As a small business owner, understanding payment processing fees is crucial for your bottom line. SumUp is a popular choice for many, offering straightforward pricing, but the exact charges can sometimes vary, especially when it comes to premium cards like American Express. Let's break down how much SumUp charges for American Express transactions.
SumUp's American Express Fees: A Detailed Breakdown
Ever wondered about the specific costs involved when your business processes an American Express payment through SumUp? You're not alone! While SumUp is known for its transparent and competitive pricing, premium cards like American Express (Amex) sometimes carry slightly different fee structures due to their unique network processing. This post will give you a comprehensive understanding of SumUp's American Express charges, guide you through checking them, and offer insights into optimizing your payment processing costs.
Let's dive in!
Step 1: Understanding the SumUp Fee Structure - It's Simpler Than You Think!
Before we pinpoint American Express fees, it's essential to grasp SumUp's general pricing philosophy. Unlike many traditional merchant services that have complex tiered pricing, monthly fees, and hidden charges, SumUp prides itself on a pay-as-you-go model. This means:
No Monthly Fees: You won't pay a penny if you don't process any transactions. This is a huge benefit for businesses with fluctuating sales or those just starting out.
No Contracts: You're not tied into any long-term agreements. You can stop using SumUp whenever you want.
One-Time Card Reader Cost: You purchase the SumUp card reader upfront, and that's it for hardware costs.
Transaction-Based Fees: You only pay a small percentage per successful transaction. This is where the American Express details come in.
So, why is American Express sometimes different? Amex operates as both the card issuer and the payment network, which differs from Visa and Mastercard where these roles are separate. This structure can lead to slightly higher interchange fees, which are then passed on by payment processors.
Step 2: Pinpointing the American Express Transaction Fee
This is likely the question you've been waiting for! SumUp generally categorizes American Express as a "premium" or "international/corporate" card, which often incurs a slightly higher fee than standard domestic Visa or Mastercard transactions.
Sub-heading 2.1: The Standard Pay-As-You-Go Rate for American Express
For most SumUp users on the standard pay-as-you-go plan, the transaction fee for American Express cards is typically 1.69%.
What does this mean for your business? If a customer pays with an American Express card for an item costing $100, SumUp will charge you $1.69. You will receive $98.31.
Important Note: This rate generally applies to in-person payments made via a SumUp card reader or Tap to Pay. Online payments (e.g., via Payment Links, Online Store) may have a different standard rate for premium cards. For instance, in some regions, the online rate for American Express could be around 2.5%. Always check SumUp's official pricing page for your specific country.
Sub-heading 2.2: Reduced Rates with SumUp One (or Similar Subscription Plans)
SumUp also offers subscription plans, such as SumUp One (or Payments Plus in some regions), which can significantly reduce transaction fees for businesses with higher monthly turnover. If you subscribe to such a plan, the fees for American Express transactions can be lower.
For example, with SumUp One, the transaction fee for international, corporate, and premium cards (including Amex) can be reduced to around 1.99% for in-person payments, and sometimes a similar reduced rate for online payments.
Is SumUp One right for you? These plans typically come with a monthly fee (e.g., £19/month or €19/month). They are generally beneficial for businesses that process a significant volume of payments, as the savings on transaction fees can outweigh the monthly subscription cost. SumUp often suggests that businesses processing around €2,800 or more per month might benefit from these plans.
Step 3: Verifying Your Specific American Express Fees
While the information above provides a general overview, payment processing fees can sometimes vary slightly by region due to local regulations and market conditions. Therefore, it's always best to verify the exact rates applicable to your SumUp account.
Sub-heading 3.1: Checking Fees on the SumUp Website
Visit the Official SumUp Website: Go to
www.sumup.com Navigate to the "Pricing" or "Fees" Section: This is usually found in the footer or main navigation menu.
Select Your Country: SumUp operates in many countries, and fees can differ. Make sure you select your specific country from the dropdown menu (if available) to see the localized pricing.
Review Card Reader and Online Payment Fees: Look for sections detailing "Card reader fees," "In-person payments," and "Online payments." Pay close attention to any notes or separate categories for "premium," "international," or "American Express" cards.
Sub-heading 3.2: Checking Fees in Your SumUp Dashboard/App
Log In to Your SumUp Account: Access your SumUp dashboard via a web browser or open the SumUp app on your smartphone/tablet.
Go to "Profile" or "Settings": Look for a section related to your account details, business settings, or pricing.
Find "Pricing" or "Fees": Within these settings, you should be able to view the specific transaction rates applied to your account, including those for American Express.
