TSB and Square team up to make card payments more accessible for SMEs
Category: #business |   By Hrishikesh Kadam |   Date: 2019-09-03  | 
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TSB and Square team up to make card payments more accessible for SMEs

Digital banking has exploded in the past decade, and an increasing number of emerging businesses are embracing online banking as an alternative method to conduct financial transactions. Leading financial organizations worldwide are collaborating to make digital banking services more accessible to small and medium enterprises (SMEs).

Edinburgh-headquartered commercial banking services provider TSB Bank has recently partnered with Square Inc., a mobile payment company based in San Francisco, California, to bring card payments to TSB’s business banking clients across Europe.

A research by Square has revealed that nearly three million SMEs in the UK are still not equipped to process card payments. Businesses that start accepting card payments have witnessed an average upsurge of up to 25% in their profits, which is a significant figure, especially for emerging businesses.

How do SMEs benefit?

Reportedly, the partnership will offer TSB’s small business owners fast, affordable and easy access to debit and credit card processing along with access to Square Point of Sales software to help them start, manage and expand their businesses.

Sources familiar with the matter informed that TSB’s business banking clients will also receive free Square Reader to facilitate in-person payments, and no processing fees will be charged for their first £1,000 worth of sales processed using Square.

Square will apparently enable the bank’s SME clients to monitor performance with real-time analytics, send digital receipts and issue refunds as well as set-up and manage inventory, all free.

Tackling challenges in enterprise banking

Alyssa Henry, Seller Lead at Square, said that the team looks forward to working with TSB to connect with SMEs and provide them access to credit and debit card economy to better serve customers.

Managing finances is one of the major challenges that businesses face and the partnership with Square will undeniably help business banking customers efficiently manage their financial operations, TSB’s Business Banking Director, Catherine Douglas mentioned.

In June, TSB in partnership with Enterprise Nation had launched business advice clinics for face-to-face support and advice to London’s SMEs. The bank now plans to extend its advice clinic services further and help clients boost their business capabilities.

 

Source credit: https://www.finextra.com/pressarticle/79638/tsb-and-square-announce-payments-partnership

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About Author

Hrishikesh Kadam    

Hrishikesh Kadam

A graduate in electronics and telecommunication engineering, Hrishikesh Kadam has always found writing fascinating. Driven by a never-ending passion for content creation combined with a bit of experience in writing personal blogs, Hrishikesh blends his technical knowl...

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