TSB and Square Launch Partnerships to Boost Payments for SMEs

Sep 02, 2019
  • Business banking customers receive free reader and no fees on first £1,000 of sales
  • Three million UK SMEs are not yet equipped to take card payments, could be missing out on up to 25% uplift in profits.(1)

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

The collaboration will equip TSB’s small business owners with fast, affordable and easy access to credit and debit card processing and free Square point of sale software to help them start, run and grow their businesses. The bank’s business banking customers will get a free Square Reader for in-person payments, and benefit from no processing fees on their first £1,000 worth of sales using Square.

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

Research by Square shows that a staggering three million SMEs in the UK are still not yet equipped to take card payments(2) and could be missing out on valuable sales. Businesses that start accepting card payments have seen their profits increase on average by up to 25% – a significant figure for any operation, but particularly so for those who are working to establish a business from scratch.(1)

“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. “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.”

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 that our customers can manage their finances more easily and better serve their own customers.”

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. “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 collaboration is part of TSB’s wider business banking strategy which looks to help small businesses boost their productivity and help them start, run and grow their business. Earlier this year, TSB announced an extension to its drop-in advice clinics at 25 branches to deliver face-to-face advice and support for its business customers, in partnership with Enterprise Nation.


*Limited time offer valid only for new Square customers and is not transferable. Under the offer, processing fees on the first £1,000 of card transactions will be temporarily applied but these will be reimbursed before each deposit so that there are no charges. Details of the £1,000 worth of free payment processing will be trackable in your Deposit Summary. Offer is not transferable or redeemable for cash. After the first 180 days standard processing rates apply. Square reserves the right to revoke or modify this offer at any time. TSB receive commission when you start using your Square account and you have finished your fee-free £1,000 of sales.

Notes to Editors

TSB has partnered with Enterprise Nation to give its business banking customers a year’s free membership and access to a host of business advice and support, particularly around digital. Through the partnership business customers will be able to meet with digital advisors face-to-face in 25 branches across the country. The partnership also supports the Next Generation of entrepreneurs, by hosting ‘Start Something’ workshops by giving guidance to young people on how they can start their own business, which combined with online resources will train 10,000 young people alone.

Square, Inc. (NYSE: SQ) revolutionised payments in 2009 with Square Reader, making it possible for anyone to accept card payments using a smartphone or a tablet computer. Today, Square provides tools that empower businesses and individuals to participate in the economy. This cohesive ecosystem of managed payments, hardware, point-of-sale software, and other business services helps sellers manage inventory, locations, and employees; and grow sales. With Weebly, sellers can build a website or online store and with Cash App, individuals can send money. Square is headquartered in San Francisco, with offices in the United States, Canada, Japan, Australia, Ireland, and the UK.

Media contact:

TSB Media Contacts:
Gabrielle O’Gara, Senior Media Relations Manager
07818 240 343 | Gabrielle.ogara@tsb.co.uk

(1)Square’s ‘Cost of Cash’ survey commissioned a nationally representative survey of 1,000 small business owners in the UK, conducted by Censuswide September 2018
(2)Square’s ‘Cost of Confidence’ survey commissioned at nationally representative survey of 1,000 small business owners in the UK, conducted by Censuswide May 2019