TSB reveals major partnership to boost SME payment support across UK

TSB and payments provider Square have partnered to make card payments more accessible for TSB’s Business Banking customers across the country.

The collaboration could equip TSB’s small business owners with access to credit and debit card processing as well as free Square point-of-sale software to help them start and grow their businesses.

The bank’s business banking customers will get a free Square Reader for in-person payments.

Square’s technology is set to enable TSB’s SME customers, that process payments with Square, to track performance with real-time analytics, set up and manage their inventory and send digital receipts and issue refunds.

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.”

According to Square, three million SMEs in the UK are not yet equipped to take card payments and could be missing out on sales as a result. Businesses that start accepting card payments have seen their profits increase on average by up to 25 per cent.

Stuart Bates, co-founder of Bespoke Trade Frames Ltd 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.

He commented: “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.”