New Metro Bank service promises to get business owners trading within hours
Metro Bank is hoping to lure more small business owners
High street banking challenger Metro Bank has announced a new “walk out trading” service that will allow business owners to accept payments as soon as an account is opened.
The bank hopes the “industry-first” offering will encourage more small business owners to switch to a Metro Bank business account.
Business accounts can already be opened in Metro Bank branches without an appointment, and entrepreneurs signing up can now leave the bank with fully-functioning payment terminal that will let them make sales within hours.
The service is delivered in partnership with payment gateway Acceptcards and provides customers with a chip and PIN reader, which connects directly to an app, to take contactless as well as telephone and online payments. Business owners will be charged a 1.75 per cent flat rate and pay either a £99 fee or a £6.50 monthly rental for the terminal.
Existing customers are also invited to sign up to the service.
Metro Bank claimed the pay-as-you-go arrangement, with a free online management portal to process refunds and access activity history, will suit the requirements of business owners starting out.
Commenting on the new offering, Craig Donaldson, CEO at Metro Bank said: “We’re already winning 17 per cent of business banking switchers across London by offering products and services designed around their needs. Our ‘walk out trading’ service is adding yet another element to our growing armoury of business banking services.
By helping entrepreneurs get up and running instantly, Donaldson claimed the service would tackle a common challenge for young businesses.
“Business owners are time-pressured enough and often have ever-growing to do lists. We don’t want them to be held back by anything, but the limits of their ambition,” he added.
“By joining forces with acceptcards®, we’re making things even more convenient and streamlined for our customers, meaning they can get up, running and trading in a matter of hours, rather than days – if not weeks.”
Meanwhile, Acceptcard CEO Richard Bradley said the in-store proposition would enable small business owners to meet the payment expectations of customers.
“Having worked with Metro Bank for some time now, we knew that a highly convenient, in-store payment solution would sit perfectly with their revolutionary approach to serving business customers.
“The popularity of card payments continues to rise, with new payment methods and technologies emerging all the time.”
The first phase of the roll-out will see the service introduced in ten Metro Bank branches, across London (Liverpool Street, Tottenham Court Road, Holborn) as well as Brighton, Romford, Harrow, St. Albans, Milton Keynes Midsummer, Kingston and Basingstoke. It plans to have its entire UK network offering the service by the end of 2018.
The service sees the bank strengthen its offering to entrepreneurs, after it recently announced a £1bn net lending pledge to support small enterprises, alongside 100 new roles to serve the needs of its business customers.
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