For an additional 1% added to the card processing fee, Square can transfer transactions to your bank account the same day – this is called ‘Instant Transfers’. SumUp does not yet have an instant payout option.
Keyed-in transactions cost 3.25% + 15¢ with SumUp (payment links, QR code, virtual terminal) and 3.5% + 15¢ through Square (payment links, QR code, virtual terminal, ecommerce). You can also accept email invoices for 2.9% + 30¢ per transaction with Square and 2.9% + 15¢ with SumUp.
Square generously offers free chargeback dispute services and no fee for chargebacks, although you are still required to follow what they consider best practice at the point of payment. SumUp does not have fees for chargebacks either.
Refunding payments is free if done straight away, but beyond that, there are differences. Square allows free refunds up to 120 days after the transaction, so the customer can get the full, partial or itemized amount back and you get the transaction fee refunded. With SumUp, once the transaction has been deposited in your bank account, SumUp will keep the transaction fee – and you can only refund the amount (full or itemized) if there is currently enough balance (outstanding payouts) in your SumUp account.