TSB and payments provider Square have announced a partnership to make card payments more accessible for TSB’s Business Banking customers across the country.
The collaboration will equip TSB’s small business owners with fast, affordable and easy access to credit and debit card processing and free Square point of sale software to help them start, run and grow their businesses. The bank’s business banking customers will get a free Square Reader for in-person payments, and benefit from no processing fees on their first £1,000 worth of sales using Square.
Square’s technology will enable TSB’s SME customers, that process payments with Square, to track performance with real-time analytics, set-up and manage inventory as well as send digital receipts and issue refunds, all free.
Research by Square shows that a staggering three million SMEs in the UK are still not yet equipped to take card payments and could be missing out on valuable sales. Businesses that start accepting card payments have seen their profits increase on average by up to 25% – a significant figure for any operation, but particularly so for those who are working to establish a business from scratch.
a staggering three million SMEs in the UK are still not yet equipped to take card payments
“We are excited to work with TSB and connect with the small and medium-sized businesses in their network,” Alyssa Henry, Seller Lead at Square, said: “This partnership will allow us to provide those businesses with access to the credit and debit card economy, often for the first time, so that they can accept any way their customers want to pay.”
Catherine Douglas, TSB’s Business Banking Director said, “We know that managing finances is often one of the key challenges for our business customers. Our partnership with Square means that our customers can manage their finances more easily and better serve their own customers.”
Stuart Bates, co-founder of Bespoke Trade Frames Ltd based in the West Midlands, has been using the TSB and Square tools and services as part of an early access program to get his business started. “TSB offered 18 months free business banking which helped reduce costs and get the business started. We then needed a simple way to accept payments and track sales. Through TSB, we were able to sign up to Square which was quick and easy and now we’re able to accept all major cards and get paid next business day.”
This collaboration is part of TSB’s wider business banking strategy which looks to help small businesses boost their productivity and help them start, run and grow their business. Earlier this year, TSB announced an extension to its drop-in advice clinics at 25 branches to deliver face-to-face advice and support for its business customers, in partnership with Enterprise Nation.