TSB and Square have partnered to make card payments more accessible for business banking customers.

The collaboration with the San Francisco-based payments provider, founded by Twitter boss Jack Dorsey, will equip TSB’s small business owners with fast-track access to credit and debit card processing and point of sale software to help them start, run and grow their businesses.

Business banking customers will get a free Square electronic reader for in-person payments, and will not be charged processing fees on their first £1,000 worth of sales.

Square’s technology will enable TSB’s small business 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 free of charge.

Research by Square shows that three million small businesses in the UK are still not yet equipped to take card payments, but those that start accepting card payments saw their profits increase on average by up to 25 per cent.

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.”

Alyssa Henry, seller lead at Square, said: “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.”

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