SumUp Business Account Review
SumUp offers payment processing solutions and business account services for UK customers. You can use SumUp’s card payment processing services on a pay as you go basis, or on a monthly plan, with or without an attached SumUp Business Account.
This SumUp Business Account review walks through SumUp pricing, safety, service and more. We’ll also highlight Wise Business as a helpful tool to receive funds from SumUp or through other marketplaces and PSPs, in multiple currencies, with low or no fees and mid-market exchange rate.
💡 Learn more about Wise Business
What is SumUp payments?
SumUp offers businesses ways to take in person and digital card payments, as well as the SumUp Business Account which comes with a debit card to spend and withdraw earnings you deposit there.
4 million UK business customers use SumUp’s services already¹. If you’re considering signing up, read this SumUp review so you can see what to expect from your account or payment processing product.
SumUp Business Account review
In this SumUp Business Account review we will take a look at the features, fees and customer service offered by SumUp for UK businesses.
Don’t take our word for it though. Another great source of information from previous and current customers is Trustpilot, which aggregates live reviews to give a star rating. At the time of writing, SumUp gets a 4.2 out of 5 star, Great rating, from 22k+ reviews².
Many of the positive reviews mention the names of account managers in particular, and highlight the great customer service they’ve offered. Other happy customers left reviews like this one - showing SumUp’s useful payment products for smaller businesses and occasional users:
“The Sumup card payment method is so easy and reliable to use. The charge per transaction is a perfect way to pay for the use of this service, especially when you use the machine on an infrequent basis, as I do at craft fairs.”
SumUp key features and products
Let’s start with a quick roundup of SumUp features and products for UK business customers. Depending on your business needs you may want to use SumUp for any of the following:
- POS Solutions: Card readers, POS lite or POS pro, self service kiosk, tap to pay by smartphone
- Digital Payments: Invoices, online payments, online store, QR codes
- Financial tools: SumUp Business Account, cash advances
- Business tools: Gift cards, SumUp products for consumers
POS solutions are handy for any business which needs to take card payments - particularly in person. You can either get POS hardware or solutions to take payments by phone so all you need is your normal Apple or Android device.
SumUp also offers ways for you to get paid online, so you can use SumUp invoices or QR codes, or take card payments in your online store.
If you choose, you can round up all these products with a SumUp Business Account, which allows you to get paid in GBP - sometimes with a lower SumUp card payment processing fee compared to being paid into any other business account.
SumUp pricing
What you’ll pay will depend on which SumUp business products and transactions you make. SumUp offers business payment hardware such as POS terminals, which may have costs attached, then there are also various payment options for receiving card payments from customers, and to use the SumUp Business Account. Here’s an overview, starting with the SumUp Business Account pricing³
| Service | SumUp Business Account fee |
|---|---|
| Open an account | No fee |
| Get a Mastercard linked to your account | No fee |
| GBP payments in and out | No fee |
| UK ATM withdrawals | No fee for first 3 per month, then 2% |
| International ATM withdrawals | 2% |
| Invoicing tool | No fee |
If you’re using the SumUp payment processing service there are different fees to pay. You can either stick with a pay as you go model or sign up to a plan - here are the options⁴:
| Plan/Service | Pay as you Go | SumUp One |
|---|---|---|
| Monthly fee | None | £19 |
| In person payments | 1.69% or 1.49% with the SumUp Business Account | 0.99% |
| Digital payments | 2.5% | 0.99% |
Fees for POS equipment can also apply, which vary a lot depending on your needs. You may pay a monthly fee or a one off costs for hardware, depending on what you need to suit your business.
It’s also helpful to know that the accepted payment methods can vary depending on the way you process a payment. However, the SumUp fee you pay remains the same, no matter whether the person paying uses a local or international card⁵.
SumUp customer service
SumUp customer service is available in app for customers who have already registered an account in the UK. If you’re not a customer yet, you can reach out to SumUp sales who will call you back at your convenience. SumUp sales teams are available from 9am to 5pm, Monday to friday⁶.
It’s reassuring to know that over on TrustPilot many positive SumUp reviews mention specific account managers by name and praise the customer service on offer.
