TD Bank: Enabling Seamless Payments for Small Businesses
TD Bank is continuing in its bid to set small and micro businesses on the path to success.
Look no further than its launch of Tap to Pay on iPhone, enabling business owners across the US to use their phones for a seamless and secure point-of-sale (POS) experience.
Using 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 cards to digital wallets and wearable technology, eliminating the need for any additional POS hardware.
What’s more, 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.
“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,” comments 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.”
Clear need for contactless solutions
TD Bank’s launch of Tap to Pay on iPhone follows its recent survey of micro businesses—defined as having defined fewer than 25 employees and annual revenue of less than $100,000—aimed at understanding the payments headaches facing the US’ smallest firms.
It revealed more than a third of micro business owners (MBOs) face 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," explains 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 matters. By leveraging a mobile app to increase payment options, MBOs can be sure they'll never miss a cashless sale.”
TD Bank creates win-win situation
With a significant 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.
It’s also set to improve the overall customer experience, while eliminating MBOs' need for expensive POS devices and software.
“TD is on the frontline of our main street economies," adds 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 businesses 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.”
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