UK banking group NatWest announced on Friday it is continuing to offer support SME customers by waiving monthly hire fees for Point-of-Sale terminals from its payments product Tyl until the end of 2020 in response to the COVID-19 pandemic. NatWest also revealed that is providing next-day settlement to users of Tyl, helping with cash flow during this difficult period for small businesses.
According to NatWest, Tyl allows small businesses to accept chip and PIN, contactless and telephony payments either in-store or off-premises using a mobile terminal. The options notably offer added flexibility and choice, during a period where many businesses are adapting to telephone orders and delivery in reaction to the COVID-19 prevention measures and keep customers and staff safe through payment with minimal contact. Explaining the waiving process, Andrew Harrison, Head of Business Banking at NatWest, stated:
“We know SMEs want to minimise their overheads, increase their cashflow, and have flexibility in how they operate at this challenging time. This is why we’re waiving monthly hire fees for our Tyl terminals, and enabling as many of our customers as possible to be able to take card payments and benefit from next business day settlement.”
Tyl is available to NatWest’s SME customers in England, Wales and Northern Ireland.