Overview
SumUp, at a glance.
SumUp is an e-money institution headquartered in the United Kingdom, regulated by Financial Conduct Authority, Central Bank of Ireland. The business account has no monthly fee. Opening an account takes 3–5 days.
Money in the account is safeguarded in a segregated account under FCA rules and covered by an insurance policy. SumUp is not a bank, so the FSCS does not apply.
Why businesses pick SumUp
- No opening fee and a free plan with no monthly fee
- Free UK bank transfers and Direct Debits
- Free Business Mastercard, physical or virtual
- Card sales taken with SumUp readers are paid into the account the next day
- Opens online, usually in under 10 minutes
Watch out for
- Pounds only: no other currencies, no SWIFT and no exchange
- Phone support only on the Plus plan
- Cash deposits and ATM withdrawals beyond the free allowance are charged
- SumUp keeps a list of 21 business types it does not accept
- Owner and non-resident rules are not published
Business fit
Will SumUp accept your business?
Four quick answers. Where your company is registered and what it does rule a provider in or out faster than anything else.
Based on SumUp's published rules
Likely fit
SumUp lists both United Kingdom companies and Startups and SMEs as accepted.
SumUp does not publish a minimum company age or turnover, so those two answers are not checked here.
This is one provider. Your profile checks all of them.
- Every provider that fits your business
- The reason behind each match
- Company age and turnover checked too
Who it works with
Accepted and not accepted.
What SumUp publishes about the businesses it takes on.
Who SumUp serves
- Startups and SMEs
- Freelancers
- E-commerce
Not supported
Industries and countries SumUp does not accept, from its own published lists.
Industries
- Future business
- Travel services
- Collection agencies
- Bail/bail bond
- Firearms
- New and used motorised and electric vehicles sales
- Investments of any kind including but not limited to the purchase of or investment in: Investments, Precious metals and stones, Business investment opportunities operating as 'get rich quick schemes', Contract for difference (CFD), Financial spread betting, Trading and purchases (Securities, Currencies, Derivatives, Commodities, Shares, Options, Other financial instruments), Cryptocurrency (of any kind), Initial coin offering, Binary options trading
- Gambling (wagering of money or something of value on an event with an uncertain outcome): advance-deposit wagering, fantasy sports, skill-based pay-to-play games awarding monetary prizes, games of chance not free to enter, non-government-owned or run lotteries, gambling chips and credits, casinos, poker, bingo, slot machines, betting, betting shops/bookmakers, gambling houses, spread betting, sports forecasting or odds-making, online gambling, gambling or gaming-related activities
- Real estate (property sale, commercial leasing)
- Political organisation (political party donations)
- Adult services (illegal or legal), including escort services, prostitution, adult entertainment/pornography, AI-generated adult content
- Illegal and legal highs and drug-related products, including marijuana-related businesses, CBD, cannabis seeds, head shops
- Auction houses (bidding fee and penny auctions, internet-based auction sites)
- Credit financing (cash at point of sale/cash on card; foreign currency, money orders, stored value card/load, travelers cheques; licensed insolvency practitioners; financial service providers operating without a licence; insurance or broker agencies)
- Cosmetic surgery, body enhancers and services
- Products with questionable efficiency (pseudo-pharmaceuticals, non-medical steroids)
- Questionable businesses and products (illegal goods, counterfeit goods, mail-order spouse or international match-making services, human body parts, deceptive marketing, shell banks, stolen goods, ransom- or extortion-like business models, hate/violence/terrorism)
- Direct Marketing (inbound teleservices, outbound telemarketing, insurance services, catalogue merchants, door-to-door sales)
- Insurance sales, underwriting, and premiums
- Pyramid selling (multi-level marketing where the primary objective is the solicitation of new distributors)
- Unregistered charities (not registered with the Charity Commission for England and Wales; Exempt or Excepted Charities are not affected)
Countries
- Not published
Coverage
Where can you use SumUp?
Coverage is a starting point. It does not confirm that every business in these markets is eligible.
Supported currencies
GBP only
Transfers to and from UK accounts in pounds. No foreign currencies.
Payment reach
Not published
Who can apply
Company incorporation countries1 countries · show list
- United Kingdom
Owner nationality
Not publishedOwner residency
Not publishedCompany types
Limited companies, Sole traders, Freelancers
Pricing
What does SumUp cost?
Look beyond the monthly fee. Your total cost depends on how many transfers you make, where they go and how much you convert.
Account cost
Opening fee
Free
Monthly fee
£0–15
depends on plan
Business Account
Lowest cost£0 per month
£0 setup · £0 in year one
Business Account Plus
£15 per month
£0 setup · £180 in year one
Transaction fees
| Cost | Listed amount | How it is charged |
|---|---|---|
| Incoming | ||
| Faster Payments (GBP) | Free | No charge · UK bank transfers in pounds |
| Outgoing | ||
| Faster Payments (GBP) | Free | No charge · UK bank transfers in pounds |
Other fees
Cards
| Cost | Listed amount | How it is charged |
|---|---|---|
| Virtual card issue | Free | No charge |
| Physical card issue | Free | No charge |
| ATM withdrawal | 2% | Percentage of the amount · After 3 free withdrawals a month (5 on Plus), and at ATMs outside the UK |
Onboarding
From application to live account.
Opening an account typically takes three to five business days.
- 1
Apply
Start the application online or through the sales team.
- 2
Company and people
Give the company's registration details, directors and owners.
- 3
Checks
Upload the documents requested and complete identity verification.
- 4
Account live
Once approved, the account is opened and you receive its details.
Documents you need
Not published
FAQ
Your questions, answered.
Is SumUp a bank?
No. SumUp Payments Limited is an e-money institution authorised by the Financial Conduct Authority (900700). Money is safeguarded in a segregated account; the FSCS does not apply.
How much does the SumUp Business Account cost?
The Business Account is free: no opening fee, no monthly fee and free UK transfers. Business Account Plus costs £15 a month after a 30-day free trial and adds phone support and extra cards.
Can I send or receive foreign currency?
No. The UK account is in pounds only and sends and receives transfers to and from other UK accounts.
Who can open a SumUp Business Account?
Sole traders, freelancers, start-ups and limited companies based in the UK. The sign-up asks for the country your business is based in.
Alternatives
How SumUp compares.
If SumUp is not the right fit, these providers work with similar businesses. Compare their listed licences and services below.
| Provider | Licensed in | Known for |
|---|---|---|
 SumUpThis pageE-money institution |   | Card readersGBP |
 TideE-money institution | | Free planNon-residents accepted |
| Starling BankBank | | Free accountDeposit protection |
 Monzo BusinessBank | | Free planDeposit protection |
 MettleBank | | Free accountDeposit protection |
Not sure which one fits? Your profile ranks them for your business, with the reason behind each.