The pocket-sized PAX terminal is the cheapest stand-alone card machine in the market, says Tyl, which is cutting transaction fees for firms with revenue lower than £50,000 from 1.65% to 1.5%.

The move comes as a survey for Tyl shows that almost nine in ten small business owners are concerned that the cost-of-living crisis will impact customers’ decision to shop locally with micro businesses.

Mike Elliff, CEO, 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."