That’s why at SumUp, our priority is developing products and services that help merchants succeed in the long-term—no matter how small their business is today.
You may have heard that Square changed its pricing last year to include per-transaction fees. Unfortunately, this price change affects small businesses the most—read on to learn why.
We know that for small businesses, every penny saved is often re-invested back into building the business. This means even slightly higher card processing fees can have a big impact on a small business’ growth and development.
There are a few different ways to charge for mPOS products and services, including (but not limited to):
Monthly or contractual payments = A flat fee charged by month or contract length (e.g. $29/month)
Flat transaction fees = A percentage of the total transaction so that the fee is always relative (e.g. 2.75% of each transaction)
Per-transaction fees = A fixed fee charged per transaction, no matter the total amount of the transaction (e.g. $.10 per transaction)
While some mPOS companies have combined some (or all) of these methods to create their payment model, we’re proud to offer a flat 2.75% transaction fee for all swipe, chip, and contactless payments. No monthly costs, no per-transaction fees, no hidden costs.
Although per-transaction charges sound deceptively tiny, we know that a few cents can add up really fast. And the smaller your business (and the smaller your average basket size), the bigger impact you’ll see.
Let’s say you’re a coffee shop owner whose average transaction size is $5.00, and you’re working with a card processor that charges a 2.6% transaction fee with a 10¢ per-transaction fee. If you accept 500 tickets in one week, you would pay $115 in processing fees.
On the other hand, with SumUp’s flat 2.75% fee you’d only pay $68.75 for every 500 tickets. That’s almost a $50 difference — in just one week. That’s $185 per month, and over $2000 per year. The money you could save from working with SumUp could be funneled into renovations, hiring more staff, offering higher wages, or towards a rainy day fund.
What about other costs?
SumUp is proud to offer a completely transparent free structure. Not only are credit card fees included in our fees, but every card brand (aka Visa, Mastercard, American Express, etc.) has the exact same rate. Best of all, there are absolutely no hidden fees:
No activation fees
No statement fees
No refund fees
No reporting fees
No monthly minimums
No PCI compliance fee
No early termination fee
Free SumUp App
Free SumUp support
SumUp is the simplest way to get paid
At our core, SumUp’s mission is to empower small merchants around the world. That’s why SumUp is the only mPOS provider committed to creating truly affordable products, beyond just processing fees.
While our competitors’ entry level card readers sell for between $49 - $69, our 3-in-1 SumUp Card Readers start at just $19. Even better, our live Support Team is available from Monday through Friday to answer your questions in real time, from how to set up your reader for the first time to how to export custom sales reports.
The combination of the most affordable fees and hardware plus live US-based support is what makes SumUp the only mPOS provider committed to small businesses and start-up merchants. So what are you waiting for? Get started with SumUp today.