TSB joins forces with Silicon Valley’s Square to bring card payments to business banking customers

By Oliver Smith on Tuesday 3 September 2019

Digital Banking

A strategy for Square to push past rivals iZettle and SumUp.

TSB joins forces with Silicon Valley’s Square to bring card payments to business banking customers
Image source: Jack Dorsey/Twitter.

Square, the card payment processor launched by Twitter CEO Jack Dorsey, has signed a partnership with UK bank TSB to bring its technology to the high street.

TSB will offer Square’s card readers for free to its business account customers, with an additional £1,000 of fee-free sales.

“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,” said Catherine Douglas, TSB’s Business Banking Director.

Square, along with rivals SumUp and iZettle (now a PayPal company), is pitched as a contract-free alternative to the likes of WorldPay.

With a card reader and either a smartphone or tablet businesses can take card payments anywhere.

“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.”

In the UK Square currently sits in third-place, behind iZettle and SumUp, having launched only in 2017 after both its rivals.

According to Square businesses without the ability to take card payments are leaving a potential 25% of their profits on the table.

Sign up for our newsletters

Your daily 7am download of all things alternative finance and fintech.

Fintech and alternative finance headlines with an exclusive Editor's Note each week. Delivered Monday at midday.

AltFi's new weekly US newsletter breaking down the ins and outs of America's burgeoning fintech sector. Delivered Monday 9am EST/ 6am PST.