NatWest has announced further support for SME customers, involving its Tyl POS terminals.

The bank will waive hire fees for its Tyl product for the remainder of 2020, which will reduce costs for small and medium sized businesses to take card payments.

NatWest’s Tyl product offers safe, reliable payments for businesses and customers including, vitally at this time, contactless and telephony. Many businesses are adapting to telephone orders and delivery, while contactless payments are being encouraged in those brick and mortar shops that remain open.  NatWest says the various payment options will help “keep customers and staff safe through payment with minimal contact”.

Tyl also offers next day settlement, which is instrumental at a challenging time when many small businesses will be struggling with their cashflow. Businesses who sign up for Tyl can also expect to receive their terminal and be up and running within 24 hours.

Andrew Harrison, Head of Business Banking, said: “We know SMEs want to minimise their overheads, increase their cashflow, and have flexibility in how they operate at this challenging time.”

This is the latest in a number of moves by the bank to support small businesses during the Covid-19 pandemic. NatWest has also launched a £5bn fund of Working Capital support for UK businesses, and is taking part in the Coronavirus Business Interruption Loan Scheme led by the British Business Bank.