No Transaction Fees for Payments of £10 Or Less For SumUp One Subscribers

London, 7th November 2024 : Global fintech SumUp is pleased to announce that businesses signed up to the SumUp One multi-product subscription offering will no longer pay transaction fees on payments of £10 or less. 

In announcing this progression of the subscription offering, first launched March 2023, SumUp is further easing the burden on small merchants with this innovation, which will be available in Germany, the UK, France, and Italy.

According to the British Retail Consortium, debit and credit cards account for over 85% of all spending in the UK.

Minimum card payment limits are common in the UK and are a legacy of when transaction fees were exorbitantly high, often set by independently-run businesses to insulate takings from payment companies. However, innovators like SumUp have disrupted this by reforming card payment and acceptance in 36 countries by offering lower transaction fees.

Now the company is going a step beyond and offering 0% fees to SumUp One subscribers*.

The new SumUp offer gives consumers even better access to digital payment methods - especially for accepting small amounts. 

Merchants not only benefit from a potential increase in turnover, but also demonstrably save time and costs that are usually incurred when handling cash.

SumUp One provides several advantages for small retailers

With SumUp One, traders have access to numerous financial tools from the SumUp product ecosystem. SumUp One is a customised subscription that is specifically tailored to the needs of small traders and companies looking for agile business tools and solutions. 

Transaction costs are simple and straightforward: there’s only one fee for all payment types, while fees now only apply to payments above £10, and payouts are in the merchant’s business account the very next day.

For a fixed monthly fee of £19, SumUp One benefits include:

  • 0% transaction fees for payments of £10 or less

  • For amounts of more than £10 transaction fees are reduced by almost 50%, from 1.69% to 0.99%**. 

  • Next-day payouts for any money earned via SumUp technology instead of the usual 2 - 3 working days. 

  • Unlimited invoicing.

  • Attractive discounts when purchasing SumUp hardware: for example, businesses save 50% when buying a SumUp card reader.

The SumUp One subscription is available for different durations and is tailored to the respective needs of the retailers. With SumUp One, all payments can be consolidated simply and clearly in a single administrative system, enabling better control over finances.

Additional retail cooperations are already planned.

Jack Ojari, Subscriptions Lead at SumUp: “With the new pricing structure, SumUp is  emboldening their goal of supporting merchants in running a successful business. By SumUp eliminating the transaction fee for amounts under £10, merchants can more readily fulfil demand for cashless payment, especially for small amounts. Businesses themselves also benefit from an increase in sales if their customers can pay for everything digitally or by card, regardless of the amount.”  

*Amounts up to and including £10

** Detailed price information can be found on the SumUp website.