British payment services firm RSM 2000 has teamed up with Barclaycard to launch a pay as you go card terminal.

Dubbed RSM 2000 Barclaycard Merchant Anywhere Terminal, the card terminal will enable businesses to accept card payments by chip and pin method or contactless.

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Furthermore, excluding VAT, the terminal costs £29 and comes with no long term contract.

The offering comes with built-in flexibility to process payments and also refunds.

The newly launched card terminal provides advanced card verification services and proactive security against fraud.

The card reader will also enable merchants to track payment real-time, the company said.

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Customers can download the app to their mobile device instantly. The app connects to the card terminal via Bluetooth. In addition, customers can manage the payment amount through the app.

To communicate with the payment systems, the mobile device will usually require WiFi or a mobile signal.

Users can then tap their card on the device to make a contactless payment. Or make contacted payments by inserting the card into the slot provided in the bottom of the device.

Once the payment is made, user can also request a receipt which will be sent via email if the customer has entered the email address in the mobile phone app.

However, the offering currently does not provide a printed paper receipt. Online receipt through email is the only option to receive payment receipts.

Purchasers will have to pay transactional charges of 1.6% for debit, credit, Visa Business Debit and commercial purchases.