TSB and Square launch SME payment partnership
TSB and tech-based payments provider Square have announced a partnership designed to make card payments more accessible for TSB’s Business Banking customers.
The collaboration will equip TSB’s small business owners with credit and debit card processing and free Square point of sale software.
Square is owned by Twitter founder Jack Dorsey and launch in the UK in 2017.
The partnership will give business banking customers a free Square Reader handset 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 the TSB’s SME customers that process payments with Square to track performance with analytics, set-up and manage inventory as well as send digital receipts and issue refunds. .
Square said that its recent ‘Cost of Confidence’ survey suggests businesses which start accepting card payments have seen their profits increase on average by up to 25 per cent
“We are excited to work with TSB and connect with the small and medium-sized businesses in their network,” said Alyssa Henry, seller lead at Square.
“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.”
Stuart Bates, co-founder of Bespoke Trade Frames, 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,” he said.
“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."