Pro Tip: Keep an eye out for any promotions or changes that SumUp might announce, as these could affect your fees.
Step 4: How the Fee is Applied to Your Payouts
SumUp's fee structure is transparent not only in its rates but also in how it's applied.
Sub-heading 4.1: Direct Deduction from Transactions
When a customer makes a payment using their American Express card, the SumUp transaction fee is deducted immediately from the transaction amount before the funds are deposited into your bank account.
Example: If you charge $50 to an American Express card and the fee is 1.69%, SumUp will deduct $0.845 ($50 * 0.0169). You will then receive $49.155 in your payout.
Sub-heading 4.2: Payout Schedules
SumUp typically processes payouts within 1-3 business days to your linked bank account. The deducted fees will be clearly visible in your transaction reports and payout summaries within your SumUp dashboard. This allows for easy reconciliation and tracking of your actual earnings.
Step 5: Strategies for Managing Your Payment Processing Costs
While American Express fees are a part of doing business, there are ways to manage and potentially reduce your overall payment processing expenses.
Sub-heading 5.1: Evaluate Your Transaction Volume
High Volume? Consider SumUp One: If you consistently process a high volume of transactions, especially if a significant portion comes from American Express or other premium cards, then a SumUp One subscription could save you money in the long run. Calculate your potential savings by comparing the monthly fee plus reduced transaction rates against your current pay-as-you-go costs.
Sub-heading 5.2: Educate Your Customers (Carefully!)
Encourage Other Payment Methods (Subtly): While you should never refuse American Express (it's a valuable payment option for many customers), you could subtly encourage customers to use other card types if your fees for those are significantly lower. This could be done through loyalty programs or by simply presenting other options first.
Disclaimer: Be mindful of American Express's merchant rules, which generally prohibit surcharging their cards unless specifically allowed by local regulations.
Sub-heading 5.3: Leverage Reporting for Insights
Analyze Your Sales Data: Regularly review your SumUp transaction reports. Understanding which card types your customers frequently use can help you make informed decisions about your pricing strategy and whether a subscription plan is worthwhile.
Conclusion: SumUp and American Express - A Clear Path to Acceptance
SumUp offers a convenient and transparent way to accept American Express cards, which is a significant advantage for businesses looking to cater to a broader customer base. While the transaction fee for Amex might be slightly higher than standard debit/credit cards, it's generally a straightforward percentage without hidden charges. By understanding these fees and utilizing SumUp's reporting tools, you can effectively manage your payment processing costs and ensure your business thrives.
10 Related FAQ Questions
How to check my SumUp transaction history?
You can check your SumUp transaction history by logging into your SumUp dashboard on the SumUp website or through the SumUp app. Navigate to the "Sales" or "History" section to view all past transactions.
How to link my bank account to SumUp?
To link your bank account to SumUp, log in to your SumUp dashboard, go to "Settings" or "Profile," and find the "Payouts" or "Bank Account" section. You'll then enter your bank details for payouts.
How to enable American Express payments on SumUp?
American Express payments are typically enabled by default when you set up your SumUp account. You generally don't need to do anything specific; if you have a SumUp card reader, it should accept Amex cards automatically.
How to get a SumUp card reader?
You can purchase a SumUp card reader directly from the official SumUp website. They offer various models like the SumUp Air, Solo, or Plus, depending on your region and needs.
How to contact SumUp customer support?
You can contact SumUp customer support via email, phone, or live chat, typically through the "Support" or "Help" section on their website or within the SumUp app.
How to process a refund with SumUp?
To process a refund with SumUp, go to your transaction history in the SumUp app or dashboard, select the specific transaction you wish to refund, and choose the "Refund" option.
How to track my SumUp payouts?
You can track your SumUp payouts in your online SumUp dashboard or app under the "Payouts" section. This will show you a detailed overview of funds transferred to your bank account.
How to understand my SumUp statement?
Your SumUp statement provides a breakdown of your transactions, fees deducted, and payouts. Access it through your SumUp dashboard, usually under "Sales Reports" or "Payouts," to see detailed reports.
How to reduce SumUp transaction fees?
You can reduce SumUp transaction fees by subscribing to a monthly plan like "SumUp One" if your monthly transaction volume is high enough to offset the subscription cost.
How to accept contactless payments with SumUp?
To accept contactless payments with SumUp, ensure you have a compatible card reader (like SumUp Air, Solo, or Plus) and simply ask your customer to tap their contactless card or smartphone on the reader's display.
