Royal Bank of Scotland (RBS) has launched a new payment tool for SMEs in Scotland to encourage digital transactions.
The move comes as customers increasingly switch to cashless transactions amid Covid-19 crisis.
The tool, called Tyl, will allow small businesses to accept Chip & PIN, contactless and telephony payments. The system also enables customer payments over the phone or online using a mobile terminal.
Additionally, Tyl provides next-day settlement ensuring cash flow for the businesses amid the pandemic.
In a bid to support the SMEs during the crisis, Tyl has also waived off terminal and 3G fees until the end of this year.
Besides streamlining transactions, the payment tool supports business growth by providing the SMEs with smart data-led insights.
Tyl CEO Mike Elliff said: “Tyl is designed to help make it easier for customers to receive payments and maintain cash flow during this difficult time.
“Developed in partnership with our SME customers, we hope to support Scottish businesses with straightforward set-up procedures, simple pricing and next working day settlement as well as by providing insightful data, enabling businesses to make informed decisions and create more meaningful customer relationships.”
RBS Scotland board chair Malcolm Buchanan 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.”