SumUp Pro Account – Presentation and Test
SumUp launches a Pro Account for small businesses. You can now obtain an IBAN and a professional bank card linked to your payment solution. SumUp is the leading provider of in-store payment solutions for small businesses. Its success has been explosive, and the quality of its payment terminals and offerings is well-established.
SumUp’s ambition extends beyond payment processing to providing a suite of services to small businesses.
We have opened a SumUp Pro account and will tell you everything about it.
- Tracking of receipts and payments
- Mini cash register software
- Employee management
- Other hidden functions
- Does the SumUp Pro account offer efficient features?
- Is it suitable as a substitute for a traditional pro account?
- Is the account and its features provided without fee?
Creating the SumUp Account
On SumUp, you first pick and buy a reader, and then you create your account.
SumUp is a financial institution. They must check the identity of the company and its owners before letting you use the payment terminals.
They ask the following information when opening the account:
- Personal details: First Name, last name and date of birth
- Home Address
- Business type and category
- Business details: Name, Phone, VAT number (optional), website
Once they validate your account, you have access to your SumUp account and your online space.
Access to the SumUp Account
Once they validate your account, you can log in to your online space directly from the SumUp website. Several sub-menus allow you to manage your activity.
Overview and Sales
The ‘Sales’ tab allows you to find all the payments made via the SumUp app.
These can be both cash payments or card payments via SumUp readers. You can filter the results with different parameters:
- Time period
- Payment type: Card, Cash
- Status
You can find the location where you made the payment thanks to SumUp app geolocation.
The ‘Sales’ tab is probably the most critical. It shows you the date and amount of different transfers made to the bank account you have provided.
Prominently displayed are the 1.69% commission fees charged by SumUp.
You can change the frequency of payments in the ‘Settings’ tab: daily, weekly, monthly.
The ‘Overview’ tab is simply a summary with graphs of the Transactions and Payments tabs.
Simplified Cash Register Software
The ‘Articles’ tab corresponds to the Simplified cash register software.
This ‘Articles’ tab simplifies payments on the app by removing the need to enter the product amount every time.
This also facilitates the streamlining of your accounting processes.
You can create different categories and for each product you can add useful parameters:
- Product name
- Product photo
- Price
- VAT rate
If you enable the ‘Article Catalog’ in the settings, these products will appear in the SumUp app
Employee Management
This tab allows you to create different ‘seller accounts’. Each seller logs into the app using their own account, and the app tracks their sales under their name.
This tool will be a great help to reconcile cash at the end of the day.
You can choose whether to allow the employee to refund transactions or not.
Customizing the Billing Descriptor
In the ‘Settings’ tab, you can choose the Billing Descriptor. This is the name that will appear on the client’s bank statement. We advise you to put your brand name rather than just the Corporate Name.
The SumUp Application
The web version of the SumUp interface is much richer than the Mobile app. SumUp has chosen to simplify the mobile app as much as possible. It only includes some tabs.
- If you activate the option, you will see the ‘Articles’ tab.
- The ‘Transactions’ tab
- The ‘Referral’ tab
- Some settings
SumUp Pro Account
The SumUp Pro account allows you to obtain:
- A Professional Mastercard
- An IBAN for receiving and sending transfers
- An interface to manage your transactions
So, this is a real bank account that can meet the simple needs of a small business.
SumUp Mastercard
When you open your Pro account, SumUp sends you a Mastercard by mail for free. We received it 3 days after opening the account.
The SumUp Mastercard allows you to receive and spend the money deposited in your SumUp Pro account.
Access to your receipts immediately
The great advantage of this card is that it allows you to access your receipts almost immediately.
If you don’t use the SumUp card, sales processed through your SumUp readers are transferred to your bank account within 2 or 3 working days.
You can use the same receipts right away in your SumUp account and spend them instantly with this card.
If you need cash flow urgently, the card can help you out.
The SumUp Mastercard – A Modern Card
The card comes with a range of services that have made neo-banks successful. It is controllable from the SumUp app.
- Option to choose and change your PIN
- Option to disable it
- Add Apple Pay and Google Pay simply
A truly free card
They deliver the Mastercard to you free of charge by post when you sign up with no hidden fees.
Withdrawals at ATMs, beyond 3, represent the only potential costs. They charge 2% of the amount.
The SumUp Pro Account
Get your SumUp IBAN
Beyond your Mastercard, SumUp also issues an IBAN that will allow you to receive or send SEPA transfers.
The issued IBAN is Irish and starts with IE. The BIC code is SUMUIE22XXX.
It is a European IBAN, so you should not encounter any problems in receiving payments.
Caution: We attempted to make a transfer from a bank account, but the transfer was not authorized. We did not notice any problems from other banks. Authorities are now very vigilant about IBAN discrimination.
You can also issue transfers from this account.
Issuing or receiving SEPA transfers from your SumUp IBAN is totally free and unlimited.
Manage your account from the SumUp dashboard
All your funds are accessible from your SumUp Dashboard. You will find all the operations there.
The main setting we advise you to look at is the destination of the funds you collect.
You have the choice of depositing these funds directly into your SumUp Pro account.
In this case, the funds will appear in your SumUp dashboard and will be accessible the next day.
You can also choose to transfer the funds to your bank account and then you will have to wait 2-3 working days to obtain your funds.
SumUp is a truly free Pro account
One of the keys to SumUp’s success has been to offer subscription-free deals. SumUp maintains the same DNA with its bank account.
There are no hidden fees. And yet if you read our articles regularly, you know we like to unearth them.
The only fees applied are 2% on withdrawals after the 3rd. SumUp couldn’t have done otherwise. Banks generally charge significant fees for using their ATM machines.
SumUp Electronic Money Institution
SumUp is technically not a bank. It is an electronic money institution regulated by the Central Bank of Ireland. This allows them to provide all the services mentioned above.
Most neo-banks operate under this status. The status of a full-fledged bank is very heavy to obtain for fintechs.
Review of the SumUp Pro Account
Our opinion is as follows. SumUp account is good for small entrepreneurs but not for companies with complex needs.
A truly free Pro account for micro-businesses
If you plan to collect your funds mainly through SumUp payment terminals, then the Pro account will certainly be a good choice.
It fully complies with legislation. They send all the funds billed for your activity to a dedicated account, which is your SumUp account.
You can then access your funds via your Mastercard or by making transfers to your personal current account.
In any case, if you use SumUp for your collections, you would be wrong not to open your account. It’s free and allows you to access your funds more quickly.
You really have nothing to lose!
A Pro account not yet up to Neobank standard
If your company is growing and your banking needs are multiplying, SumUp’s account features will be too light.
We are still very far from the experience of a standard Neobank account which allows you to:
- Manage access for your team
- Connect your accounting software
- Scan receipts and tag your transactions
- Deposit checks
A telling example is the inability to deposit the capital for the creation of a company via SumUp. Many banks offer this in its service. This will not be a problem for small businesses that do not have social capital.
This is certainly a first version of the SumUp account. We look forward to seeing the future developments that SumUp will offer