Metro Bank in shout out for “walk out trading” service
In an “industry-first”, UK-based Metro Bank has launched its “walk out trading” service. Powered by its long-standing payments partner Acceptcards, it will allow businesses to accept debit and credit card payments as soon as they open their account.
Conscious of the insanely rapid pace of life, the bank says with the length of time it takes to get up and running being a critical factor in determining “how successful” a new business will be, its trading business customers will be able to accept and process card payments “in a matter of hours”.
Business current accounts can be set-up on-the-spot in store without an appointment, with customers receiving their card and PIN, and being registered for internet and mobile banking. Metro says businesses can start accepting card transactions as soon as they leave the store.
Existing customers can also choose to add the service to their business account at a time convenient to them.
The bank has begun a phased roll-out of the programme across ten of its stores and expects to offer the service across its entire store network by the end of the year.
Craig Donaldson, CEO at Metro Bank, says: “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.”
The solution offers face-to-face payments through a contactless-enabled chip and PIN reader, which connects to an app on a smartphone or tablet, and telephone and online payments.
The service is available on a pay-as-you go basis, with transactions charged at a flat rate of 1.75%, along with either a £99 upfront cost or £6.50 monthly rental fee for the terminal. There are no fixed term contracts.
A free online management portal is provided as part of the solution, which allows customers to manage their accounts, access additional payment channels, process refunds, reconcile accounts and access a single view of all their payment activity across all channels.