TSB and Square partner to boost payments for SMEs
British retail bank TSB and payments provider Square have partnered to make card payments more accessible for TSB’s Business Banking customers across the UK.
Square’s technology will enable small business owners who are using TSB and processing payments with Square to track their performances for free, using a suite of real-time analytics, managed inventories and digital receipt or refund tools.
All TSB business banking customers will be sent a free Square Reader for in-person payments and benefit from zero processing fees on the first £1,000 of sales they process using Square.
“We are excited to work with TSB and connect with the small and medium-sized businesses in their network,” says Square Seller Lead, Alyssa Henry. “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.”
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. The partnership also offers a year’s free membership and includes the ‘Start Something’ workshops which offer advice to young entrepreneurs.
Currently three million UK SMEs are still not equipped to take card payments, meaning they could be missing out on as much as 25% uplift in profits, according to Square’s ‘Cost of Cash’ survey of 1,000 SMEs last year.