SumUp Fees 2023: SumUp is a popular mobile point-of-sale (mPOS) system that allows small businesses to accept card payments easily and affordably. In this article, we will explore the fees associated with using SumUp and how they compare with other mPOS providers.
SumUp charges a standard fee of 1.69% per transaction for all card readers. This fee applies to all major credit and debit cards, including Visa, Mastercard, and American Express. There are no additional fees for using SumUp, such as monthly fees or setup fees. SumUp also offers a variety of products and services to make taking payments easier, including QR codes, invoices, payment links, and gift cards.
Businesses that process high volumes of transactions may be eligible for reduced transaction fees through SumUp One memberships. These memberships provide access to a variety of benefits, including a flat transaction fee of 0.99% per transaction for all domestic payments. It’s important to note that pricing and fees may vary due to promotional offers, so businesses should always check for special offers before signing up.
Understanding SumUp Fees
SumUp offers a variety of products and services to make taking payments easier. As with any payment processor, SumUp charges fees for their services. It’s important to understand these fees before signing up for an account to avoid any surprises down the line.
Card Reader Fees
A standard fee of 1.69% per transaction applies for all SumUp card readers. This fee is automatically deducted from the transaction amount before the funds are transferred to your bank account. There’s no VAT on any of the transaction fees.
Virtual Terminal and Remote Payments Fees
For remote payments, including Virtual Terminal, Remote Payments, and Gift Cards, SumUp charges a fee of 3.25% + $0.15 per transaction. This fee is automatically deducted before the funds are transferred to your bank account.
Invoicing Fees
SumUp’s invoicing service allows you to create and send invoices directly to your customers. For each paid invoice, SumUp charges a fee of 2.5% per transaction. This fee is automatically deducted before the funds are transferred to your bank account.
Payment Links and QR Codes Fees
Payment links and QR codes are a convenient way to accept payments without the need for a card reader. For each payment made through a payment link or QR code, SumUp charges a fee of 1.69% per transaction. This fee is automatically deducted before the funds are transferred to your bank account.
It’s important to note that fees may vary due to promotional offers. It’s always a good idea to check for special offers before signing up for an account.
Overall, SumUp offers competitive fees for their payment processing services. By understanding these fees, you can make an informed decision about whether SumUp is the right payment processor for your business.
Transaction Fees
SumUp charges a transaction fee for every payment processed through their platform. These fees are applied to both card payments and online payments.
Card Payment Fees
For in-person card payments, SumUp charges a standard fee of 2.75% per transaction. This fee is automatically deducted from the payment before the funds are transferred to the merchant’s bank account. There is no VAT on any of the transaction fees charged by SumUp.
For merchants who process a high volume of transactions, SumUp also offers a membership program called SumUp One. This program provides access to a variety of benefits, including a reduced transaction fee of 1.69% per transaction for all card payments.
Online Payment Fees
For online payments, SumUp charges a fee of 2.5% + £0.25 per transaction. This fee is higher than the fee for in-person card payments due to the increased risk of fraud associated with online transactions.
Merchants who use SumUp’s Virtual Terminal to process online payments may also be subject to additional fees. Virtual Terminal transactions are subject to a fee of 2.95% per transaction, with a minimum fee of £0.25 and a maximum fee of £9.95.
It is important for merchants to understand the transaction fees associated with using SumUp in order to accurately calculate their costs and pricing. SumUp provides a transparent fee structure and merchants can easily view their transaction history and associated fees through their SumUp account dashboard.
Additional Fees
SumUp offers competitive pricing for their card readers, but it’s important to note that there may be additional fees associated with using their services. In this section, we will discuss two types of additional fees: Hardware Costs and Currency Conversion Fees.
Hardware Costs
While SumUp’s card readers are reasonably priced, there may be additional hardware costs associated with using their services. For example, if you need to print receipts for your customers, you may need to purchase a printer separately. SumUp offers a printer that is compatible with their card readers for an additional cost.
Here is a breakdown of the hardware costs associated with SumUp’s card readers:
| Product | Price |
|---|---|
| SumUp Air Card Reader | £29 |
| SumUp Air Card Reader + Charging Dock | £49 |
| SumUp Solo Card Reader | £69 |
| SumUp Solo Card Reader + Printer | £129 |
Currency Conversion Fees
If you are accepting payments from customers in a different currency than your own, SumUp will convert the payment to your currency for a fee. The fee varies depending on the currency you are converting from and to, but it is typically around 2.75% of the transaction amount.
It’s important to note that if you are accepting payments in a currency that is different from the currency of your bank account, you may also be charged a fee by your bank for the currency conversion. Be sure to check with your bank to understand any additional fees that may be associated with currency conversions.
In summary, while SumUp’s standard transaction fees are competitive, it’s important to be aware of any additional fees that may be associated with using their services. By understanding these fees upfront, you can make an informed decision about whether SumUp is the right payment processing solution for your business.
