UK-based TSB Bank and payments innovator Square have announced a collaboration targeting TSB’s business banking customers across the country.
One of the main motivators is the ability to capture untapped revenue. Research by Square reveals (shockingly) that three million SMEs in the UK are still underserved as they are not currently equipped to take credit cards. And not only is this a potential profit increase for both brands to serve this market segment, the same study also reveals businesses that begin accepting card payments have seen a profit increase of up to 25% (on average).
So, it’s a win for both parties, according to the press release.
“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, in the same release. “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.”
As part of the partnership, TSB small business owners will be offered promotional rates along with a free Square POS terminal, while business banking customers will receive a free Square card reader for in-person payments – as well as no processing fees on qualifying transactions.
“We know that managing finances is often one of the key challenges for our business customers,” said TSB’s Business Banking Director Catherine Douglas via the same release. “Our partnership with Square means that our customers can manage their finances more easily and better serve their own customers.”