SumUp provides payment solutions for small businesses, enabling them to accept card payments through their mobile devices. Much of what it provides to businesses is tailor-made for them.
One of the biggest advantages of using SumUp for your business's finances is the lack of up-front and monthly costs. There is no sign-up fee when you set up an account and no monthly charges thereafter, so you keep a lot of the money you make.
SumUp offers a range of innovative payment solutions that cater to the needs of small businesses like yours. Please note that all the prices you see below were accurate at the time of writing and we endeavour to keep this page as accurate as possible.
All the card machines you see above have free shipping and come with a 30-day money-back guarantee. As well as card machines, SumUp also offers a virtual terminal, which allows businesses to accept card payments remotely with a mobile device. This feature is useful for businesses that need to accept payments when a card reader is unavailable, like over the phone or online.
At its cheaper level, SumUp is centred around smartphone technology, so many of its features can be found on its downloadable app. Its app's intuitive design allows you to create invoices, payment links and QR codes, making it an easy and accessible companion to your SumUp card machine. SumUp's features also include:
You can also accept payments in whichever way your customers choose, including with all major debit and credit cards, via chip & PIN, and with contactless or mobile payments. Its more expensive systems also allow you to print receipts and accept cash payments, ensuring SumUp's systems can adapt to any business, and allow you to be flexible in the way you take payment.
In addition to the card readers explored above, which come with their own price tags, SumUp also charges other fees for using its services. Its pricing structure is complex, with the price you pay depending on a myriad of factors.
You don't pay any monthly cost for the vast majority of SumUp's payment solutions (only the POS Pro comes with a monthly fee), but you do pay transaction fees on each payment you take. If you do not have a business account with SumUp, you will pay a 1.69% transaction fee on every payment you take in person. If, however, you do have a SumUp business account, you pay a smaller transaction fee of 1.49% for the same type of payment. You pay a 2.5% transaction fee on all payments made digitally whether you have a SumUp business account or not.
You can make other savings by subscribing to SumUp One, which costs £19 per month. With a subscription, you pay half-price fees, so you pay 0.79% transaction fees on both in-person and digital payments. Subscribing to SumUp One may be a good option if you take a lot of payments through your SumUp system as, according to SumUp, businesses that take £30,000 or more annually can save an average of 40% on fees. If, however, only a few of your payments go through your SumUp system, the subscription wouldn't be cost-effective.
The SumUp Business Account is a full UK current account. It allows your business to keep control of your finances with minimum hassle, much like you would with a current account at a conventional bank. It's a hassle-free way of linking up your business's payment systems with a bank account with which you can control your business's takings. You could link up your own bank account with SumUp, which would work largely the same way, but SumUp's bank account comes with benefits.
There are no transfer fees, no monthly costs and no fee for opening your account. As well as this, you're able to enjoy cheaper transaction rates with every purchase made. You also get access to extra business tools, such as the ability to send payment links or create an online store from within SumUp's app. One of the key benefits of having a SumUp bank account, though, is the speed at which you can access your money. You will be able to access your money within one day of a sale being made, even on holidays and weekends. This is something you wouldn't always be able to do if you used a bank account from a different provider.
If your business still operates a cash-only policy when it takes payments, or you're looking to upgrade the cash machines you've already got, choosing the right card reader for your business can be a trickier job than it sounds.While card machines aren't the most glamorous thing to spend your money on, they are an essential part of your business. Recent years have seen them grow in popularity and now many people use their cards to pay for the vast majority of their goods and services. You, then, need a reliable, useable, and cost-effective card machine to ensure your business is not only able to take payments by card but also take them quickly and easily with a device you understand. The Best Card Machines for Small BusinessesDifferent machines offer your business different benefits, and knowing which is the best choice isn't always clear. That's why we've done most of the research for you, and compiled this list of some of the best card machines on the UK market. We've compared them, so you don't have to. As you're probably aware, card machines come in a variety of shapes and sizes. Some are portable and pocket-sized, while others are large and fixed to your business's countertop. We've covered all bases in this list, so you'll find a mix of different types of card machines.
How Much Do Business Bank Accounts Cost?What is a Business Bank Account?Business bank accounts enable you to separate your personal and business expenses; creating a convenient way to organise your tax and bookkeeping. This makes paying taxes easier and means your files are clear and easy to understand. There are several advantages to having a business bank account. For a deeper dive into what a business account can offer you and your business, read on. In this article, we outline the costs associated with opening and maintaining a business bank account and explain what you need to get started. How Much Does A Business Account Cost?Each bank has its own set of criteria for opening a business bank account. It's important to evaluate and compare the available options to find the best business checking account that suits the needs of your business. If you already have a personal account with a particular bank, there might be special offers or benefits available to you if you choose to open a business bank account with the same one. Some banks require an initial deposit or a minimum balance, while others impose varying fees for different types of transactions, such as monthly service fees, excess transaction fees, or cash handling fees.
Direct Debit ExplainedA direct debit payment is a payment taken automatically from a customer's bank account periodically. It's often offered as a payment method by businesses that provide subscription services or other services that require an ongoing commitment from a customer. The main benefit of direct debit payments, for businesses and consumers, is their simplicity. Neither your business nor the customer has to worry about remembering the payment, so payments aren't missed and the relationship between you and your customers is more easily managed. How to Take Direct Debit PaymentsThe way direct debits work is fairly simple. Your customer's payment is taken from their account automatically, usually on a predetermined date, and your business then continues to provide the customer with your service. You need an agreement from your customers to take payments automatically, so make sure it's clear what they are opting in for. You don't want your customers to be confused about what it is they've committed to. You also need to be eligible to take direct debit payments, which means you need to get a Service User Number (SUN) - a six-digit number businesses use to get paid via direct debit. You can get a SUN directly from your bank, provided you meet its criteria. Once your bank and your customers have given you the green light to take payments automatically, you just need to set up the frequency and size of your payment. The most important thing to remember about this part is that your customers must be given 10 days' notice before each payment is taken. The notice needs to detail when the payment will be taken and how much it will be. Benefits of Taking Direct Debit PaymentsAs mentioned above, the most obvious benefit of accepting direct debit payments is the simplicity it brings to the hassle of keeping on top of recurring payments. That's not where the benefits of direct debit payments though. Other benefits include having greater predictability, greater retention, and better relationships with your customers. Having a better idea of exactly how much revenue you've got coming in from your customers and knowing exactly when you'll be receiving it can make your business's general finances more predictable and therefore more manageable. You can also use this information to inform future decisions about your business growth. Having customers committed to your business on an ongoing basis also means they're more likely to stick around as they already know they like what you provide, making the job of your CRM that much easier. With customers already engaged heavily with your business and your brand, they're right where you want them to be to develop your relationship with them. You can use their pre-existing interest to market more of your services, offer special discounts or offers, or reward their loyalty with a giveaway. These things will help keep their engagement with your brand nice and high.