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SumUp Review

By
Lori Fairbanks
,
business.com writer
|
Oct 08, 2019
Home
> Finance
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SumUp launched in 2012 and is now a global mobile credit card processing company that works with thousands of small businesses in 31 countries. Its notable customers include Bosch, DHL and Staples. 

SumUp

SumUp

The Best Mobile Credit Card Processing Solutions of 2020

The Verdict

SumUp is the best mobile credit card processor for Apple users. It has transparent flat rates, no long-term contract, and a sturdy, inexpensive iPhone card reader.

SumUp is our choice as the best mobile credit card reader for Apple devices because it's inexpensive; accepts magstripe, chip, and contactless payments – including those made using the Apple Watch; has a long battery life; and connects to your iPhone or iPad via Bluetooth so you can use it on both new and older devices. Although it's our pick as the best iPhone card reader, it can also be used with Android phones and tablets, as can its mobile app. 

Like other top mobile credit card processors, SumUp has transparent, flat-rate pricing and no monthly or annual fees, so you only pay for the processing you use, making it a great option for new, small and seasonal businesses. There's no long-term contract, so you can close your account at any time without incurring any type of account closure fee, such as an early termination fee. 

Visit our best picks page to see all of our recommendations for mobile credit card processing companies. 

Pricing and Terms

For small businesses that either haven't accepted credit cards before, that process less than $3,000 per month or that have small average sales tickets, working with a mobile credit card processing company or account aggregator like SumUp can be a good solution. Here's what you'll pay when you use SumUp as your payment processor. 

Rates

No matter what brand of card your customer presents – American Express, Discover, Mastercard or Visa – you pay the same rate. There's also no rate difference based on card type. Whether your customers pay using debit or credit, regular or rewards, personal or corporate cards, the transaction fees you pay are the same. The only variable that affects the SumUp's credit card processing rate is how you accept the cards. 

  • Credit and debit cards you accept in person using a card reader: 65%
  • Credit and debit cards you accept using the virtual terminal (card-not-present transactions): 95% + $0.15 

Fees

There are no setup or hidden fees with your SumUp account. There are also no monthly fees, monthly gateway, statement or annual PCI compliance fees. There is only one incidental fee to be aware of, which is the $10 chargeback fee. The only time you'll be charged for it is if you have a customer who disputes a transaction. 

Payout

SumUp deposits money from your transactions, minus its fee, into your bank account within two business days. You set the frequency of your payouts to daily, weekly or monthly. After it deposits money into your bank account, it emails you a list of transactions included in the payout. You can also track payouts using the SumUp app and your account dashboard. 

Terms of Service

Instead of a contract, SumUp has terms of service, and like every such document from a payment processor, you should read it before signing up for an account. The company provides its services on a pay-as-you-go basis, and you can close your account at any time without penalty. 

Like other mobile credit card processing companies, there are some types of businesses that SumUp doesn't support. To avoid having your funds held or your account closed without warning, read the terms of service to ensure you use your account in accordance with SumUp terms, and that your business type and the products or services you offer aren't listed as a restricted business. It's also worth noting that while SumUp can be used by individual sellers with even very small businesses – such as those who sell items at craft fairs a few times per year – it's not a P2P service like Venmo and can't be used to transfer funds from friends or family members. 

Getting started with SumUp is easy and takes less than five minutes. You will need to provide an email address, shipping address and your payment details. Next, you 'll create a password for your account. Then, before you begin processing, you'll need to provide some basic information about your business so the payment provider can verify that your business is legitimate. It will also need bank account information so it can deposit your payouts once you begin processing. 

