SumUp Business Banking

About SumUp

SumUp is a digital giant offering business accounts that were made with freelancers and small businesses in mind. They launched their online business account at the end of 2021, to provide faster deposits to their existing UK & European merchants.

See our full SumUp business account review and see how they compare with other UK business bank account providers.

SumUp pros & cons

Pros of SumUp

• Well known ecommerce provider
• Full suite of tools for a whole-of-business solution
• Free business account
• Next-day settlements
• Take online & in-person payments
• Built-in invoicing software

Cons of SumUp

• Not protected by the FSCS
• Cannot pay in cash or cheques
• No customer feedback yet
• No branches & requires internet access
• No business overdrafts

SumUp business account

The SumUp Business Account is an online and app-only account that comes with no monthly fee.

It integrates with many of their payment features so is well positioned for ecommerce businesses and other online sellers.

Here's a summary box of SumUp's business account fees:

Security & protection

SumUp are not registered or licenced as a bank but as an e-money institute, meaning that deposits are not directly protected by the Financial Services Compensation Scheme (FSCS). However they are authorised by the Financial Conduct Authority (FCA) and safeguard customer funds in a segregated bank account.

There is a high level of security on SumUp's business accounts, including strong 3D secure customer authentication for online payment protection, card controls in-app should you lose a card and a password-protected mobile app or secure online portal when accessing.

Eligibility

To be eligible for a SumUp account you must:

• Be a sole trader, freelancer or limited company
• Be a resident of the UK
• Be a business based in the UK
• Be 18 or older
• Have a phone/tablet & internet connection
• Have a UK phone number

Opening an account

Here's how to open a SumUp business account:

1. Download SumUp's app from the App Store or Google Play
2. Complete their digital application - SumUp will confirm your eligibility
3. Verify your ID - you'll need to upload a picture ID and a video of yourself
4. Once approved (usually same day), you can start banking

Additional business services

SumUp offer a host of business solutions, from invoicing to accepting payments, whether with their card readers and electronic point of sale (EPOS) systems or taking online payments quickly with payment links and QR codes.

SumUp reviews

SumUp have a great Trustpilot score of 4.1 stars, from nearly 18,000 reviews, with 32% giving 5 stars.

While on the App Store they have 4.8 stars based on over 12,100 ratings.

And on Google Play users rate the app 4.7 out of 5, from over 83,100 reviews.

Information correct as of 25th January 2024.

Frequently asked questions

It's not uncommon to have questions when looking in to business banking, especially for the first time. These are some of the most relevant questions for SumUp: