Verizon is first U.S. carrier to offer global financial technology platform SumUp

Rhea-AI Summary

Verizon Business has launched the SumUp Plus Card Reader, allowing its small and midsize business customers to tap into SumUp's extensive merchant network of over four million globally. The card reader, priced at $19.99, enables seamless payment acceptance via Bluetooth on Verizon devices, with a competitive 2.75% transaction fee. This partnership highlights Verizon's commitment to supporting digital transformation for its clients. SumUp, established in 2012, has raised over $1.6 billion and operates in more than 35 countries.

Positive

• Launch of the SumUp Plus Card Reader enhances Verizon Business's service portfolio for small businesses.
• Access to SumUp's network of over 4 million merchants provides Verizon customers with valuable payment solutions.
• Transparent pricing structure with a low 2.75% transaction fee could attract more customers.

Negative

• None.

Verizon Business Customers Now Able to Join SumUp’s Four Million+ Merchant Network

BASKING RIDGE, N.J., July 19, 2022 (GLOBE NEWSWIRE) -- Verizon Business today announced the direct-to-customer availability of the SumUp Plus Card Reader to new and existing Verizon small and midsize business customers. SumUp is a leading European financial technology platform currently utilized by more than four million merchants globally. Through this partnership with Verizon Business, merchants can directly leverage SumUp’s proprietary card terminals and mobile point-of-sale app. Since being founded in 2012, SumUp's merchant network crosses thirty five countries and the firm’s transformative technology has attracted more than $1.6 billion in capital raised.

Verizon Business customers can purchase the SumUp Plus Card Reader directly in-store or online through their Verizon Business account for a one-time cost of $19.99 (plus tax). Upon activation, merchants will have the ability to accept payments through a Bluetooth connection paired with any Verizon smartphone or tablet. Featuring a flat 2.75% per in-person transaction fee, the SumUp Plus Card Reader offers Verizon Business merchants transparent pricing and seamless integration to conduct business in a frictionless fashion.

“For our business customers, digital transformation ranges from how they collaborate with employees to how they transact with their customers. Through this partnership with SumUp, we’re helping make transactions seamless for merchants of all sizes and are thrilled to be their first American carrier,” said Wendy Taccetta, Senior Vice President for Nationwide Small Business, Verizon Business.

“Verizon’s commitment to providing best-in-class technology solutions to small business merchants made them a natural launch partner in the United States,” said Andrew Helms, Managing Director, U.S. at SumUp. “Their vision of the role that networks will play in the future of financial technology aligns with our mission of democratizing technology solutions for businesses of all sizes globally.”

SumUp becomes the latest in a lineup of best-in-class offerings that Verizon Business offers small business merchants to effectively run their business. These range from Verizon’s 5G Business Internet solution to One Talk, a cloud-based phone system, to BlueJeans for virtual collaboration. For more information about Verizon’s small business solutions visit https://www.verizon.com/business/solutions/small-business/.

ABOUT VERIZON

Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is one of the world’s leading providers of technology and communications services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $133.6 billion in 2021. The company offers data, video and voice services and solutions on its award-winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, security and control.

ABOUT SumUp

SumUp is a leading global financial technology company driven by the purpose of leveling the playing field for small businesses. Founded in 2012, SumUp is the financial partner for more than 4 million small merchants in over 35 markets worldwide, helping them start, run and grow their business. Through its Super App, SumUp provides merchants with a free business account and card and an invoicing solution along with in-person and remote payments seamlessly integrated with SumUp’s card terminals and point-of-sale registers. SumUp is committed to leveraging its success to make the world a better place and has pledged to donate 1% of its revenue to support environmental, educational and entrepreneurial causes. For more information, please visit sumup.com.

VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at verizon.com/news. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

Media contacts:
Claudia Russo
claudia.russo@verizon.com

Ariana Sverdlik
press@sumup.com

FAQ

What is the SumUp Plus Card Reader and how does it work for Verizon's customers?

The SumUp Plus Card Reader allows Verizon Business customers to accept payments through a Bluetooth connection paired with any Verizon smartphone or tablet, enhancing transaction capabilities.

What costs are associated with the SumUp Plus Card Reader for Verizon customers?

The card reader is available for a one-time cost of $19.99, plus tax, with a transaction fee of 2.75% per in-person sale.

How does the partnership between Verizon and SumUp benefit small businesses?

This partnership provides small businesses access to SumUp's extensive merchant network and seamless payment processing solutions.

When was the SumUp Plus Card Reader launched for Verizon Business customers?

The SumUp Plus Card Reader was announced on July 19, 2022.

How many merchants are part of SumUp's network?

SumUp's merchant network includes over four million merchants globally.