SumUp

SumUp business account review

Find out how the business account from SumUp works to see if it could be right for you and your company.

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SumUp is a mobile payments company that was founded in 2012. Its aim is to provide businesses with access to affordable, easy-to-use payment solutions, no matter their size. As well as offering card readers to businesses, SumUp also has a free online business account.

What type of business accounts are on offer?

SumUp offers one online business account to its customers. The account has no monthly fee and you can apply online in a matter of minutes.

The account enables users to send and receive money instantly in the UK, as well as enjoy unlimited free bank transfers. The account can be managed via your desktop or via the app, so you can bank on the go 24/7.

When you apply for the business account, you’ll receive a contactless prepaid Mastercard for your business expenses which can also be linked to Apple Pay or Google Pay for fast and easy payments.

Further benefits of this business account include:

  • Ability to create and send customised invoices with SumUp’s built-in invoicing tool
  • Option to share payment links with customers via text, WhatsApp or Facebook for easy payments
  • Instant notifications so that you can keep track of transactions with ease
  • Option to freeze or unfreeze your card if you misplace it
  • Customer support 7 days a week via chat, email or phone

What types of fees are there to pay?

With the SumUp business account, there is no monthly account fee, no fees for transfers and no fees for spending on your Mastercard. However, only the first 3 cash withdrawals are free each month – after that there will be a 2% fee to pay. This fee also applies to withdrawals carried out overseas.

Other than that, this is a pretty straightforward fee-free account.

How to apply

You can apply for the SumUp business account whether you’re a freelancer, sole trader or small business.

Applications can be made online, where you’ll need to provide a few details about yourself and your business, and verify your identity. Accounts need to be activated via the SumUp app.

Is SumUp safe?

SumUp is an “electronic money institution” authorised by the Financial Conduct Authority (FCA).

Because SumUp isn’t a bank, your funds won’t be protected by the Financial Services Compensation Scheme (FSCS). Instead, your money will be held in a segregated bank account that is protected by safeguarding requirements under the Electronic Money Regulations 2011.

Pros and cons of SumUp

Pros

  • No account fees
  • Easy to create and send invoices
  • Instant notifications to keep track of spending
  • Quick and easy to apply online

Cons

  • Only first 3 cash withdrawals are free per month
  • No overdraft facility
  • No option to link to accounting software

Our verdict: Is SumUp any good?

If you’re looking for a straightforward business account with no monthly fee, SumUp is well worth considering. Not only is it easy to open, but you’ll also benefit from a built-in invoicing tool, easy payment options and customer support 7 days a week.

However, as always, it pays to carry out a full comparison to see what else is available before making your decision.

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