When running a business, choosing the right card reader is an important decision that can impact the success of your payment processing. With various card reader features to consider, it can be challenging to determine which one is the best fit for your business. Understanding connectivity, accepted payment methods, settlement time, battery life, warranty period, and cashback are crucial in making an informed decision. Connectivity is critical in ensuring uninterrupted payment processing while considering the accepted payment methods will determine the convenience and variety of payment options available to customers. Settlement time is an important financial factor, while battery life ensures reliable and consistent performance. The warranty period protects your card reader, and the cashback can add value to your business. Evaluating these features can help companies to make the right choice when selecting their card reader.
What is SumUp?
SumUp is a mobile point-of-sale payment provider that caters to small businesses and sole traders. The company offers various payment processing options, including contactless and remote payments. Its flagship product is the SumUp Air card reader, a portable device that allows merchants to accept credit and debit card payments via mobile devices. SumUp’s processing fees are transparent and are structured as a flat transaction fee; there are no monthly charges, subscription fees, or setup costs. The company also offers print and digital receipts, bulk product import, and termination fee waivers. SumUp’s payment processing services are available in over 30 countries and cater to a wide range of small businesses, from coffee shops and food trucks to larger enterprises that require countertop terminals.
How Much Does SumUp Charge Per Transaction?
SumUp charges a standard fee of 1.69% per transaction without additional costs or monthly charges. Business owners can easily use SumUp’s built-in sim card in their card readers to process payments, including American Express. SumUp One membership offers a flat transaction fee of 0.99%, and VAT is excluded from the transaction rates. SumUp’s transaction fees are lower than other payment processors, making it one of the cheapest business options. Competitors’ transaction fees may range from 2-3%, with extra costs and setup fees. SumUp’s portable devices, such as the SumUp Air and Solo, allow remote payment options, making it easier for sole traders and larger businesses to process transactions. SumUp’s competitors may charge higher transaction fees for certain card types, but SumUp’s flat rate makes it easier for companies to manage costs. SumUp’s merchant account provider offers additional features such as digital and paper receipts, bulk product import, and remote payment options. SumUp’s transaction fees are among the lowest in the industry, and its services and features make it a top choice for small and large businesses.
Transaction Fees
Transaction fees are inevitable in the world of business. Every time a customer pays with a credit or debit card, the business owner is charged a percentage of the transaction. SumUp is one of the many payment processors that offer affordable transaction fees to help business owners save money. In this article, we will discuss the transaction fees charged by SumUp and how they compare to those of other payment processors. We will also explore the different factors that affect transaction fees and how business owners can optimise their payment processing to minimise these fees.
SumUp Air Card Reader
The SumUp Air Card Reader is a versatile and convenient payment device that can handle various transactions. Its contactless, chip and pin, and magnetic swipe features allow it to accept payment through multiple methods. The NFC and Bluetooth options will also enable it to connect to various devices and systems.
The SumUp Air Card Reader accepts major debit and credit card brands, making it an ideal option for small business owners who want to expand their payment options. It also supports NFC payments for customers who prefer digital transactions.
Its rechargeable battery can last up to 500 transactions on a single charge, making it an excellent choice for businesses that demand high-volume transactions. With the SumUp Air Card Reader, business owners can easily manage payments and print receipts, making transactions more streamlined and efficient.
Overall, the SumUp Air Card Reader is a reliable and efficient choice for business owners who want to accept various payment options. Its versatility and convenience provide an affordable and practical solution for businesses of all sizes.
SumUp Solo Card Reader
SumUp Solo is a modern payment device that offers businesses a smart option for accepting card payments. It is a fully portable device that connects to a mobile device via Bluetooth, allowing easy payment processing. This card reader is a newer model than the SumUp Air, and it supports all major card types, including contactless NFC, chip and pin, and magnetic stripe.
As a payment processor, SumUp Solo offers businesses a flat transaction fee without hidden costs or monthly subscriptions. It allows business owners to accept credit and debit card payments wherever they are and receive their funds in 2-3 business days. SumUp Solo’s built-in receipt printer allows businesses to print paper receipts for their customers or receive digital tickets via email.
