Metro Bank has announced the launch of its 'walk out trading' service, which allows businesses to accept debit and credit card payments as soon as they open their account.
The service is available on a pay-as-you go basis, with a £99 upfront cost or a £6.50 monthly rental fee for the terminal, plus transactions charged at a flat rate of 1.75% and no fixed term contracts.
As part of the service, Metro will provide a free online management portal, which allows customers to manage their accounts, access additional payment channels, process refunds and reconcile accounts.
The programme will undergo a phased roll-out across 10 stores before an expected launch to the whole store network by the end of 2018.
Metro Bank has teamed up with longstanding payments partner acceptcards to launch the programme.
Business current accounts can be set-up on-the-spot in store without an appointment, with customers receiving their card and PIN, as well as being registered for internet and mobile banking then and there and can now also benefit from a ready-to-go merchant services solution.
Craig Donaldson, CEO at Metro Bank (pictured above), said: “We're already winning 17% 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.
“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.
“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.”
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