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SumUp Fees and Costs: A Guide For Small Businesses

SumUp offers a unique approach to payment processing, tailored for small businesses. Understanding its fee structure is crucial for those considering this service. This article will illuminate SumUp’s fees, compare them with competitors, and offer strategies to optimize its use for your business.

SumUp’s Fee Structure Explained

SumUp adopts a pay-as-you-go model, free from fixed costs and monthly subscriptions, making it appealing for small business owners. Transaction fees form the bulk of ongoing expenses: 1.69% for in-person transactions and 2.5% for keyed-in, online, and invoice payments. SumUp’s in-person transaction fee is slightly cheaper than Zettle’s and Square’s, both charging 1.75%, but its card-not-present fee is on par with these competitors. Unlike some providers, SumUp doesn’t charge for unsuccessful transactions.

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SumUp Hardware Costs

SumUp provides three card reader options: the Air at £39 + VAT, the Solo at £79 + VAT, and the 3G at £129 + VAT, with a one-year warranty. These one-off purchases place SumUp in line with other mobile card reader providers. Additionally, SumUp offers EPOS system add-ons starting from £29 per month for sales insights.

Extra Fees and Transparency

SumUp is transparent with its costs, ensuring no surprise charges. Its transaction fees cover interchange fees, but VAT is not charged on these fees. This clarity in pricing makes SumUp a solid choice for small businesses, although options like Revolut and Stripe offer lower transaction fees.

Comparison with Competitors

In terms of pricing, SumUp doesn’t apply a fixed charge, similar to Stripe and Revolut. This model benefits seasonal businesses, as there are no costs during inactive months. SumUp’s base transaction fee of 1.69% is slightly lower than Square’s and Zettle’s, offering long-term savings. However, companies like Stripe and Revolut, despite having higher reader costs, offer lower transaction fees, making them more economical in the long run.

The Bottom Line on Value for Money

SumUp may not offer the best value for straightforward merchant account functionality when compared to competitors like Revolut. While SumUp’s hardware is priced higher, it offers lower transaction fees than Square and Zettle. However, these two competitors edge out in EPOS system integration as they offer it for free, unlike SumUp.

SumUp’s Transparent Pricing on Their Website

SumUp’s website confirms their flat transaction fee for all in-person swipe, chip, and contactless payments. For remote transactions, the fee is 3.25% + $0.15 per transaction, and for paid online invoices, it’s 2.90% + $0.15. These straightforward fees come with no contracts, minimums, or hidden costs. SumUp also provides free delivery, app usage, dashboard and reporting, and customer support, with payouts to your bank account occurring within 1-2 days.

SumUp’s fees and costs are tailored for small businesses seeking simplicity in payment processing. While its hardware may be pricier compared to some competitors, its transaction fees are competitive, especially for in-person payments. The absence of hidden fees and the pay-as-you-go model makes it a viable choice for small or seasonal businesses. For businesses looking to expand their payment processing capabilities, exploring SumUp’s range of services and comparing them with other providers is the next logical step.