SumUp Business Account Review 2024

Providing financial services to over 4 million businesses in 34 countries, SumUp aims to provide cost-effective and efficient solutions for businesses of all sizes. 

Initially known for its card reader, SumUp launched a Business Account in 2021 packed with various features. 

In this SumUp Business Account review, we’ll examine the advantages and disadvantages of opening an account so you can be confident that you’re making the right decision.

SumUp Business Account

Monthly Fee

£0.00

Bank Transfers

£0.00

Card Purchases

£0.00

Overdraft

No

FSCS Protection

No

Trustpilot Score

22,296 Reviews, average rating of 4.2/5

Accessibility

Manage your account through the SumUp website or mobile banking app.

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Eligibility Criteria

– You must be at least 18 years old.
– You must be based in the UK
– You must be a freelancer, sole trader, or have a partnership, limited company or charity

Our Verdict

The SumUp Business Account is a fantastic choice for small to medium-sized businesses looking for a straightforward, cost-effective banking solution. Its key strengths include no monthly fees, a quick and easy setup process, and a user-friendly mobile app that facilitates efficient financial management. 

The integration with SumUp’s POS systems and card readers enhances its utility for businesses already using these tools. Features like three free UK ATM withdrawals per month and a prepaid Mastercard with contactless payment options add further convenience.

However, the account does have some limitations. The lack of an overdraft facility may be a drawback for businesses that need more flexible financial management options. The absence of cash deposit support and the entirely online nature of the service might not suit all business needs, particularly those that deal with substantial cash transactions or prefer in-person banking services. Additionally, the account’s funds are not protected by the FSCS, which could be a concern for businesses prioritising extensive security measures.

Pros & Cons

Pros

• No Monthly Fees: The account has no maintenance charges, making it a cost-effective option for businesses.
• Ease of Setup: Accounts can be set up quickly, typically in under 10 minutes, with no paperwork required.
• User-Friendly App: Manage finances, track transactions, and create invoices through a streamlined app available on iOS and Android.
• Free Domestic Withdrawals: Three free UK ATM withdrawals per month; further withdrawals incur a small fee.
• Integration with POS Systems: Seamlessly integrates with SumUp POS systems and card readers, enhancing transaction management.
• Customisable Card: Includes a prepaid Mastercard with features like contactless payments and customisable transaction limits.
• Flexible Payment Options: Splitting payments and creating payment links enhances payment flexibility for various business needs.
• Instant Notifications: Get real-time alerts on transactions, withdrawals, and deposits, helping with immediate account management.

Cons

• Limited Lending Facilities: No overdraft facility is available, though you can apply for a cash advance.
• Technical Issues: Users have reported technical glitches affecting payment processes.
• Customer Service: Mixed reviews highlight difficulties with customer support, including slow responses and issues with account management.
• Limited Flexibility: You can open only one business account with a single card per business, potentially limiting functionality for larger operations.
• Direct Debit Limitations: Direct debit functionality is available, but some users may find it limiting compared to other banking options.
• Transaction Limits: There are limits on card payments, cash withdrawals, and direct debits, which could restrict higher volume transactions.
• No Physical Branches: SumUp’s entirely online nature may be inconvenient for businesses that prefer in-person banking services or support.

SumUp At A Glance

Item	SumUp Details
Bank Accounts	Business Account No savings account is available
Pricing	No monthly account fee, free bank transfers, standing orders and direct debits and 3 free UK ATM withdrawals a month.
Overdraft	No facility is available, but eligible customers can apply for a Cash Advance.
Ease of Use	Managed entirely online through the SumUp website or mobile app.
Security	Money is not FSCS protected. Money held in a secure, segregated account, with biometric security and encryption.
Customer Support	Customer service is available 7 days a week by phone, email and online chat.
Reviews	‘Great’ average Trustpilot rating of 4.2 out of 5, based on 22,296 reviews.
Eligibility	You must be over 18 years old, UK-based and a freelancer, sole trader, limited company, partnership or charity.
Additional Information	Integrates seamlessly with SumUp POS and card readers.

