Business owners can accept any kind of in-person, contactless payment using just their iPhone and the TD Bank Mobile App with Tap to Pay. This eliminates the need for additional POS hardware and works with contactless credit and debit cards, digital wallets, and wearables.
 

In addition, business owners can utilize Tap to Pay on the iPhone to supplement existing in-store point-of-sale (POS) systems and process payments while on the go. Businesses of all sizes may conduct transactions and take payments on the move using the Tap to Pay feature on the TD Bank Mobile App, whether they're operating a pop-up shop, a food truck, or a landscaping service.
 

"We often encourage consumers to'shop small' to support local businesses, but we know there can be friction in the small and micro-business POS experience," TD Bank Head of Commercial Banking Chris Giamo stated. "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."
 

Consumers Desire: Cheaper, Faster, Better, and Easier

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

According to the survey, 33% of micro business owners (MBOs) are currently having difficulties running their companies on a daily basis because they lack the technology or payment device needed to take clients' preferred payment methods.

Jo Jagadish, Head of Corporate Products & Services at TD Bank, stated, "We saw a massive consumer shift towards contactless payment adoption that started during the pandemic and continues through today." Even the tiniest businesses can benefit from Tap to Pay on the TD Bank Mobile App, which provides a flexible and easy payment solution that also meets client preferences for ease and convenience. Every sale important for today's tiny and micro firms, regardless of the amount of money. MBOs can be certain they won't overlook a cashless transaction by utilizing a mobile app to expand their payment alternatives."
 

TD's Tap to Pay on iPhone will address a crucial and direct demand of company owners that will assist improve the entire customer experience while removing MBOs' need for more expensive POS devices and software, as the majority of MBOs (81%) rely on their business as their primary source of income.
 

Head of Small Business & Commercial Distribution at TD Bank Amy Dinkar-Patel stated, "TD is on the front lines of our Main Street economies." "We listen to our small business clients' concerns and identify their pain points, enabling us to provide solutions that genuinely strengthen, increase the profitability, and simplify the operation of their company. We're benefiting both our customers and their customers' customers with a service like Tap to Pay on the iPhone—it's a win-win situation."
 

The newest payment option to join TD's expanding array of options is Tap to Pay on iPhone, which is powered by Autobooks. Company owners can get paid by taking consumer payments in ways that are most effective for their business using the range of in-person, mobile, eCommerce, and point-of-sale (POS) solutions provided by TD Merchant Solutions.

The TD Bank Mobile App's integration of Tap to Pay for iPhone broadens TD's collaboration with Autobooks, Inc., the company that provides TD Online Accounting's technology. Streamline the cash flow and accounting of your TD Small Business Checking account, send digital invoices, and accept payments with debit and credit cards using TD Online Accounting.