Source: Royal Bank of Scotland
Royal Bank of Scotland has announced the launch of a new, innovative payments service in Scotland. ‘Tyl’ is designed to make it easier for small business customers across the country to receive payments and manage cash flow during COVID-19 and beyond.
Tyl is a point-of-sale card payments solution that enables small businesses to accept Chip & PIN, contactless and telephony payments either in-store, over the phone or online using a mobile terminal. The launch to Scottish customers is part of a strategic rollout across the UK with the Tyl team having worked collaboratively with UK based SME customers to design and deliver a new proposition suited to their needs.
Tyl provides next-day settlement for users, ensuring money is in their bank account the next business day, which has been a crucial factor in assisting businesses with cash flow during the coronavirus pandemic. Tyl has helped SMEs adopt social distancing guidelines efficiently by helping them adapt their business from in-store to online or collection models, a reaction to increasing consumer preferences for contactless or remote payment methods. Tyl has also gone further in its commitment to supporting small business during coronavirus by waiving terminal and 3G fees for Tyl customers until the end of 2020.
Tyl aims to have terminals with customers within 24 hours of ordering and provides straightforward customer on-boarding and simple pricing. Tyl will also provide smart data-led insights to help its customers make informed business decisions. Scottish customers will have access to a sophisticated card acquiring capability (in-store and online), as well as tools to help them manage and grow their business.
Malcolm Buchanan, Scotland Board Chair, said: “With COVID-19 driving a significant shift in the economic landscape, we recognise our role in helping to support businesses and we are proud to launch Tyl to our Scottish customers.
“Tyl is the latest development in our portfolio of new and innovative customer focused services as we seek to maintain our commitment to developing new technologies that enable our business customers to meet the daily challenges they face, whilst also helping to build resilience and provide opportunities for growth.”
Mike Elliff, CEO, Tyl said: “Tyl is an innovative new payment service for our customers in Scotland. We hope that our easy onboarding process, next day settlement, straightforward pricing and the fact that we are supported by a large, trusted bank will help our customers to increase their use of card and contactless payments during this difficult time, when business are having to adapt to a world of social distancing and remote shopping.
“Community is a core part of Tyl’s approach and in addition to offering all our customers support through free terminals for the rest of 2020, we donate to charity for every single transaction we make for our customers.”