Who Should Use SumUp’s Business Banking Services (& Who Shouldn’t)?

A SumUp Business Account may be suitable for you if:

• Small to Medium-Sized Businesses: With no monthly fees and a user-friendly app, SumUp is ideal for small and medium enterprises that need an easy and cost-effective way to manage finances.
• Businesses Looking for Quick Setup: The account can be set up in under 10 minutes with no paperwork, making it suitable for companies that need fast access to financial services.
• Tech-Savvy Users: Those comfortable with managing finances through a mobile app and online platforms will benefit from SumUp’s streamlined digital experience.
• Businesses Using SumUp POS Systems: Integration with SumUp’s POS systems and card readers enhance transaction management, making it ideal for companies already using these tools.
• Businesses with Limited Cash Transactions: This option is ideal for businesses that primarily handle card payments and do not need to accept cash directly into their accounts.

A SumUp Business Account might not be suitable for you if:

• Businesses Requiring Overdraft Facilities: The lack of an overdraft facility could be a drawback for businesses that need flexible financial buffers.
• Businesses Needing Physical Branch Access: SumUp operates entirely online, which may be inconvenient for companies that prefer in-person banking services or support.
• Businesses Accepting Cash Payments: Since cash deposits are not supported, companies that deal with significant amounts of cash may find this account less suitable.
• Businesses with Significant International Transactions: The fees for ATM withdrawals abroad and specific transaction fees might be less favourable for companies with substantial international dealings.
• Businesses Concerned About Security Coverage: With funds not protected by the FSCS, businesses prioritising extensive safety nets may find this a limitation.

Products & Features: SumUp Business Banking Services

Business Account

Best for: Small and medium-sized businesses that don’t accept cash or cheques

Key features:

• No monthly account maintenance fee. 
• Managed solely online through the SumUp mobile app or website.
• Prepaid Mastercard for in-person and online payments.
• 3 free UK ATM withdrawals a month.  
• 12% discount on your SumUp Card Reader transaction fee if you make 6+ monthly purchases using your SumUp card.
• Unlimited instant GBP bank transfers. 
• Eligible customers can apply for a Cash Advance. 
• Send invoices and payment links to your customers.
• Create a free online store with no coding experience required. 
• Instant notifications alert you to payments, withdrawals and deposits. 
• Save time managing your expenses with automatic categorisation and recipient uploads. 
• Statements can be downloaded in PDF and CSV formats.

Other Services

In addition to the Business Bank Account, SumUp also offers several solutions to streamline your business processes, including card readers, POS systems, self-service kiosks and customer loyalty schemes.

Pricing & Fees Breakdown

Service	Fee
Monthly account fee	£0
GBP bank transfers	£0
Faster Payments	£0
Standing orders	£0
Direct debits	£0
Debit card	£0
Debit card payments	£0
UK ATM withdrawals	3 free per month, then 2% of the transaction amount after
ATM withdrawals abroad	2%
Transactions through free POS	1.69%
Tap to Pay transaction fee	1.69%
Invoicing transaction fee	Between 0.99% – 2.5% depending on plan
Payment links transaction fee	2.5%
Online store transaction fee	2.5%
Tap to Pay the transaction fee	2.5%

Ease of Use & The Application Process

The SumUp Business Account is designed for simplicity and efficiency, making it highly accessible for business owners who want to manage their finances with minimal hassle. 

Adding money to your account is straightforward, as it can be done via bank transfer or standing order. However, cash and cheque deposits aren’t acceptable, which could be an issue for businesses that accept in-person payments. 

Applying for a SumUp Business Account is designed to be as effortless as possible. The entire process can be completed online, typically taking less than 10 minutes to set up your account. 

As long as everything in your application is in order, your account will be opened promptly, and you’ll receive your account details immediately. Your card will be shipped to you within 15 days, and you can start using your account immediately.

