Streamline Payments with NatWest POS: A Smart Solution for Businesses

In today’s fast-paced UK economy, the ability to accept payments quickly, securely, and efficiently is paramount for business success. NatWest Tap to Pay offers a convenient solution for businesses to accept contactless payments via smartphones. Customers expect seamless transactions, whether they’re tapping a card, using their phone, or inserting a chip. For businesses seeking robust and modern payment solutions, NatWest’s Point of Sale (POS) offering, known as Tyl by NatWest, presents a compelling option designed to simplify the payment process.

Introduction to Payment Processing

Payment processing is a crucial aspect of any business, enabling companies to accept payments from customers securely and efficiently. At Tyl by NatWest, we offer a range of payment solutions, including card machines, online payments, and phone payments, to help businesses streamline their payment processes. Our payment processing services are designed to meet the needs of businesses of all sizes, from small startups to large enterprises. With our services, businesses can accept credit and debit card payments, contactless payments, and other payment methods, making it easy for customers to pay for goods and services. Our payment processing solutions are backed by our expertise and commitment to security and compliance, ensuring that businesses can trust us to handle their payment needs.

What is Tyl by NatWest?

Tyl by NatWest is more than just a card machine; it’s a comprehensive payment service tailored for UK businesses. New Tyl by NatWest offers special promotions like waiving card machine hire fees for the first six months for new customers who meet specific payment thresholds. It enables merchants to accept a wide range of payment types, including crucial methods like credit card payments, debit card payments, and the ever-popular contactless payments. This includes facilitating tap to pay functionality via contactless cards and mobile wallets (phone payments) through services often integrated with platforms like Google Services. The payment processing app is compatible with devices like the iPhone XS, which supports iOS 16.4 or later, enabling fast and reliable transactions without additional hardware.

For many businesses, particularly those transitioning from an existing provider or setting up payment acceptance for the first time, Tyl by NatWest aims to provide a straightforward and integrated experience, especially beneficial for existing NatWest customers.

Key Features and Benefits

Tyl by NatWest comes packed with features designed to help UK businesses thrive:

1. Versatile Payment Acceptance: Tyl allows businesses to cater to customer preferences by accepting major card types and contactless methods. This flexibility is crucial in minimizing lost sales due to payment limitations.
2. Range of Devices: Businesses can choose from various card machine options, including countertop, portable, and mobile solutions, depending on their operational needs. Some options even integrate directly with smartphones. Some card machines are Wi-Fi ready, ensuring reliable payment processing.
3. Next-Day Settlement: Typically, funds processed through Tyl can arrive in your linked bank account the next business day, improving cash flow management – a significant advantage for many SMEs.
4. Online Portal & Reporting: Tyl provides access to an online portal offering valuable insights into transaction history and business performance, aiding in financial tracking and decision-making. App downloads may also be available for management on the go.
5. Potential Savings: Businesses switching from various providers might find Tyl offers competitive rates. NatWest often highlights potential average savings, although actual figures depend on individual circumstances and the estimated annual payment value processed. Additionally, Tyl offers a personalised quote for tailored pricing based on specific business needs.

Payment Methods

We offer a variety of payment methods to suit different business needs. Our card machines, such as the Portable card machine, allow businesses to take payments on the move, while our online payment solutions enable businesses to take card payments on their website. We also offer phone payments, allowing businesses to take card payments securely over the phone. Additionally, our Tap to Pay solution enables businesses to take contactless payments using their iPhone or Android phone, with no extra hardware required. Our payment methods are designed to be secure, reliable, and easy to use, ensuring that businesses can focus on what they do best – serving their customers. We support various payment methods, including credit card payments, debit card payments, and contactless payments, making it easy for customers to pay for goods and services.

Understanding the Costs: Fees Apply

When considering any payment provider, transparency regarding costs is essential. With Tyl by NatWest, several potential charges need consideration, as fees apply:

• Transaction Fees: These are typically charged as a percentage of each transaction value and/or a fixed fee per transaction. Rates can vary based on card type (debit vs. credit) and your business’s specific profile, including the estimated annual payment volume.
• Hire Fees: Businesses usually rent their card machine. Expect monthly hire charges, often detailed as hire fees per device. Some contracts might specify minimum terms, such as a minimum 12 month contract for certain promotional offers. After the promotional period, standard hire fees per device will apply. Standard hire fees per device should be clearly outlined.
• PCI Fees: Payment Card Industry Data Security Standard (PCI DSS) compliance is mandatory for businesses handling card data. PCI fees cover the cost associated with maintaining this compliance, either through Tyl’s assistance or self-attestation support.
• Early Cancellation Fees: If you sign a contract for a fixed term and decide to leave before it ends, early cancellation fees may apply. These exit fees can be significant, so understanding the contract length and associated penalties is crucial. Be aware that early cancellation fees are common across the industry.
• Additional Fees: Be aware of potential additional fees for things like chargebacks, minimum monthly service charges if transaction volumes are low, or specific reporting features. Limits apply to certain services or transaction types. Remember that fees may apply eligibility criteria could influence final costs.