Overall, SumUp Solo is an affordable and practical solution for businesses of all sizes. Its secure and reliable processing of card payments makes it ideal for sole traders and larger enterprises. With the ability to accept a wide range of card types and its Bluetooth connectivity feature, it’s easy to see why SumUp Solo is a popular choice for business owners looking for a standalone device for payments.
Online Payments with SumUp
SumUp is a popular payment processor that facilitates online business payments through its reliable and user-friendly platform. SumUp offers an innovative feature called SumUp Invoices, which enables business owners to create and send online invoices to customers easily. Moreover, SumUp’s mobile payments feature allows users to generate payment links that can be sent to customers via text or email. These links enable customers to pay securely using their credit or debit card.
The process for processing payments through the SumUp app is simple. The user plugs a SumUp card reader into their mobile device, enters the payment amount, and swipes the customer’s card to process the payment. SumUp card readers accept all major debit and credit cards, including American Express and contactless cards. Once the payment is processed, the amount is automatically transferred to the user’s bank account within 2-3 business days.
SumUp charges a standard transaction fee of 1.69% per payment. However, users can benefit from a reduced transaction fee of 1.5% by subscribing to the SumUp One membership. SumUp One is a monthly subscription with unlimited transactions, free SumUp Card Readers, and digital receipts. While there are no setup fees, termination fees, or monthly subscriptions with SumUp, additional costs apply for standalone and portable devices, extra card readers, and bulk product imports.
Overall, SumUp offers businesses a highly convenient and cost-effective solution for online payments.
Other Factors that Affect the Cost of Transactions
In addition to transaction fees, other factors can affect the overall cost of using SumUp for your business. One such factor is currency conversion fees. You will be charged a conversion fee if you conduct transactions in currencies different from your local currency. This fee can vary depending on the card type and converted currency.
Chargebacks are another factor that can increase the cost of transactions. Chargebacks occur when a customer disputes a transaction and requests a refund. The cost of chargebacks can vary depending on the reason for the dispute. Sometimes, merchants may face additional fees or penalties for chargebacks that are considered fraud or abuse.
The type of card being used can also affect the cost of transactions. Certain card types, such as American Express, may incur additional fees. Merchants should check with SumUp to determine the fees associated with specific card types.
Whether you purchase or rent a SumUp card reader can also affect the cost of using their services. Buying a card reader may involve setup fees and higher upfront costs but can reduce ongoing transaction fees. On the other hand, renting a card reader may involve lower upfront costs and no setup fees but higher ongoing transaction fees.
In conclusion, when considering the cost of using SumUp, it’s important to factor in currency conversion fees, chargebacks, card types, and whether you purchase or rent a card reader. Understanding these additional costs can help you decide which payment processor best fits your business needs.
Card Reader Options for Businesses
Businesses have turned to cashless payments as the norm, and a card reader is now essential for any business. But with so many options on the market, choosing the right card reader for your business can be challenging. In this article, we’ll look at the different card reader options for businesses, including their pros and cons, transaction fees, and additional costs. Knowing your options can help you choose the right card reader for your business, reducing payment processing fees and improving your bottom line.
SumUp Air Card Reader
The SumUp Air Card Reader is the simplest and most affordable payment solution for any business owner. This compact device has features including contactless, Chip & PIN, and magnetic swipe payment options. The device is also NFC and Bluetooth enabled and is compatible with major debit and credit cards and NFC payment options such as Google Pay and Apple Pay.
The SumUp Air Card Reader can connect via Bluetooth to smartphones and tablets and works alongside the free SumUp App. Customers can pay in various ways, including contactless, chip and pin, Google Pay and Apple Pay, resulting in a fast and seamless payment experience. The device is rechargeable, with a single charge lasting up to 500 transactions. A charging cradle is also available, doubling as a display stand.
The SumUp Air Card Reader is the answer for any business which requires easy payment processing. With a low transaction fee and no additional costs apart from the monthly charge, this device provides an excellent experience for customers and the business. The SumUp Air Card Reader is the perfect solution for small business owners, sole traders, or anyone who wants a reliable and efficient card reader at an affordable price.
