03 July 2015

Santander and iZettle slash mPOS reader cost

19 March 2014  |  2958 views  |  0 Source: iZettle

IZettle and Santander UK announced today that iZettle's Chip & PIN reader will be offered to Santander business current account customers for £59 inc VAT (previously retailing at £99).

The price drop will also be combined with a 100 per cent cashback offer after a user completes their first iZettle transaction.

iZettle, launched in the UK in 2012, is a popular choice for small businesses and sole traders who demand fast, secure and hassle free card payments. iZettle's service consists of an app and a reader which combine with a user's smartphone or tablet via Bluetooth to process card payments. It also provides free analytics tools to help small businesses spot sales opportunities and identify loyal customers.

"The British economy is built on the success of its millions of small businesses and at Santander we are constantly searching for innovative solutions that add value to our customers' everyday needs," said Robin Foale, Managing Director of Business Banking at Santander UK. "We are therefore pleased to be announcing this offer of 100 per cent cashback to Santander Business Banking customers, following their first iZettle transaction. This offer enables us to give our business customers an even lower cost solution that will help make payment processing easier and ultimately help their business to flourish and grow."

In 2013 Banco Santander, the largest financial group in Spain and Latin America, invested more than $5 million into iZettle.

"Mobile payments have revolutionised the payments industry," said iZettle's UK MD Jens Munch. "They have allowed SMEs of all sizes to access tools for minimal cost that were previously only available to large companies. We are thrilled to be able to partner with forward thinking banks like Santander who recognise the significance and importance of empowering SMEs who, after all, are the lifeblood of our economy."

iZettle's card reader is compatible with all major credit and debit cards including MasterCard, Visa and American Express. There are no set up fees or contracts. Customers pay only when they use iZettle. Transaction fees start at 2.75% and reduce to 1.5% forr those with a high sales volume. iZettle is currently live in nine markets across Europe and South America. 

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