Payment provider Square has struck a deal with EE to help small businesses process contactless mobile payments much more easily. The new arrangement will allow new small business customers with EE to make use of a free Square Reader device, which enables processing of payments over the phone, online and in person too.
As an added incentive, business customers will get fee-free processing for their first £1,000 worth of card transactions. The practical appeal is that customers can also enjoy touch-free payments, making the service a perfect solution for avoiding the use of cash during the ongoing coronavirus crisis.
Square has carried out research that shows fewer than one in four payments are now made using conventional cash. That’s around half what it was prior to the emergence of Covid-19. With businesses and customers alike looking for alternatives to handling notes and coins this latest contactless payment option looks like it will be popular.
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Pete Oliver, MD, SME, BT’s Enterprise business, said: “We’ve seen how the Covid-19 pandemic has driven businesses of all shapes and sizes to embrace more digital tools, whether that’s remote working, engaging customers online or moving to cashless payments.
As the trend towards cashless payments continue to skyrocket, our EE small business customers can now not only benefit from the best connectivity with the UK’s no.1 network, but also have access to Square’s leading digital payment tools to help improve cash flow; arguably more critical today than ever before.”
Square Online
It’s not just about the convenience of mobile payment processing though. Square allows small business owners to create their own online store using Square Online. Square also underlines its competitive rates, with business owners only having to pay when a payment is processed.
Currently it's 1.75% for all in-person transactions including Visa, Mastercard and American Express, 2.5% for keyed in and online transactions. In addition, there are no hidden fees, you don't have to commit long-term and Square aims to process transactions so your business gets paid the next day.
“During these challenging times SMEs need accessible and affordable tools,” said Pankaj Bengani, Global Partnerships Lead at Square. “Partnering with EE means we can help more SMEs accept card payments with ease and simplicity. It’s essential businesses are equipped to sell wherever their customers are, and with Square, EE customers will be able to do this in-person and online.”
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