How Much Does SumUp Cost?
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.
SumUp's Business Account
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.