SumUp, a U.K.-based fintech, is launching a tool that will allow small and medium sized businesses accept online payments as the COVID-19 pandemic has forced many traditional merchants to transition much of their business to e-commerce.
The company has two versions of its SumUp online store, including a startup version that allows SMEs to accept payments through social media channels like Instagram, Facebook Messenger or WhatsApp, according to a press release.
The service charges a 2.5% fee per transaction and is available for merchants in the U.K., Ireland, Italy, Germany, France and other European markets.
A more advanced version lets SMEs set up online stores without the need for web design, allows for online payment, sales reports, employee accounts and synchronization of inventory. The version charges a monthly fee and charges 1.95% to 2.5% per transaction.
“This expansion of our services is something that we feel confident will help our merchants continue to trade despite the COVID-19 lockdown, and further empower them in the running of their companies — both now, but also after the lockdowns,” Marc Alexander Christ, SumUp co-founder said in the release.