Santander UK and mobile payment company iZettle have announced a UK partnership agreement aimed at self‑employed professionals and small businesses.
Santander Business Banking is offering its small business customers a mobile payment package that includes iZettle’s Chip & PIN reader, which can be used with Apple and Android devices. It enables these businesses to accept card payments using their smartphones and tablets instead of investing in conventional card terminals.
The announcement follows new research from iZettle and Santander UK that showed 39% UK shoppers avoided small businesses that didn’t accept payment by card or required a minimum card payment amount. It also revealed that 78% of UK adults carry less cash than five years ago, with the average person now carrying just £20-£30 in cash.
Steve Pateman, Head of UK Banking at Santander, said “The British economy is built on the success of its millions of small businesses. These business owners know that their success relies on being able to give their customers what they want. Our research shows that consumers want payment barriers removed, and business owners want a flexible and innovative solution to this problem. At Santander, we are constantly searching for innovative solutions that add value to our customers every day needs, which is why we are pleased to be announcing our partnership with iZettle, an innovative small business in itself. This collaboration will enable us to offer our business customers a low cost solution that will help make payment processing easier and ultimately help their business to flourish and grow.”
The iZettle Chip & PIN reader costs £99+VAT and can either be connected via Bluetooth or plugged into a smartphone or tablet. Santander Business Banking customers will receive £50 cashback following their first iZettle transaction if the device is linked to a Santander Business Banking Account. iZettle merchants just pay 2.75% of each transaction amount and can take payments from Visa, MasterCard, Maestro, Visa Electron and V Pay cards.
Banco Santander, the parent of Santander UK, has also announced a strategic investment of more than €5 million in iZettle.