Once set up, you can manage your account through the SumUp app on iOS and Android devices. The app is user-friendly, with a clean interface that allows you to perform essential functions like monitoring transactions, managing expenses, and creating invoices. It also integrates smoothly with SumUp’s point-of-sale (POS) systems, card readers, and other payment solutions, making handling online and offline sales easy.

Safety & Security

Because SumUp is an electronic money institution, not a bank, your money is held in a secure, segregated account. This means that money held in your account isn’t covered by the Financial Services Compensation Scheme (FSCS) in the event of institutional failure. 

However, SumUp has put in place a range of security measures to safeguard your money and sensitive information, including:

• Biometric Security: Payments and account activities can be verified using fingerprint or face ID.
• Card Freeze Option: Instantly freeze your card via the app if needed.
• PCI-DSS Compliance: Adheres to the highest industry security standards.
• Encryption: Utilises 256-bit SSL/TLS encryption for data protection.
• PGP Standard: Follows international standards for secure personal data storage.
• Sensitive Data Control: No sensitive data is stored on mobile devices.
• Bug Bounty Program: Actively identifies and addresses potential security vulnerabilities.
• Confirmation of Payee: Ensures money is sent to the correct recipient, reducing fraud risks.

What SumUp Business Customers Say

SumUp has ‘great’ customer reviews, earning an average rating of 4.2 out of 5 on Trustpilot, based on 22,296 reviews. Its mobile app has also earned consistently positive feedback, with an average score of 4.7 on the Apple App Store and Google Play Store based on 12,600 and 106,000 ratings, respectively. 

Some of the most common customer comments include:

Positive Reviews

• No Monthly Fees: The absence of monthly fees is a frequent point of appreciation, especially among small business owners looking for cost-effective solutions.
• User-Friendly Interface: The intuitive software is another well-liked feature, making navigating and managing transactions easy.
• Helpful Customer Service: While some have had issues, there is positive feedback about customer service, with users noting that support is generally helpful.
• Fast Bank Transfers: Speedy bank transfers are appreciated by users who rely on quick access to their funds.
• Seamless Payments and Analytics: Those who value detailed business reporting praise the ability to access insightful analytics.
• Transformative Impact: Some customers have mentioned that SumUp has transformed their business operations, helping them streamline payments and financial management in ways they hadn’t experienced before.

Negative Reviews

• Customer Support Issues: One of the most common complaints is difficulty communicating with customer support, particularly the lack of direct human interaction and slow response times.
• Account Setup and Payment Delays: Some users have faced problems with identity verification and profile completion, leading to delays in account setup and access to funds.
• Technical Glitches: Reports of technical issues, including frequent glitches with the app, are common in 3-star and lower reviews.
• Account Terminations: Several users have experienced abrupt account closures without clear explanations, often resulting in funds being held for an extended period.
• Ongoing Charges After Account Closure: A few customers have reported continued charges even after they believed their accounts were closed, which has caused them frustration.
• Comparison to Competitors: Some users feel that SumUp is falling behind its competitors, particularly in areas like customer service and feature sets, prompting suggestions for improvements to maintain its competitive edge.

Additional Information About SumUp

Since its founding in 2012, SumUp has grown to support over 4 million businesses worldwide. Initially known for its card readers, SumUp expanded its offerings by launching a business account in 2021, aiming to provide accessible financial services to businesses of all sizes.

With its headquarters in London and offices worldwide, SumUp operates in 34 countries, underscoring its international reach and influence. The company aims to empower businesses by offering straightforward, reliable financial solutions, whether you have a small enterprise or a more extensive operation.

How SumUp Stacks Up Against The Competition

Feature	SumUp	Monzo	Starling	Revolut
Monthly account fee	£0	£0 to £5	£0	£0 to £79+
Overdraft	❌	Up to £2,000	£1,000 to £50,000	❌
Cash & cheque deposits	❌	✅	✅	❌
Mobile app	✅	✅	✅	✅
Account integrations	❌	Business Pro customers only	✅	✅
FSCS protected	❌	✅	✅	❌
Learn more	Visit SumUp	Visit Monzo	Visit Starling	Visit Revolut

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