Eligibility and Getting Started

To use Tyl by NatWest, businesses must meet certain eligibility criteria. The specific Tyl eligibility criteria often involve factors like business type, trading history, and the annual payment value provided during application. Both existing NatWest customers who take up the service and new customers need to apply.

Certain contactless cards may not be accepted during transactions, so it is important to check compatibility with your payment methods.

The application process usually involves completing an online form via a secure webpage, providing business details, and potentially undergoing credit checks. It’s important to review all terms carefully – note that criteria and fees apply, and eligibility criteria and fees apply should be thoroughly understood before committing. You’ll need a business bank account to receive settlements. It’s wise to check the eligibility criteria and fees upfront.

Security and Compliance

Security and compliance are top priorities at Tyl by NatWest. We understand the importance of protecting sensitive customer data and ensuring that our payment processing services meet the highest standards of security and compliance. Our payment processing solutions are designed to meet the requirements of the Payment Card Industry Data Security Standard (PCI DSS) and the General Data Protection Regulation (GDPR), ensuring that businesses can trust us to handle their payment needs securely. We also offer additional security features, such as tokenization and encryption, to protect customer data and prevent unauthorized access. Our security and compliance measures are regularly reviewed and updated to ensure that we stay ahead of emerging threats and maintain the trust of our customers.

Customer Support

At Tyl by NatWest, we are committed to providing excellent customer support to our businesses. Our dedicated customer support team is available to help with any questions or issues that may arise, ensuring that businesses can get the help they need quickly and efficiently. We offer a range of support channels, including phone, email, and online chat, making it easy for businesses to get in touch with us. Our customer support team is trained to handle a range of topics, from payment processing and security to technical issues and account management. We are proud of our 4.7/5 Trust Pilot score, which reflects our commitment to providing excellent customer support and service.

Important Considerations: Data Usage and Promotions

Modern card machines often require connectivity. Consider potential data usage costs, especially for mobile terminals relying on a cellular network. Your network operator might charge for this data, or it could be part of your Tyl package. Check if you need to apply for data usage separately or if it’s included. This relates to potential data usage or app costs, including any necessary usage or app downloads. Be mindful that you may apply for data usage charges depending on your plan.

NatWest frequently runs promotions for Tyl. For instance, an offer might be promotion valid from 1st February. Such offers often have a specific promotion value, like waived standard hire fees for a period. However, read the small print carefully. The promotion valid period will be defined (e.g., “promotion valid from 1st [Month]”). For example, a promotional offer is valid from February 2025 to 31st. Certain conditions apply during the first year of service. Introductory offers may provide additional incentives for new customers. The value should the customer meet specific payment thresholds to qualify for promotional benefits. Conditions often state that if you leave early, you may need to reclaim the promotion value (i.e., pay back the discount).

Is Tyl by NatWest Right for Your Business?

Tyl by NatWest offers a modern, potentially cost-effective way for UK businesses to handle card payments. Its integration possibilities, focus on contactless payments, and support from a major banking institution make it a strong contender in the payment solutions market, especially attractive to Tyl by NatWest customers. The NatWest POS system facilitates efficient pay operations. Additionally, card machine hire options are available for businesses looking to scale. The new Tyl promotional offer is designed to attract new customers by waiving card machine hire fees for the first six months.

However, businesses must conduct due diligence. Compare the total cost, including transaction fees, hire fees, PCI fees, and potential exit fees/early cancellation fees may apply scenarios, against your estimated annual payment value. Carefully review the Tyl eligibility criteria and understand that may apply eligibility criteria exist. For existing NatWest customers, the seamless integration might be a key draw, but always compare it against other various providers to ensure it’s the smartest financial choice for streamlining your payments. Investigating Tyl by NatWest could be the first step towards a more efficient payment system for your enterprise.