Tyl by NatWest has boosted its card terminal portfolio with a new product, PAX, to help alleviate the financial pressures micro businesses face today.
 
Tyl by NatWest has opened up its latest product, the PAX, to support all-sized businesses in a challenging economic environment. A pocket-sized terminal is a card machine that is designed to meet the pressing needs of smaller businesses, often those operating their businesses as a side hustle, or market traders and tradesmen who are on the move. As well as small and micro businesses, the PAX is also a cost-effective solution for larger businesses.
 
Research by Tyl by NatWest shows that almost nine in ten (88 per cent) small business owners are concerned that the cost-of-living crisis will impact customers’ decision to shop locally with micro businesses. This reveals growing concerns among business owners about the impact of the cost-of-living crisis on revenue and inevitably survival.
 
Price is therefore a huge consideration for small and micro business owners, who are demanding flexible and transparent pricing models that are fairly priced. Tyl by NatWest has introduced a new pricing scheme for micro-businesses with revenue lower than £50,000. The pricing has been reduced from 1.65% to 1.50% and will save merchants 0.15% in fees on every transaction they process. This pocket-sized terminal is the cheapest stand-alone card machine in the market, allowing business owners to save money in a price-sensitive market.
 
Developed with the financial pressures small and micro businesses face today at front of their mind, the machine is designed to provide merchants with reduced costs, easing the strain on their finances. The new product from Tyl by NatWest is a testament to its ongoing support of SMEs and micro businesses. The device can be connected via WiFi, Bluetooth and 4G at no extra cost. This means that PAX users are able to use all the Tyl by NatWest services such as business insights and rewards.
 

Mike Elliff, CEO at Tyl by NatWest says, “Small and micro businesses are always on the front lines of responding to the changes and challenges in society, and often they have the least resources to do so. This highlights the importance of lowering costs where possible to ensure better financial performance and gives this important group of businesses the resources to survive.
 
“The reduction in price makes the PAX terminal the cheapest stand-alone card machine in the micro space for payments when the card is not present, for example when using online or over the phone payment transactions, and one of the cheapest available overall for face-to-face transactions. The terminal is designed and built to support small business owners so they can concentrate on growth, without losing any of the other features that Tyl by NatWest offers. Business owners can use advanced business analytics to reveal insights to track customer spending, as well as being able to utilise rewards to increase customer loyalty.”