Milly Fox-Jones
Duncan Ferris
Hannah NemethMany or all of the products and brands we promote and feature including our ‘Partner Spotlights’ are from our partners who compensate us. However, this does not influence our editorial opinion found in articles, reviews and our ‘Best’ tables. Our opinion is our own. Read more on our methodology here.
The SumUp business account is a free UK current account. It’s the only account among SumUp’s suite of payment solutions and allows account holders to manage their business’s money quickly and easily.
SumUp prioritises simplicity by offering built-in tools for record keeping and invoicing. So if you’re new to business banking, or you’re looking for a single account with access to invoicing tools and the potential for other integrations, SumUp could be valuable for you.
SumUp Business Account
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Monthly FeeFree
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UK Card Purchase FeesFree
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UK Bank Transfer FeesFree
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Offern/a
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Key features
- No hidden feesSumUp has just one free plan available to all small businesses with minimum balance and no monthly fees or hidden charges.
- Same day openingIt’s possible for businesses to sign up for a SumUp business account and start managing their money on the same day.
- Built-in toolsA number of SumUp’s suite of business tools are built into the account, such as the invoicing tool to create and send customised invoices from your devices.
- Easy payment linksSumUp offers a payment links feature via text, WhatsApp, Facebook and other channels designed to make requesting payments easier.
SumUp business account pros & cons
Pros
- You can set up a business account with SumUp in as little as three to five minutes.
- SumUp has a dedicated customer support team available to help via chat, email or phone seven days a week.
- Account holders can sync their business account with their SumUp card reader (sold separately) and get cash from sales in their accounts the next day, even on weekends and bank holidays.
- SumUp offers in-built business tools, including invoice and payment link creators that you can use for free directly from the mobile app.
Cons
- As SumUp is an e-money institution, your deposits aren’t protected by the financial services compensation scheme (FSCS).
- You can’t deposit cash or cheques into a SumUp business account.
- SumUp doesn’t offer any overdraft facilities.
- SumUp only offers inbound and outbound payments to other UK bank accounts, so you can’t transfer funds internationally or in different currencies.
The pros and cons featured here are chosen by us based on a combination of our expert, research-based opinions and an exclusive survey of UK business owners and decision makers. The survey was conducted on behalf of NerdWallet UK in December 2022 to identify the business bank account features that people feel are most important. They are unlikely to be the only product features and restrictions that you should consider. Pros and cCons are subjective and you should align them to your own personal and business circumstances. Information was correct at the time of publication but may have changed since.
SumUp business account full review
Founded in 2012, SumUp is a global financial technology company based in London that supports over 4 million merchants in over 35 countries. In the UK, it’s a fully authorised e-money institution regulated by the Financial Conduct Authority (FCA).
Originally founded as a payment solutions provider, SumUp now has an extensive suite of both hardware and software products. All of SumUp’s products, including its business account, were designed for small businesses, and their full product suite acts as a toolkit to help run the full breadth of small business operations.
SumUp offers one free account for every small business, including freelancers and sole traders. The account is free to open with no monthly fees, no minimum balance requirements and three free withdrawals per month (and a 2% withdrawal fee thereafter). The account is set up online and SumUp says it can be up and running in as little as five minutes. It comes with a free Mastercard for making payments and can be added to Apple and Google Pay.
The account includes free access to a range of SumUps business tools, such as the invoice and payment link creators. It can also be synced with a SumUp card reader (sold separately), which allows account holders to get payment from sales within a day, even on bank holidays and weekends.
SumUp business account features: at a glance
| Monthly fee | £0 |
| Transaction fees | £0 |
| Account management | Online via a mobile app |
| FSCS protection | No |
| Set-up time | Potentially same day |
| Cash deposits | No |
| Cheque deposits | No |
| Access to other banking services | Yes |
| International payments | No |
| Customer service | Via chat bot or live chat with customer service agents 8am to 7pm Monday to Friday 8am to 5pm Saturday and Sunday |
| Multiple user access | No |
| Create and send invoices | Yes |
| Integration with accounting software tools | Potentially, if you pay for the SumUp Point of Sale service |
Where SumUp business account stands out
- Potential perks with SumUp connect: SumUp has a range of third party partners that offer discounts and perks for SumUp customers.
- Fast set-up: Customers can open a SumUp business account online in as little as five minutes.
- Built-in tools: The business account offers free access to a range of SumUp’s business tools, such as invoice and payment link creators and status tracker for transfers.
- No hidden fees: There’s no set-up fee, monthly or transfer fees. The only fees are 2% on cash withdrawals (over the three free per month) and 2% on all international withdrawals, both of which are specified up front.
Where SumUp business account falls short
- Cash and cheques: SumUp doesn’t accept deposits in the form of cash or cheques. Instead, holders must transfer money in the account from another UK account.
- Access to customer support: SumUp is online-only, so there is no access to branches or facilities to talk to customer service face to face.
- Access to overdrafts: There are no overdrafts currently offered by the SumUp business account.
- FSCS protection: As SumUp is a fully authorised e-money institution and not a bank, your deposits are not protected under the Financial Services Compensation Scheme (FSCS). Instead, SumUp maintains segregated accounts that are independent of its own corporate accounts.
- Lack of international capabilities: With a SumUp business account, you will be unable to make or receive international payments.
SumUp business account customer reviews
SumUp customers have left reviews on a range of sites, which range from very good to below average. Remember, these reviews are for all of SumUp’s customers, not just business account holders.
- App Store: 4.8 out of 5, based on over 12,500 reviews
- Google Play: 3.4 out of five, based on over 91,600 reviews
- Trustpilot: 4.2 out of five, based on over 19,400 reviews
This information is correct as of 16 April 2024.
SumUp business account eligibility
SumUp business accounts are available to the following types of businesses:
- freelancers
- sole traders
- limited companies
- partnerships
- charities
Other than being based in the UK and being over 18, there are no additional criteria businesses must fulfil, and there is no size limit for businesses wishing to apply.
How to apply for a SumUp business account
SumUp considers one of its great benefits to be how easy it is to set up its business account. You can do this for free online by following these steps:
- Fill out a few details about your business.
- Verify your identity (you’ll need to upload a photo of a valid ID document, such as a driving licence or passport).
- You may be asked for a copy of a utility bill or bank statement to verify your address, depending on what ID document you initially provide. This process usually happens immediately but can, on occasion, take longer if images are blurry or addresses don’t march, for example.
- Once you pass the identity check, your account will be set up and ready for your first transfer.
Review methodology
At NerdWallet UK, we base our reviews and our ‘Best’ pages on the results of surveys we undertook about what was important to people who use these products. This allows us to look at products impartially of any commercial arrangements we have and fairly rate the products on the same set of criteria.
Best means our ‘Best’ and is based only on what products we have aligned to our surveys, which form the basis of our reviews and ratings. This means that there will be other products on the market that we have not included in our ‘Best’ pages. Best does not mean it’s best for you, nor does it mean the ‘cheapest’.
Our reviews may display lenders’ rates. This additional information has not been included in our evaluations but is still very important when choosing a product. Rates offered can depend on circumstances, amount and term. Always check details before proceeding with any financial product.
Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but there will be products not included on the market. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.
You can view our full review methodology here.
