TSB and payments provider Square have today announced a partnership to make card payments more accessible for TSB’s Business Banking customers across the country.
The collaboration aims to bolster payment options for SMEs, and 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.
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.**
Alyssa Henry, Seller Lead at Square said: “We are excited to work with TSB and connect with the small and medium-sized businesses in their network.
“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 added: “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.”
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.