UK-based bank TSB has launched a partnership with payments provider Square to make card payments more accessible for businesses.
The firms hope the collaboration will provide fast, affordable and easy access to credit and debit card processing for small business owners. It will also give owners free Square point of sales software to help them start and expand their businesses.
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.”
The partnership is in response to research highlighting that three million UK businesses are not equipped to take card payments. Square’s research also shows businesses that started accepting card payments had a profit increase by, on average, 25%.
Square’s technology allows SME customers to process payments, track performance with real-time analytics, as well as set-up and manage inventory. It also lets them send receipts and issue refunds.
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 our customers can manage their finances more easily and better serve their own customers.”
What do SMEs think?
Stuart Bates, co-founder of Bespoke Trade Frames Ltd, has had early access to the new TSB and Square tools.
He said: “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 alliance is part of TSB’s wider business strategy which looks to help SMEs boost productivity and expand their business.
Earlier this year, TSB partnered with Enterprise Nation to offer drop-in clinics and face-to-face advice for its customers.