The way we shop has been transformed dramatically in recent years. From cart to checkout, the shopping experience is being reshaped, and a lot of the change hinges on the adoption of digital payments, enhancing not just convenience but also security and efficiency.
It’s not just about the technology but also the behavior, trust, and expectations of users. SumUp, having navigated this landscape from its early stages, brings a unique perspective to the table, for both customers and merchants.
In a conversation with DesignRush, Benjamin Brazier, Senior Product Marketing Manager at SumUp, shares insights into how the modern checkout experience is being transformed, emphasizing the tangible benefits and enhanced shopping journey that digital payments bring to the table.
As the Senior Product Marketing Manager at SumUp in the US, Benjamin's main mission is to promote payment and point-of-sale solutions that help small businesses succeed. Before working at SumUp, Benjamin spent seven years at IDEXX, developing and marketing payment technologies for veterinary hospitals. Benjamin earned a Bachelor of Arts from the University of Maine.
Spotlight: What are the benefits of digital wallets, mobile payment apps, and ePayments over cash and check transactions?
Benjamin: Of the many benefits, convenience, speed, and security may be the three most significant. For both merchants and consumers, digital wallets eliminate the need to handle physical cash, making payments quicker and minimizing the risk of theft or loss.
These types of payments can be easily connected to loyalty programs that allow customers to redeem rewards and create a more personalized shopping experience.
The landscape of electronic payments has evolved drastically in recent years. What are the key factors, besides the pandemic, that have contributed to its rapid growth?
While electronic payments have existed for a long time, the barriers to entry and concerns around security were too high for many consumers. However, recent advancements in mobile encryption, tokenization, and biometrics have made electronic payments significantly more secure.
This increase in security and the rapid development of technology has led to a dramatic increase in adoption. As consumers adopt these payment methods, they expect businesses to accept them.
And this consumer demand is one of the largest driving forces behind the exponential growth of electronic payments.
What key features set SumUp Solo apart from competing card readers in the fintech industry when it comes to serving emerging businesses?
The Sumup Solo is unique in being the first reader of its kind that was produced in-house by SumUp Engineers, allowing merchants to access all of their sales data, send digital receipts, and access the latest updates automatically.
It was created to be sleek with a lightweight design compared to other readers, for an affordable price and per transaction fee. The SumUp Solo can also accept payments when it’s connected to WiFi or using the built-in SIM card with unlimited data. This ensures business owners always stay connected and are ready to take card payments at any time.
Not only can the Solo be used to accept payments at a lower rate, but the compatible printer is also available for purchase, giving merchants an additional charging option and printing on the go.
SumUp Point of Sale (POS) caters to various business sectors, from bars and restaurants to retail. How does the company ensure it meets the needs of a business regardless of its industry?
Our POS is highly customizable which allows our merchants to tailor it to their specific needs. It was also designed with industry-specific features and functionalities in mind.
For example, a quick-service restaurant needs the ability to handle complex modifiers, kitchen display systems, and other food-specific features. For a retail business, it’s advanced inventory management capabilities that allow the merchant to process purchase orders, reconcile products, and manage stock levels.
While a salon is going to be more focused on features like appointment booking and managing employee commissions. These are all examples of businesses and features that our POS supports. While each business type has a unique set of needs, all small businesses face the same challenge: customer acquisition and retention.
This is why regardless of industry, our loyalty and acquisition features are prominently integrated throughout the POS and fundamental to the success of our merchants.
SumUp POS utilizes automated marketing campaigns to attract new customers and retain existing ones. Can you share details on how these campaigns work and the benefits they bring to businesses?
Automated marketing campaigns, or Autopilot campaigns as we call them, allow merchants to track customer behavior and send personalized messages that keep their customers informed and engaged.
Most importantly, these messages are delivered at very specific moments in the customer's lifecycle that maximize relevance and drive specific actions, such as a return visit or a booked appointment. By leveraging Autopilot campaigns our merchants can operate like marketing professionals without significant and ongoing time commitments.
SumUp POS allows customers to check in for loyalty before paying. How does this feature enhance the customer experience, and what results have businesses seen from implementing it?
To start, we make the check-in and sign-up processes simple and seamlessly integrated into the consumers' checkout experience. By collecting their information we can present tailored rewards, see past purchases, make product recommendations, and curate a more personalized experience.
The consumer leaves feeling like a VIP and the merchant can collect and store valuable data for future marketing campaigns and targeted promotions. As a result, they are seeing more return visits, higher average ticket sizes, and increased Google reviews.
SumUp POS offers menu management and sales reporting tools. Can you explain how these tools make it easier for businesses to manage their operations and make data-driven decisions?
Unlike large companies, most small businesses don’t staff a business analyst who can track sales trends and provide revenue forecasts. But this doesn’t mean they can’t leverage the same type of information and make well-informed, data-driven decisions. This means comprehensive and easy-to-understand reporting is even more critical to their success.
Our POS offers dozens of real-time reports that allow merchants to accurately manage inventory, optimize their product mix, and allocate employee resources more effectively. This will not only lead to improved cost control and profitability but also enable a better customer experience by ensuring they always have the right product at the right time.
What are the most significant challenges the fintech industry faces today, and how does SumUp address these challenges?
The fintech industry is changing fast. New ways to process payments, save money, engage customers, and run a business are appearing and disappearing every week. SumUp recognizes that merchants don’t have the time to research every new company and technology.
That’s why, at SumUp, we focus on making merchants' lives easier, by offering integrated and easy-to-use payments, banking, POS, and loyalty products that allow merchants to spend more time running their business and less time worrying about what they might be missing.
SumUp has provided over four million businesses with payment solutions that make transactions, tracking, and data security quick and hassle-free. Will this, and maybe some new features, continue to drive the company's growth in the future?
SumUp is always looking to find new ways to support merchants, help them grow their businesses, and thrive. Over four million businesses use SumUp for that very reason. As our company has grown, we’ve recognized that merchant needs vary considerably by size and industry.
In response, we have expanded our offerings from mobile payment devices to banking, invoicing, QR codes, loyalty, growth, and POS.
By providing these products to merchants in a unified and holistic SuperApp experience, we plan on continued growth that will enable us to support even more merchants worldwide.