As you're setting up your account, SumUp asks about your business structure. When you sign up for an account as a sole proprietor, you will be asked to provide the following information: 

  • Legal structure and business category
  • Business name and address
  • Home address, date of birth, Social Security number and mobile phone number
  • Bank account 

If your business is a partnership, LLC, cooperative or corporation, you're asked to provide the above information as well as

  • Your EIN
  • Names of beneficial business owners
  • Contact and personal information (address, date of birth, Social Security numbers and phone numbers) for authorized signatories
  • Business bank account 

SumUp Features

SumUp's mobile app is available for iPhones, iPads and Android devices. Its features are more basic than those offered by some of its competitors, like Square, but here are some of the things you can do with it: 

  • Accept credit and debit card payments, including Apple Pay and Google Pay
  • Issue refunds
  • Print, email or text receipts
  • Create a product catalog
  • Add and edit sales tax rates
  • Track sales and payments in real time
  • Send customers SMS texts with a payment links 

Processing Equipment Options

SumUp offers only one card reader, but you can use it to accept magstripe, chip, and contactless credit and debit cards as well as mobile wallets like Apple Pay and Google Pay. It connects to your smartphone or tablet via Bluetooth, and the company says that with it, you can process more than 500 transactions on a single charge. It costs $19, which is the most affordable EMV/NFC card reader we've seen. Shipping is free, which is a nice perk, and it takes between two and three business days for the unit to arrive. 

Dashboard

When you access your SumUp account online, you can find your account details and a dashboard that gives you a graphical overview of your transactions. You can see your sales revenue by day or week, by amount or number of transactions, and by payment type (credit card, debit card, cash). It also shows the most recent payout to your bank account. Your sales history is filterable and downloadable, making it easy to search for specific transactions. It also allows you to drill down to the sales details for each transaction. 

Virtual Terminal

If you need to run a card-not-present transaction, such as when a customer gives you their credit card number over the phone or by email, you can use SumUp's virtual terminal. This feature isn't automatically provided with your account – you'll need to call the company and fill out an application that requests some additional information about your business before you can have it set up, but there is no setup fee and no monthly fee if your request is approved. 

Employee Accounts

From your SumUp account page, you can add employees to your account. Each employee has their own login credentials, and can accept credit card payments and view their sales histories. They can't access your account, add or organize products, or add a separate bank account – all payouts are transferred to your bank account. From your account, you can review the sales histories for all the employees connected to your account. 

Integrations

SumUp has an API and SDK, so your developer can integrate the service into your website or mobile app. Test accounts are also available for developers. 

Additional Considerations

Here are some additional points to keep in mind as you decide which mobile credit card processing company is the right fit for your small business. 

Security

SumUp is PCI-DSS certified, and its card reader is certified by PCI, EMV, Mastercard and Visa. 

Customer Support

This mobile credit card processor has multiple customer support channels. On its website, it has a searchable knowledgebase, a blog, and a chatbot that answers questions about how to set up an account, the documentation that is required, pricing, and how the service works. It can also answer common questions that SumUp merchants have about their account, card reader and payouts. 

Or, if you prefer to speak with a customer service rep, phone support is available Monday through Friday from 9 a.m. to 7 p.m. EST. The rep we spoke with said the company is looking at adding Saturday hours during the holiday season. When we called the company, posing as a small business owner as part of our testing, our call was answered promptly, and the rep we spoke with was helpful, friendly and answered our questions thoroughly. 

Limitations

SumUp is simpler than some of its competitors and lacks nicer features like recurring payments and inventory tracking. Still, for small businesses that want a solid, basic payment processing solution to accept in-person credit card payments and don't need advanced features, it's a terrific option. 

Like other mobile credit card processing services, some industries are prohibited, so you'll want to read the terms of service and make sure your business type is supported before you sign up for an account. If your business type isn't supported and you sign up anyway, you risk having your funds frozen or your account shut down without warning.

Editor's note: Looking for a credit card processor? Fill out the below questionnaire to have our vendor partners contact you about your needs.

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SumUp

SumUp

The Best Mobile Credit Card Processing Solutions of 2020

The Verdict

SumUp is the best mobile credit card processor for Apple users. It has transparent flat rates, no long-term contract, and a sturdy, inexpensive iPhone card reader.

Lori Fairbanks
Lori Fairbanks
Lori Fairbanks has years of experience writing and editing for both print and online publications. After graduating from Brigham Young University with a Bachelor of Arts in English, she worked as a magazine editor and then as a freelance writer and editor for a variety of companies, including marketing firms and a medical university. She now writes for business.com and Business News Daily about financial systems and services for small businesses, such as accounting software, credit card processing and point-of-sale systems.