Banks and credit unions can now offer business customers an easy, secure and private way to accept contactless payments with an iPhone and their mobile banking app, no additional hardware needed.
Autobooks, the small business payment and accounting platform embedded into more than 1,500 financial institutions, has enabled its U.S. customers to seamlessly and securely accept in-person contactless payments with Tap to Pay on iPhone. Today, business customers at Five Star Bank and nbkc bank can begin accepting in-person contactless payments using Tap to Pay on iPhone directly within their mobile banking app — provided by Q2.
Tap to Pay on iPhone accepts all forms of contactless payments, including Apple Pay, contactless credit and debit cards and other digital wallets, using only an iPhone and a supporting iOS mobile banking app — no additional hardware or payment terminal needed. At checkout, the merchant will simply prompt the customer to hold their iPhone or Apple Watch to pay with Apple Pay, their contactless credit or debit card, or other digital wallet near the merchant’s iPhone, and the payment will be securely completed using NFC technology.
"As the banking industry continues to expand, it is crucial for Five Star Bank to align with partners who offer industry-leading solutions that enable our customers to do more within our digital banking channels,” says Sean Willett, EVP & Chief Administrative Officer of Five Star Bank. “Offering Tap to Pay on iPhone empowers Five Star Bank customers to accept payments on the go, directly from our mobile banking app on their iPhone.”
"The speed and flexibility of Q2 Innovation Studio, a portfolio of programs and technologies to drive innovation, enables Q2 to be the first digital banking partner of Autobooks to offer Tap to Pay on iPhone to its customers," said Jonathan Price, EVP of Strategy and Emerging Businesses at Q2. "This is an exciting feature that financial institutions, starting with Five Star Bank and nbkc bank, will be able to offer to their customers nationwide to make contactless payments easier and faster. We're looking forward to seeing the impact of this expanded partnership with Autobooks."
Autobooks, a payment service provider (PSP), is uniquely positioned to help accelerate financial institution access to Tap to Pay on iPhone through its partnerships with leading bank service providers. Q2 is Autobooks’ first digital banking platform partner to offer Tap to Pay on iPhone to its customers, enabled through its Q2 Innovation Studio. Additional partnerships coming soon include CSI, FIS (Fidelity National Information Services Inc.), Jack Henry, and NCR Digital Banking — which together provide services to more than one-third of the U.S. banking market.
"Our objective from the beginning has been to reimagine business banking for financial institutions by equipping their modern business customers, who are well-versed in digital technologies, with the tools they need to manage and grow their businesses — seamlessly integrated with the bank's existing digital banking platform,” says Steve Robert, Co-Founder & CEO of Autobooks. “Using Tap to Pay on iPhone to accept contactless payments within mobile banking is a game-changer; it instantly enables millions of businesses to seamlessly accept customer payments and deposit the funds into their existing bank account using only an iPhone, with no additional hardware needed.”
Tap to Pay on iPhone, delivered through Autobooks, enables financial institutions to offer a contactless payment acceptance solution that is easy to set up and use. For banking customers using an iPhone XS or later running the latest version of iOS, their iPhone and mobile banking app can now accept contactless payments from virtually anywhere they do business.
Apple’s Tap to Pay on iPhone contactless payment acceptance technology uses the built-in features of iPhone to keep the businesses’ and customers’ data private and secure. When a payment is processed, the funds are deposited directly into the merchant’s account at their financial institution, and Apple doesn’t store card numbers on the device or on Apple servers.Visit https://www.autobooks.co/banking/tap-to-pay to learn about the benefits of offering Tap to Pay for iPhone at your financial institution and to register for our upcoming Tap to Pay on iPhone webinar.
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About Autobooks:
Detroit-based Autobooks is a provider of small business banking solutions that make it easier to get paid, manage cash flow, and automate accounting. Through Autobooks, financial institutions can provide essential back-office tools to better serve small and micro-businesses, directly within their existing digital banking channels.To learn more, ask your technology provider about Autobooks or visit http://www.autobooks.co.