TD Bank Launches "Tap to Pay on iPhone" for Small and Micro Businesses

TD, America’s Most Convenient Bank, today announced the launch of Tap to Pay on iPhone, enabling small and micro business owners across the U.S. to use their mobile phone for a seamless and secure point-of-sale (POS) experience.

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With Tap to Pay and the TD Bank Mobile App, business owners can accept all types of in-person, contactless payments using only their iPhone – from contactless credit and debit card to digital wallet or wearable, Tap to Pay eliminates the need for additional POS hardware.

Business owners can also use Tap to Pay on iPhone as a complementary solution to their storefront POS systems, allowing them to accept payments on the move. Whether setting up as a vendor at a local market, running a food truck or landscaping business, or operating a pop-up shop, Tap to Pay on TD Bank Mobile App allows businesses of all sizes to transact and accept payments on the go directly from their mobile phone.

"To support local economies, we often encourage consumers to 'shop small' – but we know there can be friction in the small and micro-business POS experience," said Chris Giamo, Head of Commercial Banking at TD Bank. "By equipping small businesses with modern conveniences and more technology through solutions like Tap to Pay on TD Bank Mobile App, we're helping small businesses have a seamless payment experience that's better aligned to customer expectations."

Customers Want: Easier, Better, Faster, Cheaper

TD recently conducted a survey on micro businesses – defined as having 25 or fewer employees with an annual revenue of less than $100,000 – to understand how today's smallest businesses are transacting and processing payments.

The survey revealed more than one-third (33%) of micro business owners (MBOs) are currently facing challenges in their day-to-day operations due to not having the necessary payment device or hardware to accept customers’ preferred payment method.

"We saw a massive consumer shift towards contactless payment adoption that started during the pandemic and continues through today," said Jo Jagadish, Head of Corporate Products & Services at TD Bank. "Tap to Pay on TD Bank Mobile App offers even the smallest businesses a flexible and convenient payment solution that also delivers on customer preferences, like convenience and ease. For today's small and micro businesses, every sale – at any dollar amount – matters. By leveraging a mobile app to increase payment options, MBOs can be sure they'll never miss a cashless sale."