TD Bank is persistent in its endeavor to provide small and micro businesses with the means to attain prosperity.

You need go no farther than the introduction of Tap to Pay on the iPhone, which gives American business owners the ability to use their phones for a safe and easy point-of-sale (POS) system.

Businesses may accept any kind of contactless payment in-person with just their iPhone by using Tap to Pay and the TD Bank Mobile App. This includes digital wallets, wearable technology, and contactless credit and debit cards. No additional point-of-sale (POS) hardware is required.

Additionally, owners can accept payments while on the go by using Tap to Pay on their iPhone as an add-on to their in-store point of sale systems.

"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," says TD Bank's Head of Commercial Banking Chris Giamo.

"We're helping small businesses have a seamless payment experience that's better aligned to customer expectations by providing them with more technology and modern conveniences through solutions like Tap to Pay on TD Bank Mobile App."

There is an evident need for contactless solutions.
In order to better understand the payment challenges faced by the smallest businesses in the US, TD Bank recently conducted a study of micro enterprises, which are defined as having less than 25 employees and annual revenue of less than $100,000. This poll preceded the debut of Tap to Pay on the iPhone.

The study found that over 33% of micro business owners (MBOs) encounter difficulties in their daily operations as a result of lacking the hardware or payment device required to accept their clients' chosen payment option.

According to Jo Jagadish, Head of Corporate Products & Services at TD Bank, "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 option that also caters to customer preferences including ease and comfort.

Every sale counts for small and micro firms in today's market. Through the use of a mobile app, MBOs may expand their payment choices and ensure that they never overlook a cashless transaction.

TD Bank establishes a win-win scenario

TD's Tap to Pay on iPhone will address a pressing and immediate demand, as the vast majority of MBOs (81%) rely on their business as their primary source of revenue.

Additionally, it is expected to enhance the general customer experience and relieve MBOs of the expense of purchasing POS hardware and software.

According to Amy Dinkar-Patel, Head of Small Business & Commercial Distribution at TD Bank, "TD is on the frontline of our main street economies."

We receive input from small business clients and are aware of their challenges, which enables us to provide solutions that genuinely strengthen, increase profitability, and facilitate the operation of their companies.

"We're improving the experience for our customer and our customer's customer; it's a win all around with an offering like Tap to Pay on iPhone."