Tyl by NatWest has become the payments partner of the Federation of Small Businesses (FSB), giving FSB members access to a range of payment solutions, as trading costs rise.
It builds on an existing partnership between the bank and FSB, with NatWest Group having established the ‘SME Taskforce’ with FSB in 2020, to help small businesses respond to and navigate the Covid-19 pandemic.
Then, last year, NatWest formed a £1 million partnership with FSB to provide the bank’s business customers with access to independent support and education to help with the cost-of-living crisis via webinars, as well as phone support and webchat.
By signing up to Tyl, members of FSB can benefit from possible business savings, as well as access to features, including a choice of card machines or a phone app for in-person sales and the ability to take payments online or over the phone.
L-R: Caroline Lavelle, chief commercial officer at FSB and Mike Elliff, Tyl by NatWest’s chief executive officer
For the smallest businesses, Tyl offers a fee structure that is based on one low rate for personal card transactions, where the card is issued in the UK or Europe, and one for all other transactions.
However, for larger businesses, Tyl applies a range of different fees.
Mike Elliff, chief executive officer of Tyl by NatWest said: “At a time where the cost of trading is rising for small business owners, Tyl by NatWest is delighted to be able to partner with FSB to provide its members with a full range of cost-effective and reliable payment solutions, backed by great service.”
Among the other features provided by Tyl that could benefit FSB members are payment links and QR codes that businesses can send out to get paid more quickly, as well as a Tyl ‘Portal’ for access to constantly updated sales data.
Caroline Lavelle, chief commercial officer at FSB, added: “We have a long-standing history of working with NatWest on various business initiatives and look forward to this next step in our relationship.
“As many of our members, and the wider UK small business community, continue to navigate the increasing cost of trading, an opportunity to make savings on payments, which is core to every business, will be well-received.”
Earlier in the year, a survey conducted by Payit by NatWest, found that businesses which are not using Open Banking typically spend £1,687 more on payment processes each year, and £1,117 more on card processing fees than those with the technology in place – amounting to an 8% difference annually.