Not sure if SumUp is right for you? Compare SumUp vs Stripe in this full review.
SumUp Business Account - FAQs
Who is eligible for a SumUp Business Account?
To open a SumUp Business Account you’ll need to be a UK sole trader, or have a registered business or organisation in the UK. You’ll need to verify yourself and your business, although what’s needed can vary based on entity type.
In most cases you’ll need to prove your identity and address. This applies to anyone with a direct share of 25% or more in the company.
You’ll also be asked to provide proof of business activity through business invoices, or links to an online presence for example, as both a sole trader or business owner. If you have a UK registered business you’ll need other company documentation depending on entity type, such as your company registration number, and a Company Formation Document⁷.
What are the benefits of a SumUp Business Account?
SumUp offers business accounts alongside its POS products and services. If you have a SumUp Business Account you may get preferential rates on payment processing. You’ll also get:
- No ongoing fees or minimum balance requirement
- Linked Mastercard debit card for spending and withdrawals
- Ways to add and withdraw GBP
- Account management and invoicing tools
- Next day payment clearing
Does SumUp do credit checks?
SumUp UK may conduct credit checks with accredited credit reporting agencies on customers opening an account, to allow them to offer appropriate credit products to you. These checks should have no impact on your credit history⁸.
How does SumUp pay out?
SumUp will deposit your earnings to your nominated business account, or to your SumUp Business Account, after the payment is processed. If you have a SumUp Business Account, payments usually settle the next business day. If you pay out to your business account which is not held with SumUp, payments take 1 - 3 days to process, and you can choose to have payouts deposited daily, weekly or monthly⁹.
Need to use your GBP earnings for foreign currency payments? You may want to withdraw your SumUp earnings to a Wise Business account to allow you to spend and send foreign currency payments easily, with the mid-market rate and low fees. More on that in a minute.
Get started with Wise Business 🚀
Is my money safe with SumUp?
Yes. SumUp is licenced by the FCA as an e-money institution, which means your money is safe and protected. When you hold money with SumUp it is deposited in top tier banks, separate to SumUp’s own operating funds, in a process called safeguarding. This means your money is protected in the unlikely event SumUp runs into financial difficulties.
On top of this, to maintain their FCA licence, SumUp must follow strict rules to protect customers, such as undergoing regular audits, using data protection measures, and building digital safety protections into their app.
Discover Wise Business account
SumUp accounts can only hold GBP payments. If you need more flexible multi-currency features, check out Wise Business, which has multi-currency account and card solutions with no ongoing fees and no minimum balance requirements.
Wise Business account can hold and exchange 40+ currencies, and come with local account details to receive payments from 8+ currencies. Whenever you need to convert currencies you’ll get the mid-market exchange rate, and low conversion costs from 0.33%.
If you take SumUp payments in GBP and need the money for foreign currency payments later, withdraw to Wise Business to get a great deal on currency conversion and overseas spending.
Here are some of the Wise Business features you can access:
- One time £45 account opening charge with no ongoing fees
- Send money quickly or instantly to bank accounts in 160+ countries
- Get local account details in 8+ currencies, to be paid easily by others
- Hold and exchange 40+ currencies using the mid-market rate with no markup
- Issue business debit and expense cards for you and your team with no foreign transaction fee, and low conversion costs from 0.33%
- 0.5% cashback on eligible card spending
- Expense management tools at no extra cost
- Generate invoices and payment links to receive money easily from customers
- Access accounting integrations, batch payments, and a powerful API
Get started with Wise Business 🚀
Whether you’re looking for a business account or ways to take on and offline card payments, this SumUp review covers all you need to kickstarter your research. Compare your options with SumUp against alternatives like Wise Business to see which might work best for your own unique needs.
Sources used in this article:
- SumUp
- Trustpilot - SumUp
- SumUp Business Account pricing
- SumUp transaction pricing
- SumUp help - accepted payment methods
- SumUp contact us
- SumUp verification
- SumUp privacy policy
- SumUp payouts
Sources last checked August 22, 2024
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
