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March 20, 2014updated 04 Apr 2017 4:08pm

Santander UK, iZettle cut down cost of mPOS reader

Santander UK and Sweden-based IZettle have announced that iZettle's Chip & PIN reader will be available for Santander business current account customers for a reduced price of £59 including VAT.

By Verdict Staff

Santander UK and Sweden-based IZettle have announced that iZettle’s Chip & PIN reader will be available for Santander business current account customers for a reduced price of £59 including VAT.

The price drop will also be combined with a 100% cashback offer after users completes their first iZettle transaction. Previously, the reader was retailing at £99.

According to iZettle, the card reader will be compatible with all major credit and debit cards including MasterCard, Visa and American Express. The reader does not involve any set up fees or contracts, and customers pay only when they use iZettle.

iZettle’s service consists of an app and a reader which combine with a user’s smartphone or tablet through Bluetooth, in order to process card payments. The service will also provide free analytics tools to assist small businesses spot sales opportunities and identify loyal customers.

Santander UK managing director of business banking, Robin Foale, said: "We are pleased to be announcing this offer of 100% 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, iZettle received an investment of more than $5m from Banco Santander, the leading financial group in Spain and Latin America.

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