SumUp Solo Card Reader
The SumUp Solo card reader is a standalone device that offers an alternative to the SumUp Air card reader. While the SumUp Air connects to your mobile device via Bluetooth, the Solo is portable for those requiring greater flexibility.
The key features of the Solo include contactless payments, remote payment options, and the ability to print receipts on the spot. It also has a built-in SIM card, so you don’t need Wi-Fi or a mobile device to process payments. This feature-heavy device is ideal for business owners who are constantly on the move.
The Solo supports all major debit and credit card types, including American Express. It charges a flat transaction fee of 1.69%, with no additional costs or setup fees. This makes it one of the cheapest options for small businesses and sole traders. It also offers a virtual terminal for remote payments.
The SumUp Solo offers a convenient, cost-effective, and user-friendly payment processing solution for larger businesses and entrepreneurs. Transfers are cleared in 2-3 business days, and digital receipts are available for all transactions. The Solo is an excellent choice for those looking for a standalone device that can be taken anywhere and offers all the benefits of a countertop terminal.
Countertop Terminals and Virtual Terminals
SumUp offers several options for businesses to accept card payments. One of their most popular offerings is the countertop terminal, which allows companies to install a static card reader at their physical location. This device can read various card types, including American Express, and print receipts.
SumUp offers a portable credit card machine for businesses that require more mobility. These devices are easy to move around and can process debit and credit card payments, including contactless and chip & PIN transactions.
Another option is the mobile card terminal, perfect for sole traders and remote payment options. This standalone device has a built-in SIM card and allows businesses to process payments from their mobile device.
Businesses that prefer to process card-not-present transactions can also apply for approval to use SumUp’s virtual terminal. The application process involves providing business information and agreeing to SumUp’s terms and conditions.
When using these virtual terminals, it’s essential to consider additional costs such as transaction fees and monthly subscriptions. However, SumUp offers a flat transaction fee with no setup fees or termination fees, making them one of the cheapest options on the market.
Mobile Devices and Built-In SIM Cards
SumUp card readers can be used with various mobile devices, making it easy for business owners to accept payments on the go. Mobile devices that can be used with SumUp card readers include smartphones and tablets, both iOS and Android. These devices can be connected via Bluetooth or SumUp’s built-in SIM card, enabling quick and easy payment processing.
Using a mobile device with a SumUp card reader offers several benefits. Firstly, businesses can take payments anywhere, at any time. Whether processing sales orders at a market or taking payments at a customer’s home, using a mobile device means businesses can be more flexible with their payment processing. Secondly, companies don’t need to worry about an internet connection because of the built-in SIM card option. This makes it easy for companies to process payments in areas with poor internet connectivity.
SumUp offers two different card readers that can be used with mobile devices. The SumUp Air is a portable device that connects to a mobile device via Bluetooth. It has a built-in keypad and allows businesses to print receipts on the go. The SumUp Solo, on the other hand, is a standalone device that connects to a mobile device using SumUp’s built-in SIM card. It enables businesses to accept payments without a Wi-Fi or internet connection. Both devices offer a flat transaction fee, with no extra costs or setup fees, making SumUp one of the cheapest options for payment processing.
Debit and Credit Cards Supported by SumUp
SumUp is a popular payment processor that allows business owners to accept payments through various channels, including card payments. SumUp supports a wide range of debit and credit cards, making it easier for merchants to accommodate different customers’ preferences.
Visa, Mastercard, V Pay, Maestro, American Express, Diners Club, and Discover are among the supported cards by SumUp. This includes contactless cards, allowing fast and convenient payments with a simple tap. With SumUp, business owners can accept payments from virtually all major debit and credit card types, making it easy for customers to make purchases without the hassle of carrying cash.
By supporting a wide range of debit and credit cards, SumUp provides merchants with the flexibility and convenience to serve their customers better. Whether you’re a sole trader or running a larger business, SumUp’s support for various card types makes it a reliable and cost-effective payment processing solution.
Payment Processing Services
Payment processing services are essential for businesses wanting to accept customer card payments. SumUp is popular for small and medium-sized enterprises due to its user-friendly card readers and flat transaction fees. But how much does SumUp charge per transaction? From their SumUp Air card reader to their virtual terminal, we’ll explore all the options available and help you determine if SumUp is the right payment processor for your business.
