Stripe vs Sumup: Comparison for UK businesses

Stripe¹ and SumUp² both offer a broad range of ways for UK businesses to accept card payments from customers. But which is best between SumUp vs Stripe?

This Stripe vs SumUp review takes a look at the similarities and differences, and some key costs to consider. We’ll also touch on Wise Business as a great solution if you need to receive international payments through PSPs like Stripe and SumUp.

💡 Learn more about Wise Business

Stripe vs SumUp - Comparison overview

The services Stripe and SumUp offer have a lot of overlap - however, the exact ways the providers work, including their fee structures, do vary. Here’s a quick overview of the features available with each provider. We’ll look at each in more detail next.

SumUp reviews

SumUp offers payment processing solutions for more or less any business type, but has specific tools designed for food and beverage, retail and large venue companies. You can receive customer card payments with a SumUp POS terminal, or by using your smartphone, allowing in person payments.

Alternatively, SumUp processes payments made online and in-app, invoices, and payment links. SumUp can process payments made with many different popular card networks like Visa and Mastercard, but the exact options depend on the way the payment is made.

Is SumUp a payment gateway?

A payment gateway is used by companies which need to take card payments from customers, often online and through mobile apps. Payment gateways often offer various ways to process customer payments securely, such as off the shelf solutions to embed payment options into a website.

SumUp offers payment processing services including physical POS systems and ways to take payments with a smartphone, among other business services.

Is SumUp payment safe?

SumUp Payments is safe to use. SumUp is regulated in the UK by the FCA. This means it is safe to use, and must comply with rigorous rules to protect customers and their money.

SumUp fees

With SumUp you may need to buy a physical card payment processing terminal, and you’ll also pay transaction fees when you receive a payout from your SumUp account. Physical POS terminals come in a wide variety of shapes and sizes - with varying costs. Here’s a quick rundown of some of the key fees which apply to SumUp.

Bear in mind that the services and fees do vary a lot depending on your business type and size, so you’ll need to check your options carefully before signing up.

Stripe payment reviews

Stripe has an extremely broad range of products and services in the UK, which makes it suitable for many different business types. There are easy off the shelf solutions which you can use with no coding required, as well as more complex solutions for enterprise level organisations. You can receive payments with Stripe online and in person, as well as getting other business support such as loans and capital. Stripe processes payments from cards issued more or less all over the world, on all major card networks.

You can get our full Stripe Payments review here.

Is Stripe payments safe?

Stripe Payments is safe to use in the UK, and has to comply with very strict rules to keep customer data and money safe. You can read more about Stripe payments, including a review of safety here.

Stripe payment fees

Stripe has varying fees which can depend on how you take payment, including where the card being used was issued, and whether or not you’re receiving money digitally or in person. Here are some key costs - You can get a complete guide to Stripe payment fees here.

Stripe vs SumUp fees - Head to head comparison

Let’s round up with a look at the fees and costs for both providers side by side. As both Stripe and SumUp offer lots of different products and services, and may vary their fees depending on the customer type, size and account use, it’s important to check fee schedules carefully before signing up. Here are the headlines to start you off:

Manage your international business with Wise

Looking for easier ways to manage your business finances across borders? Meet Wise Business.

Wise Business offers easy to use, innovative business accounts which can hold and exchange 40+ currencies, send payments to 140+ countries and get paid in 8+ currencies like a local.

You can also get debit and expense cards you can use in 150+ countries - and whenever you need to send, spend or exchange foreign currencies, you’ll benefit from the mid-market exchange rate, with low, transparent fees.

Use your Wise account to get paid in a selection of major foreign currencies by customers and clients, through marketplaces - and via PSPs like Stripe or SumUp.

Other helpful Wise Business features include:

• No ongoing fees, minimum balance requirements or foreign transaction fees
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 people at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions, and use the Wise API for streamlining workflow
• Use the Wise Interest feature to make your money work harder when you’re not using it

Get started with Wise Business 🚀

Stripe and SumUp do offer many very similar products and services, and in many cases their fees are quite similar too. However, they’re not exactly the same so comparing Stripe vs SumUp for your specific business needs is important.

Bear in mind that both providers offer a variety of different options which can come with different fees depending on the specific arrangements you have with the company, so you’ll need to look carefully at costs to decide which is best for you. Reach out to the SumUp and Stripe sales teams for more details, and to learn about the packages available for your specific company.

While you’re thinking about growing your company, why not also look at Wise Business for innovative solutions to help you take payments from all over the world, including through PSPs like Stripe and SumUp.

Sources used in this article:

Sources last checked 24/05/2024