CHERRY HILL, NJ, February 22, 2024 – 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.
With Tap to Pay on iPhone 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 on iPhone 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 iPhone on the 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 iPhone on the 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 iPhone on the 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."
With the majority (81%) of MBOs relying on their business as their primary source of income, TD's Tap to Pay on iPhone will meet a critical and direct need of business owners that will help improve the overall customer experience, while eliminating MBOs' need for costlier POS devices and software.
"TD is on the front lines of our Main Street economies," said Amy Dinkar-Patel, Head of Small Business & Commercial Distribution at TD Bank. "We hear small business customers' feedback and understand their pain points – which allows us to offer solutions that truly make their business stronger, more profitable and easier to run. With an offering like Tap to Pay on iPhone, we're improving the experience for our customer, and our customer's customer – it's a win all around."
Tap to Pay on iPhone, powered by Autobooks, is the latest addition to TD's growing fleet of payment solutions. TD Merchant Solutions offers a variety of in-person, mobile, eCommerce and POS solutions so business owners can get paid by accepting customer payments in ways that work best for their business.
The integration of Tap to Pay on iPhone into the TD Bank Mobile App expands TD’s partnership with Autobooks, Inc., the technology provider of TD Online Accounting. With TD Online Accounting, TD customers can send digital invoices, accept debit and credit card payments, and streamline the cash flow and accounting of their TD Small Business Checking account.
For more information on TD Tap to Pay on iPhone on the TD Bank Mobile App, please visit: https://www.td.com/us/en/small-business/online-accounting/tap-to-pay-iphone
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the largest banks in the U.S., providing over 10.0 million customers with a full range of retail, small business and commercial banking products and services at more than 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Auto Finance, a division of TD Bank, N.A., offers vehicle financing and dealer commercial services. TD Bank and its subsidiaries also offer customized private banking and wealth management services through TD Wealth®. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.td.com/us. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US and www.twitter.com/TDNews_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com/us.
Media Contact:
Madison Brock
TD Bank
Corporate Communications Manager II
Madison.Brock@td.com