Sumup Review - All You Need to Know

SumUp provides a range of point-of-sale (POS) hardware and software systems, including card readers, payment links and invoicing, which small businesses can use to accept in-person or remote payments.

The company has expanded to provide a basic app-based business checking account that enables customers to receive their payments directly, rather than waiting for them to clear through another financial provider.

This SumUp review will look at the main features to help decide whether it could be a suitable option for your business.

If you’re looking for an online business account that will allow you to send and receive international payments at low cost, you can also read about Wise Business.

Sumup Review: Quick Overview

Sumup: Key Features

SumUp has added the option of opening a business checking account through the app, so you can now have payments processed through the POS system directly deposited into the account the next business day and manage them through the mobile app.

As an authorized electronic money institution, SumUp is able to issue secure online accounts through its partner Piermont Bank.

It’s important to note that you can currently only access the account from the SumUp app on an iOS device – not via the online SumUp Dashboard or an Android device.

SumUp does not charge a monthly account fee or overdraft. There are no minimum opening deposit or average monthly balance requirements.

There is a card purchase and check limit of $2,500 per transaction and an ACH daily debit transfer Limit of five transactions per month at $1,000 per day. Mobile check deposits are limited to $10,000 per day and $50,000 per month.

You can open a business checking account directly through the mobile app. You simply need to upload a photo of a form of identification, such as a valid driving license or passport, and may also need to upload a utility bill or bank statement to verify your address. This process typically takes less than 10 minutes, and the account is then ready to fund or make transfers.

You’ll receive account numbers, routing numbers, and a free Mastercard cdebit card within two to three days of opening the account. You can send funds to the account through a wire transfer or a third-party payment platform.

The account also offers next-day deposits. You can make six free withdrawals per month from ATMs in the AllPoint network. There is a maximum ATM withdrawal limit of $500 per day.³

Ease of Use

The business checking account is simple to manage through the SumUp app. You can create invoices, payment links, and QR codes, enable phone notifications for transactions, set your card PIN, and freeze the card if it is lost or stolen.

You can add your card to Apple Pay directly from the app to simplify payments. The app can also set up scheduled payments to suppliers to save time. The app makes it easy to separate your business and personal finances to track cash flow.

The account offers the convenience of managing your incoming and outgoing business payments through the same app as your hardware and sales transactions.

Trustpilot reviews largely refer to SumUp’s POS systems rather than its business checking account. But they refer to its user-friendly app – which is shared with the checking account – reasonable fees, fast transfers and transparent reports for accounting.⁴

However, some negative reviews from Trustpilot mention poor customer service experiences and a lack of support to solve problems that arise.⁵

Customer Service

SumUp’s customer service team is available by phone or email Monday through Friday from 9am – 7pm ET. There is a help center on the website with answers to frequently asked questions and troubleshooting.⁶

Sumup Fees

SumUp offers 1 free domestic wire transfer, and six free monthly ATM withdrawals.

• Domestic wire transfer: $20 (after 1 free monthly)

SumUp’s website does not state how much it charges for ATM withdrawals after the six free monthly transactions.⁷

SumUp does not support international wire transfers so if you need to send or receive payments overseas, you’ll need to use an alternative. Wise Business, for example allows you to manage international transactions with a low-cost, transparent fee structure.

Sumup Pros and Cons

What are the benefits of SumUp?

SumUp provides a business checking account with a simple pricing structure and easy management through the same SumUp mobile app as its POS offering. You can receive payments from your SumUp card readers or cash register directly into the account the next day.

The account has few service fees, other than a $20 charge for domestic wire transfers. The first transfer each month is free. Business owners can open an account completely online through the SumUp app.

What are the possible drawbacks of SumUp?

A significant limitation of SumUp’s business account is that it is currently only available through the iOS version of the mobile app, so Android users will have to look elsewhere until support is added in the future.

As SumUp’s service is online only, there are no physical branch locations for in-person banking and no facility for cash deposits. If your business takes cash payments from customers, you’ll need an alternative account to deposit the money.

You’ll also need to look elsewhere to handle international payments, as the SumUp account only handles domestic wire transfers.

Sumup Alternatives

Square

Like SumUp, Square is a payment processor that offers its customers a linked business checking account to receive instant payments for free. Free transfers into other checking accounts take 1-2 business days while instant transfers incur a fee of 1.5% of the transfer amount.

The Square account has no monthly service fee, minimum balance requirement, or overdraft charges. Unlike SumUp, Square provides small business loans, for which eligibility is based on sales rather than credit checks.⁸

Zettle

Owned by PayPal, Zettle offers POS systems that can be linked to a PayPal Business account. Funds from sales arrive in the account within minutes. You can use the PayPal balance to pay for goods and services directly or transfer funds to pay vendors.

You can also set up scheduled transfers to your bank at no extra charge. Like the SumUp account, PayPal offers a business debit Mastercard, although it also pays cashback on eligible in-store and online purchases.⁹

Conclusion: Is SumUp the best choice for your business?

Whether SumUp is the right choice for your business checking will depend on the type of payments you handle. If you use the company’s POS systems, you’ll have the convenience of receiving the funds directly into the account.

But international payments are not supported, so if you do business with customers or suppliers overseas you’ll need to look elsewhere.

Discover Wise Business: Receive International Payments Like a Local

Wise Business is designed to be a smart online option for businesses that send and receive international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in 40+ currencies. You can get major currency account details for a one-off fee to receive overseas payments like a local. You can also Send money to 160+ countries.

Open a Wise Business account online

About the author:
	Panna is an expert in business finance topics for the US, covering topics from invoicing to international expansion. She creates high-quality reviews on business finance tools and products with the aim to help businesses save time and make informed decisions. You can read more useful business articles on her author profile.

Sources checked February 2024.