There is a lot to think about when choosing a card provider. Sumup offer a card processing option or for sumup pro you can have an all in one EPOS system. With both there are specific fees involved for monthly costs and card processing. We have a look into how much sumup charge per transaction and other monthly costs.
What to consider when looking at fees?
Firstly, never overlook the importance of finding the best deal that suits you. The benefit of sumup is they offer a fixed rate for each transaction rather than multiple charges for various things. A traditional card provider can charge multiple fees including device rental, chargeback fees, authorisation fees and more.
Let s look into the fees involved and how much Sumup charge for each transaction.
The Devices
Sum up offer 3 different devices for your business. These are purchased up front with a one-off purchase cost. No monthly fees invloved.
Sum up Air – £34.00+VAT
A portable and basic option that connects to your phone/tablet directly via bluetooth.
Sum up air and charging station – £44.00+VAT
Upgrade with the ability to dock your air into the station for easy charging and display. Essentially adding a smart mount for your reader to sit in thats aesthetically pleasing.
Sum up solo – £79.00+VAT
A smarter version of the air with more features. The solo is touch screen and can be used as a standalone reader, without the need to connect to your phone. Worth the extra if you have troubles connecting your phone to devices with bluetooth.
Sum Up solo with printer – £139.00+VAT
If you’re looking to print receipts then the upgraded version of the Solo comes with an integrated printer. Great if you like receipts but don’t worry about paying the extra if your happy with e-reciepts (featured on the solo).
Once you have chosen your device it’s time to look into the payment processing options. These are relatively simple but theres a few important notes:
Sum up offer 2 pricing structure – pay-as-you-go and Sumup one. With the pay as you go option there is no monthly costs and you simply pay for each transaction. For sumup one you pay a monthly subscription but this drops the transaction fee dramatically.
Take over 60k a year? Get in touch with sum up for a custom rate. Its best to have your old statements and turnover to hand so you can get some quick pricing.
What is an in person payment?
A in person payment is any payment make on your card reader or using tap and pay on your phone. This is all based on when the customer is present and your not taking a payment over the phone.
What is a Digital payment?
These are payments made when a customer is not present and includes invoice payments, payment links, gift cards and online store payments. All of these are sent to the customer or the customer accesses them online.
Let’s have a look at how these fees work out in the real world.
Lets keep things nice and basic so its easy to understand:
Pay as you go scenarios
You run a retail shop and a customer buys an item for £100. you pay a fee to sum up of 1.69% which equates to a £1.69 processing fee. After fees the sale will be worth £98.31
You send an invoice to a customer for a job that has been done on their bathroom. The customer pays the invoice digitally for £100. You pay a sumup fee of 2.5% which equates to £2.5. After fees the sale will be worth £97.50.
Sales over a month – you turnover £3000 in card sales in person on your card reader. You will pay £50.70 in fees to SumUP. After fees the months transactions will be worth £2949.3
SumUp One Scenarios
You run a retail store and a customer spends £100. You pay a fee to sum up of 0.99% which equates to a 99p charge. After fees the sale is worth £99.01
You send an invoice to a customer for £100. The customer pays online. You will pay a 0.99% card transaction charge which equates to £0.99. After fees this will bring your takings from the transaction to £99.01.
Sales over a month – you turnover £3000 in card sales per month. You will pay £29.70 in fees along with a £19 monthly fee. This brings your takings after fees down to £2951.3
Which option should i go for?
As you can see above, when your monthly sales are under £3000 its worth sticking to the pay as you go option as there is no benefit for you to pay the month cost. If you are taking over £3000 a month constantly its definately worth going with the SumUp one option as you will save month.
What about the POS option?
If you’re looking to be able to run integrations, reports, add customer databases and more then we would highly recommend the POS pro option from Sum-up. Although priced at £49.0, the costs are usually outweighed by the ability to save time in processes and give yourselves more interaction with customers, essentially in making your business succeed.