29 June 2019
By Elaine Murphy
If you run a business then a key point is getting paid by Your customer, and as quickly as possible! you may currently be limited to accepting cash, cheques, and credit transfers, but customers now don’t carry much cash, and cheques can bounce. Bank credit transfers to new accounts tend to require the sender to use their code generator, which is clunky. Solution? accept credit and debit cards. If you are in Ireland you are no longer limited to using the domestic banks for card processing. There is a German firm called SumUp who offer a device that uses the internet to authorise payments.
- No standing charge
- Quality looking card reader
- No monthly minimums
- No additional fees for foreign cards
- Virtual terminal included also, for cardholder not present payments
- Ideal for low-volume merchants
- Chip & Pin, NFC
- Accepts Visa, MasterCard, and…. American Express and Diner’s Club (which almost no one in Ireland does!)
- No contract
- Bluetooth connection between reader and phone/ipad is sporadic
- Fee for debit card transactions is the same as credit cards
- 2.75% transaction fee (which is higher in Ireland than the UK, although in practice many older grandfather accounts enjoy 1.75%)
- No in-app invoicing
- Limited reporting
- No ability to add a boilerplate message to email receipts (so customers routinely contact us asking whether or not VAT was included)
Accept any credit or debit card (including international cards) that displays the following logos:
- Visa Credit & Debit
- MasterCard Credit & Debit
- American Express
- Diner’s Club
Physically you won’t find a device much better than SumUp’s Air Card Reader, it has a beautiful design worthy of an Apple product, it is even white in colour! Customers are not more aware of the device, whereas in previous years a merchant would be questioned as to why there is no paper receipt.
If these features aren’t important to you and you simply want the lowest transaction fees for a low volume of card payments, then SumUp is the easy winner. However, your decision becomes a little trickier if the more advanced payment and businesses management features available elsewhere are of value to you.
To enjoy a discount of about €20 on the cost of the reader click on this link to SumUp.ie
Who SumUp won’t accept
We have highlighted the ones that are unusual to see on such a list
The following high-risk businesses will need to seek special approval before using the SumUp card reader.
Future business: where the delay between processing a card transaction and handing out the product/service is longer than 7 days.
Adult entertainment / Pornography
Business seminars – like real estate seminars, investment programs, business opportunities/strategies, self-help books, etc.
Collection agencies, refinancing of debt / factoring, mortgage, brokers/reduction services/refinancing, Payday loans
Non-licensed Counselling centers (for example: debt and financial counselling, marriage and family counselling, alcohol and drug abuse counselling, and other personal counselling)
Detective agencies, protective agencies, security services including armored cars, guard dogs
Employment agencies, temporary help services
File sharing services
Guns, firearms, munitions sale & distribution
Illegal or legally questionable businesses or products
Investor services/investment clubs. Sale of stocks, securities, options, binary options, Forex, and other investments
Products with doubtful efficiency: may include but not limited to weight loss products, hair growth products, products to boost, physical performance.
Protection services: protection, insurance, or registration, service against things such as identity theft, Internet, fraud, credit card theft or fraud, etc.
Pyramid sales/multi-level marketing
Religious organisations & goods stores
Sexual encounter firms
Stamp and coin stores
Telecommunication services including but not limited to prepaid phone services and recurring phone services