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.
Online transactions cost 2.9% + 15¢ through SumUp (payment links, QR codes, invoices) and 2.9% + 30¢ through Square (payment links, QR codes, online store, invoices). Accepting keyed transactions through a virtual terminal costs the same through Square and SumUp: 3.5% + 15¢.
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.
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 too. With SumUp, once the transaction has been deposited in your bank account, the transaction fee is retained – and you can only refund the amount (full or itemized) with enough outstanding payouts in your SumUp account.