RBS Launches Payment Processing for Small and Medium-Sized Businesses
The Royal Bank of Scotland is back – and taking aim at its former subsidiary Worldpay. After selling the now multibillion-pound operator, the bank is now putting itself in direct competition with Worldpay. Why? The UK lender is launching payment processing specifically for small and medium-sized businesses.
On May 1, it was announced that the group would launch NatWest Tyl. A new merchant acquiring service for small and medium-sized businesses, this service will enable retailers to accept card payments in-store or online. It will charge fees to connect to the networks operated by companies like Visa and MasterCard.
Back in 2010, RBS Worldpay was renamed Worldpay when EU regulators forced the Royal Bank of Scotland to sell its payments business; this sale was a condition of its taxpayer bailout of almost £50bn during the financial crisis. Almost immediately following the sale, Worldpay acquired Cardsave, one of the UK’s leading independent sales organisations distributing credit and debit card processing services to small retailers.
Since then, the payments sector has been transformed. Companies like Worldpay have made a massive shift away from cash, as seen in Worldpay’s immediate acquisition of Cardsave and its shift in focus.
RBS head of commercial and private banking, Alison Rose, says, “Developing our own merchant acquiring and payments proposition is an important step forward.”
This change will likely be welcomed with open arms by regulators. Regulators have been busy reviewing competition issues within the sector, which has raised serious concerns that incumbents have been taking advantage of their dominance to overcharge small businesses. This obviously presents a huge challenge for business owners that simply need a means of safely and affordably processing their customers’ payments.
In addition to providing industry leading services, the aim of Tyl is to provide data analysis to help customers measure and improve their performance. Paul Thwaite, managing director for sales, specialist businesses and business banking at NatWest, admitted that it would be a new experience for RBS to be a “challenger” in a market. However, he insists that the bank’s large existing customer base — it is the biggest lender to small and medium-sized businesses in the country — and extensive customer data would help it compete with larger payment specialists.
Is your small business in need of merchant services? Are you interested in learning more about the changes and growth in the payments industry? Check out the information, reviews – like World pay reviews – and updates Best Payment Providers has to offer.
Author Bio: Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of the industry and Worldpay reviews has helped thousands of business owners save money and time.