A press release Monday (Sept. 2) said TSB small business owners will be offered Square POS software and a free Square Reader to be able to begin accepting payments and launch their businesses. Together, TSB and Square will also provide those small businesses with analytics based on bank and POS data for performance tracking, while they will also be connected to inventory management solutions, and the ability to issue digital receipts and refunds.
Small business customers of TSB that use Square to process payment will not be charged processing fees on the first £1,000 in sales made using Square, the companies noted.
“We are excited to work with TSB and connect with the small and medium-sized businesses in their network,” said Alyssa Henry, Square’s head of seller and developer business units, in a statement. “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 announcement coincided with the release of new Square research that revealed 3 million small- and medium-sized businesses in the U.K. are unable to accept card payments. According to Square, card acceptance translates to an average profit increase of 25 percent, which is particularly impactful for entrepreneurs looking to begin a business from scratch.
In another statement, TSB Business Banking director Catherine Douglas pointed to small businesses’ financial management challenges as a factor behind the bank’s decision to collaborate with Square.
“We know that managing finances is often one of the key challenges for our business customers,” she stated. “Our partnership with Square means that our customers can manage their finances more easily and better serve their own customers.”
The bank added that working with Square is part of TSB Business Banking’s broader strategy to enhance small business services. Earlier this year, TSB announced plans to expand its advisory services to connect small business clients with in-person experts, a collaboration with Enterprise Nation.
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