Introduction
If you're a business owner, you probably know how important it is to offer various payment options to your customers. That's where payment processing technology comes in. It has become an essential part of running any successful business, and there are various options available in the market. Two of the most popular options are Square and SumUp. In this blog post, we will provide an unbiased comparison between Square and SumUp.
Square
Square was founded in 2009 and has since become one of the most recognizable names in the payment processing industry, used by many small and large businesses worldwide. Square offers its users a free point-of-sale app that works on iOS and Android devices, two different card reader options, and various pricing options to process payments from your customers.
Features of Square
- In-person checkout
- Online checkout
- Point-of-sale (POS) system
- Digital receipts
- Custom checkout
- Employee Management
- Inventory Management
- Square Payroll
- Loyalty program
Pricing of Square
Square offers various pricing options for different business sizes, from a standard 2.75% transaction fee, which is great for small businesses, to custom pricing for businesses processing over $250,000 a year. Keep in mind that a Square account is entirely free; you only pay for the transaction fee, which they charge on every sale. There are no monthly fees or hidden costs.
SumUp
SumUp is a relatively new and quickly growing payment processing company, founded in 2012. SumUp offers a range of products for businesses of all sizes and needs, including a card reader, POS system, and various pricing options.
Features of SumUp
- In-person checkout
- Online checkout
- POS System
- Contactless payments
- Digital receipts
- Custom checkout
- Employee Management
- Inventory Management
Pricing of SumUp
SumUp offers its standard pricing of just 1.69% per transaction, a pretty good deal in comparison to Square's standard rate. In addition, SumUp does not charge any monthly fees or setup costs, making it an attractive offer for small businesses.
Comparison
Both Square and SumUp offer various features to their customers, including in-person and online checkout, POS systems, digital receipts, custom checkout, employee, and inventory management. However, SumUp's primary advantage over Square is its lower pricing of just 1.69% per transaction, compared to Square's standard 2.75%. SumUp's rates are especially attractive for small businesses that prefer lower pricing per transaction.
However, Square has other features that SumUp does not offer, such as loyalty programs and square payroll, which can be useful for businesses with larger employee bases. In summary, it is best to determine which features are more important to you when selecting a payment processing technology company.
Conclusion
In conclusion, both Square and SumUp offer excellent choices for any business looking for payment processing technology. While SumUp's pricing of just 1.69% per transaction is a significant advantage, Square has more features to offer to larger businesses, making it a more comprehensive solution. Still, both companies offer customizable solutions to fit your business needs.
We hope this blog post has been helpful in deciding which payment processing technology company is best for your business.
References
- Square (2022, February 17). Pricing. Square. https://squareup.com/pricing
- SumUp (n.d.). Pricing. SumUp. https://sumup.com/pricing/