Flat Rate vs Interchange Plus Pricing Models
Regarding credit card processing fees, businesses are often presented with two pricing models: Flat Rate and Interchange Plus. The Flat Rate model charges each transaction a fixed percentage, regardless of the card type or payment network. On the other hand, the Interchange Plus model breaks down the fees by card type and payment network, with a percentage markup on top.
SumUp, a payment processor, uses a simplified blended fee for all card machine transactions. The combined cost comprises the interchange, processor, and acquirer fees. This means the price is straightforward and predictable, making it easier for business owners to manage their finances. However, rental plans may include additional merchant account fees and monthly minimum service charges.
The Flat Rate model benefits small businesses with low transaction volumes and does not accept a high volume of card payments. This model is more straightforward to budget. Meanwhile, the Interchange Plus model benefits larger businesses with high transaction volumes and accepts various card types and payment networks. The Interchange Plus model provides more transparency as companies can thoroughly analyse their fees.
In conclusion, while there are pros and cons to both the Flat Rate and Interchange Plus pricing models, SumUp offers a simplified and transparent fee structure. Business owners should evaluate their payment processing needs to determine the best business pricing model.
Frequently Asked Questions
What is SumUp?
SumUp is a payment service provider specialising in mobile point-of-sale (mPOS) solutions. It offers businesses, particularly small and sole traders, a convenient and efficient way to process payments. The company provides a range of portable card readers, such as SumUp Air and SumUp Solo, enabling merchants to accept credit and debit card payments via mobile devices. SumUp’s services are characterised by transparent pricing, no monthly fees, and a straightforward setup process.
How Much Does SumUp Charge Per Transaction?
SumUp charges a standard fee of 1.69% per transaction across all card payments, without any additional costs or monthly charges. This flat rate applies to transactions processed using SumUp’s card readers, including contactless, chip and pin, and magnetic stripe payments. For members of the SumUp One membership program, a reduced transaction fee of 0.99% is available, although VAT is excluded from these rates.
What Payment Methods Can SumUp Process?
SumUp supports a wide array of payment methods, including major debit and credit cards like Visa, Mastercard, American Express, and contactless payments such as Apple Pay and Google Pay. This ensures businesses can cater to a broad customer base, offering flexibility and convenience in payment options.
What Are the Key Features of SumUp Air and Solo Card Readers?
The SumUp Air Card Reader is known for its portability, supporting contactless, chip and pin, and magnetic swipe payments. It connects via Bluetooth to smartphones and tablets and works alongside the free SumUp App. The SumUp Solo Card Reader, on the other hand, is a standalone device that also supports all major card types and includes features like remote payment options and a built-in receipt printer.
Can I Accept Online Payments with SumUp?
Yes, SumUp facilitates online payments through features like SumUp Invoices and mobile payments links. These tools allow businesses to create and send online invoices to customers or generate payment links that customers can use to pay securely using their credit or debit cards.
Are There Any Additional Costs With SumUp?
While SumUp boasts no setup fees, termination fees, or monthly subscriptions, there are additional costs for standalone and portable devices, extra card readers, and bulk product imports. However, these costs are transparent and contribute to SumUp’s reputation as a cost-effective payment processing solution.
Final Words
In conclusion, SumUp offers a range of card readers with built-in SIM cards and support for various card types, making it a convenient payment processing option for business owners. However, transaction fees are associated with each transaction processed using SumUp, and extra costs may be incurred for features such as print receipts and virtual terminals. Despite these potential drawbacks, SumUp offers a flat rate for transaction fees and quick processing times.
If you’re a small business owner looking for a reliable mobile payment processing solution, SumUp may be a good option. With its various card reader devices and efficient processing times, SumUp offers a convenient way to accept debit and credit card payments. However, when considering SumUp as a payment processor, it’s essential to factor in the transaction fees and the potential additional costs that may arise, depending on your business needs.
Ultimately, we recommend SumUp as a viable and cost-effective payment processing solution for small businesses prioritising convenience, flat transaction fees, and quick processing times over features such as virtual terminals and paper receipts. When considering SumUp, consider your business’s unique needs and costs while making your decision.