Comparing SumUp Fees to Other Providers
When it comes to payment processing fees, SumUp is a popular choice for small businesses and startups. However, it’s important to compare SumUp’s fees to other providers to ensure that you’re getting the best deal for your business.
Here’s a comparison of SumUp’s fees to some other popular payment processing providers:
| Provider | Transaction Fee | Monthly Fee |
|---|---|---|
| SumUp | 1.69% | None |
| Square | 1.75% | None |
| PayPal Here | 2.75% | None |
| Worldpay | Varies | £19.95 |
As you can see, SumUp’s transaction fee of 1.69% is lower than Square’s and PayPal Here’s fees. Additionally, SumUp doesn’t charge a monthly fee, which can be a significant cost savings for businesses with low transaction volumes.
Worldpay, on the other hand, has a variable transaction fee that depends on the business’s size and transaction volumes. They also charge a monthly fee of £19.95, which can add up over time.
It’s important to note that while SumUp’s fees may be lower than some other providers, they may not be the best option for every business. For example, if your business has high transaction volumes, a provider with a higher transaction fee but a lower monthly fee may be more cost-effective in the long run.
Ultimately, it’s important to compare the fees of several providers and choose the one that best fits your business’s needs and budget.
How to Minimize SumUp Fees
SumUp offers competitive transaction fees for its card readers, but there are ways to further minimize these costs. Here are some tips to help you save money on SumUp fees:
1. Choose the Right Plan
SumUp offers different plans that cater to different business needs. If you process a high volume of transactions, consider upgrading to a SumUp One membership. This plan offers a flat transaction fee of 0.99% per transaction for all domestic payments, which can lead to significant savings over time.
2. Optimize Your Payment Methods
SumUp charges different fees for different payment methods. For example, the fee for card payments is 1.69% per transaction, while the fee for payment links is 2.5% per transaction. To minimize your fees, encourage your customers to use payment methods that have lower fees. You can also consider offering discounts to customers who use these methods.
3. Avoid Chargebacks
Chargebacks can be costly for businesses, as they can result in fees and lost revenue. To avoid chargebacks, make sure that your products and services are accurately described and that you provide excellent customer service. You can also consider using fraud prevention tools to reduce the risk of chargebacks.
4. Set Up Automatic Settlements
SumUp offers automatic settlements, which means that your funds are automatically transferred to your bank account on a daily basis. This can help you avoid unnecessary fees and ensure that your funds are available when you need them.
By following these tips, you can minimize your SumUp fees and save money on transaction costs.
Conclusion
SumUp offers a simple and affordable payment processing solution for small businesses. With a range of card readers to choose from, businesses can select the device that best suits their needs and budget. SumUp’s transaction fees are competitive and lower than some of its competitors, making it an attractive option for startups and small businesses.
One of the standout features of SumUp is its transparent pricing structure. There are no hidden fees or long-term contracts, and businesses can easily calculate the cost of each transaction. SumUp also offers a variety of payment methods, including card readers, QR codes, invoices, payment links, and gift cards.
While SumUp’s basic card reader is affordable, businesses that require more advanced features may need to invest in a more expensive device. The SumUp 3G and Printer, for example, is the most advanced reader and comes with a higher price tag. However, for businesses that need to process a high volume of transactions or require more advanced features, the investment may be worth it.
Overall, SumUp is a reliable and affordable payment processing solution for small businesses. With its transparent pricing structure, competitive transaction fees, and range of payment options, SumUp is a solid choice for businesses looking to streamline their payment processing and improve their cash flow.
Frequently Asked Questions
What are the fees associated with SumUp withdrawals?
SumUp does not charge any fees for withdrawals. However, if you exceed your monthly withdrawal limit, you will be charged a small fee per withdrawal. For more information on the withdrawal limits and fees, please refer to the SumUp Support Centre.
How much does SumUp charge per transaction?
The standard fee for all SumUp card readers is 1.69% per transaction. There are no additional fees for declined or refunded transactions. Please note that this fee does not include VAT.
What is the cost of using SumUp Solo?
SumUp Solo is a free mobile app that allows you to accept card payments using your smartphone. There are no monthly fees or setup costs associated with using SumUp Solo. However, you will be charged the standard 1.69% fee per transaction.
Is SumUp the cheapest option for accepting card payments?
SumUp is known for its competitive pricing and straightforward fee structure. While there may be other providers that offer slightly lower fees, SumUp’s transparent pricing and ease of use make it a popular choice for small businesses and individuals.
What are the fees for using SumUp QR codes in the UK?
The standard fee for SumUp QR codes is 2.75% per transaction. This fee is applied during the payout process and does not include VAT.
Do I have to pay to use SumUp?
There are no upfront costs or monthly fees associated with using SumUp. You will only be charged a small fee per transaction when you accept a payment using a SumUp card reader or QR code.
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