Prof. Gert Trauernicht
Prof. Dr. Fabian Hemmert
Cashless Payment Processing System
In times when smartphones are gradually replacing wallets and more and more people are using plastic cards instead of cash, small shops are increasingly being urged to keep up with the times and accept cashless means of payment. But while the technology of payment methods is more diverse than ever for customers, retailers are still often tied to outdated systems. Small businesses in particular find themselves dependent on high fees and a complex infrastructure of banks and network operators.
Sum is a cashless payment system that addresses this problem. Using the Sum card terminal and the associated smartphone app, cashless payments are processed disruptively via the internet, reducing complexity and fees for the merchant. In addition to accepting all common cashless payment methods, Sum also assists the merchant behind the scenes: intelligent recording and follow-up of all business transactions simplifies accounting and ensures traceability for the tax authorities