The Bank of Queensland (BOQ) is aiming to attract new small business customers by offering them a free Square Reader.
Customers - whether they are consumers or other small businesses - increasingly want the option of paying their suppliers by card. Furthermore, the mobile nature of many small businesses such as tradies, food trucks and market stallholders calls for mobile payments.
As previously reported the Square Contactless + Chip Reader is a simple way of accepting debit and credit card payments. It avoids the need for a merchant account, as Square handles the transaction and deposits the proceeds into a nominated bank account after taking a 1.9% fee.
BOQ and Square's offer to new small business customers that sign up for business banking services means there is no charge for the device (usually $59) or for the first $1000 of transactions (usually $19) processed in the first 180 days.
But it's not really the $78 that's important. As BOQ general manager for SME banking Greg Pink put it, "At BOQ we have a unique understanding of small business, with many of our branches run by small business owners.
"First and foremost, we're a relationship bank and we're focused on developing long lasting relationships with our customers to help them with all aspects of their business banking needs.
"Partnering with Square means we can offer a simple and more affordable card payment option to our small business customers, helping them to get up and running faster."
Square Australia country manager Ben Pfisterer (pictured) said "It's great to see the bank embracing Square's technology to add more value to its small business offering.
"Square's mobile point-of-sale technology provides small business owners with unparalleled flexibility and simplicity, while significantly reducing the cost and time it takes them to set up."