TD Bank has announced it will now be providing Apple’s Tap to Pay payment service for its customer base across the US.
The US bank will gear the iPhone payment method to small and medium enterprises (SMEs) to help drive contactless payments and ensure customers are provided with a quick and seamless payment solution as the point-of-sale (PoS).
Integrated into the TD Bank Mobile App, business owners can accept a range of in-person, contactless payments from digital cards, wallets and wearable devices for when customers are making transactions on the move.
The integration of Tap to Pay by TD Bank aims to better support SMEs across the US which may not be equipped with the capabilities to access and install up-to-date and modern payment methods to meet customer needs and expectations.
Chris Giamo, Head of Commercial Banking at TD Bank, said: “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.
“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.”
A recent TD Bank survey revealed that more than one-third (33%) of SME owners are currently facing challenges running their day-to-day operations due to not having the necessary payment technology to meet customer payment preferences.
TD Bank’s introduction of Tap to Pay to SMEs aims to be a solution to this problem, whilst also eliminating the concern over installing more costlier POS devices, with the research also finding that 81% of SMEs rely on their business as their primary source of income.
Jo Jagadish, Head of Corporate Products & Services at TD Bank, added: “We saw a massive consumer shift towards contactless payment adoption that started during the pandemic and continues through today.
“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.”
The integration of Tap to Pay on iPhone into the TD Bank Mobile App expands TD’s partnership with Autobooks, the technology provider of TD Online Accounting.
