SumUp has made its first steps into the Latin American market with a deal to launch its mobile payments service in Brazil.
As part of the roll out SumUp is opening an office in São Paulo and it will allow small businesses to accept a wide range of payments by a smartphone or tablet in conjunction with the SumUp Chip & Signature Card Reader.
“Entering the Brazilian market adds a brand new chapter to our growth story. Providing them with a simple and affordable way of accepting card payments will dramatically affect how they can grow their business – whether they’re city-based or in a remote rural area,” said Dr Jan Deepen, head of international expansion and cofounder of SumUp.
The card reader costs R$79 [£21] and allows firms to accept most major credit cards including Visa, American Express, MasterCard, and ELO. It has no monthly costs with SumUp recovering fees by charging a fee per transaction starting at 3.7 per cent with demand for the device already high – even in the trial phase.
“The demand we experienced during our recently completed beta phase was tremendous: within one hour of going live, hundreds of merchants had signed up to accept payments via SumUp in Brazil,” Deepen added.
Businesses can opt to receive a payout after either five business days or 30 calendar days and its latest round of expansion means that SumUp is present in 12 countries around the globe including Germany, the UK, and Russia.
SumUp was launched back in August 2012 and has major offices in London, Berlin, Dublin and Moscow with a team of 140 people working in 26 countries to maintain the company’s leading mobile point-of-sale [mPOS] status in Europe.
The news of its Latin American expansion also saw the release of a significant update to its iOS and Android apps that will allow payments to be processed even faster than before.