Accepting digital money without having to pay hefty fees to third-party players — such as banks — has become a reality in the UK. Thanks to a lucrative partnership with BitPay, SumUp users can now accept Bitcoin as a payment option without any transaction fees – at least until the end of 2015.
To read the full SumUp review, see our article An affordable, no fuss solution for card payments.
As cryptocurrency is becoming more and more popular in the UK, the issue of accepting it has become a timely question for merchants. SumUp quickly realized that, and has become the first mobile POS in Europe to integrate BitPay.
What are the advantages of accepting Bitcoin?
Buyers don’t want to be limited when it comes to paying for goods or services, and Bitcoin is one of the most cutting edge new payment options.
Bitcoin comes with multiple advantages for merchants: first, there are no transaction fees on either side (seller or buyer). Secondly, accepting Bitcoin can attract tech-savvy buyers, as it is a completely digital wallet. These customers often prefer to leave their physical wallets at home, as they are part of the mobile payment revolution, instrumenting its adoption.
Another important feature of the digital currency is that it is entirely secure and eliminates the risk of chargeback. It operates on a “buyer beware” basis, so merchants don’t need to worry about reversed transactions.
By adding Bitcoin, SumUp enables more payment options for your customers: you can accept cash, debit cards, credit cards, and Bitcoin, and you don’t have to do anything but select the method your buyer opts for at the checkout process.
How can you accept Bitcoin with the SumUp app?
Accepting Bitcoin is just as easy as charging a credit card: when your customer wants to pay for a product with Bitcoin, the cashier only needs to tap the Bitcoin icon in the SumUp application.
As a result, a QR code pops up, as well as the amount due, and your customer will only need to scan that code using their Bitcoin wallet app. That’s it.
To start accepting Bitcoin, you will need to sign up for SumUp. Existing merchants only need to send an email with their merchant ID, and the payment processor will enable the Bitcoin feature in the app.
Why sign up for SumUp?
By accepting Bitcoin, SumUp becomes Europe’s first mPOS provider with the ability to keep costs low and enable multiple payment methods in a single application. With SumUp, merchants in the UK can accept EC-Cards, Visa, VPay, MasterCard, Maestro, and American Express credit or debit cards, alongside the cryptocurrency.
To combine both Bitcoin and card acceptance on smartphones or tablet computers, new merchants only need to apply for a SumUp card terminal + PIN. There is a one-time purchase fee of £59, excluding VAT with occasional discounts (see our review for latest offers). That investment will allow you to accept all major credit and debit cards and also ride the trend of emerging payment technologies.