. More than 100 dealers have already opted for SumUp for this reason.

However, SumUp only wants to promote Bictocin for companies that can really benefit from it:

“We don’t want to force Bitcoin on you if you don’t have any potential customers using Bitcoin. We want the end customers to encourage the companies to integrate Bitcoin,” says Christ.