In today’s cashless society, having a reliable and efficient payment solutions provider is indispensable for businesses. Square vs SumUp are two leading companies offering such services. This article will delve into the specifics of each service, compare their offerings and help you make an informed choice.
Square vs SumUp
| Features / Fees | Square | SumUp |
|---|---|---|
| Monthly Fee | £0 | £0 |
| Transaction Fee (Card-Present) | 1.75% | 1.69% |
| Transaction Fee (Online) | 2.5% | 1.69% |
| Keyed-In Transactions Fee | 2.5% | 1.69% |
| Hardware Options | Square Reader, Square Stand, Square Terminal, Square Register | SumUp Air Card Reader |
| Software Offerings | POS App, Invoicing, Inventory Management, Customer Data Tracking | Mobile App with basic Inventory Management and Sales Tracking |
| E-commerce Integrations | WooCommerce, BigCommerce, and more | Wix, Shopify |
| Accounting Software Integrations | Various options available | Limited options available |
| Mobile Wallet Payments | Yes | Yes |
| Contactless Payments | Yes | Yes |
| Chip & PIN Payments | Yes | Yes |
| Invoicing Feature | Yes | Yes |
| Customer Support | Comprehensive support centre, live chat, phone support, community forum | Support centre, live phone and email support (during specific hours) |
| Security | Compliant with PCI DSS | Compliant with PCI DSS |
| Refund Handling | Yes | Yes |
| Cash Transactions Tracking | Yes | Yes |
| Gift Cards | Yes | No |
| Non-profit Discounts | No | No |
What are Square and SumUp?
Before comparing these two giants, let’s first understand what each of them offers.
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Square
Founded by Twitter co-founder Jack Dorsey in 2009, Square is an American financial services and mobile payment company that aims to simplify payment processing for businesses. Its point-of-sale (POS) system includes hardware and software products to help businesses of all sizes accept payments both in-store and online.
SumUp
SumUp, on the other hand, is a UK-based mobile point-of-sale company founded in 2011. Similar to Square, SumUp provides small and medium-sized businesses with the ability to process card payments in a simple, secure, and cost-effective way. Their primary offering is a card reader, which pairs with a mobile app to facilitate card payments.
Pricing – a key consideration
One of the most critical aspects when choosing a payment solution is pricing.
Square’s pricing structure
Square provides a fee structure that is easy to understand. There’s no set-up or monthly fee; instead, it charges a flat rate for each transaction. For card-present transactions using the Square reader, the charge is 1.75% of the transaction value. For online or keyed-in transactions, the rate is 2.5%.
SumUp’s pricing structure
Similarly, SumUp also operates on a no monthly fee, pay-per-use basis. However, SumUp charges a lower flat rate of 1.69% for all types of transactions, giving it a slight edge over Square in this category.
Hardware and software – which provides better options?
The type and quality of hardware and software offered by a payment solutions provider can significantly impact the ease and efficiency of processing payments.
Square’s offerings
Square’s product range includes the Square Stand, Square Register, and Square Terminal, among others. These are robust and stylish hardware options that can process contactless, chip and PIN, and mobile wallet payments. They also provide software for inventory management, customer data tracking, invoicing, and more.
SumUp’s offerings
SumUp, on the other hand, is more focused and minimalistic in its offerings. The SumUp Air Card Reader is their primary product. It’s a compact, portable device that allows businesses to accept credit, debit, and contactless payments. They also provide a mobile app for inventory management and sales tracking.
While SumUp’s offerings are straightforward and easy to use, Square provides a broader range of options that can cater to more extensive or complex business operations.
Integrations – expanding your business capabilities
Both Square and SumUp provide integrations with various platforms and software to enhance your business operations.
Square integrations
Square offers an impressive array of integrations. It links up with e-commerce platforms such as WooCommerce and BigCommerce, and also integrates with a range of accounting, inventory, and customer relationship management software.
SumUp integrations
SumUp provides fewer integrations but covers key areas. It works with popular e-commerce platforms like Wix and Shopify. There are also integrations for accounting software, but the options are fewer than Square’s.
Overall, Square has an edge in this category due to its wider array of integrations.
Customer support – ensuring you’re never left in the lurch
Customer support is crucial, as timely help can save businesses from potential losses during technical difficulties.
Square’s customer support
Square provides a comprehensive support centre with articles and guides. It also offers live chat, phone support, and a community forum where users can help each other.
SumUp’s customer support
SumUp also provides a support centre with various resources. However, SumUp’s live support (phone and email) is available only during specific hours, and they don’t offer live chat support.
Given the broader support options, Square takes the lead in this aspect.
Conclusion – Square vs SumUp
Choosing between Square vs SumUp depends largely on your business’s specific needs.
If you’re a small business owner looking for a straightforward, cost-effective solution, SumUp’s lower transaction fees and simple setup could be appealing.
However, if you’re running a larger business or require more sophisticated features and integrations, Square’s comprehensive offerings may be worth the slightly higher transaction fees.
Remember, it’s crucial to consider your business’s specific requirements, your budget, and the scale of your operations before making your choice.
FAQ – Square vs SumUp
No, both Square and SumUp do not charge monthly fees. They operate on a pay-per-use basis, charging a fee for each transaction processed.
Square charges 1.75% for card-present transactions and 2.5% for online or keyed-in transactions. SumUp charges a flat rate of 1.69% for all transactions.
Yes, both Square and SumUp can process contactless payments, as well as chip and PIN payments.
Yes, both providers offer invoicing features in their systems.
Square integrates with a number of platforms including WooCommerce and BigCommerce. SumUp integrates with platforms such as Wix and Shopify.
Yes, both providers can process mobile wallet payments including Apple Pay and Google Pay.
Square offers a comprehensive support centre, live chat, phone support, and a community forum. SumUp provides a support centre and live phone and email support during specific hours.
Yes, both offer solutions for inventory management in their software offerings.
Yes, you can operate both systems from multiple devices as long as you have the necessary permissions and login credentials.
Yes, both providers comply with the Payment Card Industry Data Security Standard (PCI DSS), ensuring transactions are secure.
Yes, both providers allow businesses to accept international cards.
While both can serve larger businesses, Square has more extensive features and integrations that may be more suited to larger businesses.
Yes, both Square and SumUp provide portable card readers.
Both Square and SumUp are designed to cater to a variety of businesses, including retail, food and beverage, professional services, and more.
Yes, both systems have features that allow businesses to process refunds.
Yes, an internet connection is required to process transactions with both systems.
Neither Square nor SumUp offer specific discounts for non-profits. Check their websites for the most current information.
As of 2023, Square offers gift cards but SumUp does not. Check their websites for the most current information.
Yes, both Square and SumUp have features allowing you to track cash transactions.
While it’s not always a requirement, having a business bank account is recommended for using Square or SumUp to keep track of your finances effectively.