TD Bank largely innovates based on customer feedback and lately it has discovered an opportunity for larger companies to use its Tap to Pay on iPhone offering.  

“There’s so much opportunity from a tap-to-pay solution perspective,” Paul Margarites, head of commercial digital platforms at TD Bank, told Bank Automation News. 

Apple launched Tap to Pay on iPhone in February 2022, according to the tech giant.

The $369 billion bank, which launched Tap to Pay on iPhone earlier this year with accounting and bookkeeping solution Autobooks, has seen growing adoption for the solution among its small- and micro-business clients, Margarites said. TD defines micro-businesses as those with 25 or fewer employees.

The small business community continues to demand more payment options from their financial institutions, he said.

“Cash flow and the ability to get paid is really the lifeblood of small business,” he said.  

While small and micro-businesses use a tap-to-pay solution to speed up their ability to get paid, limit the need for hardware and accept payments outside of a brick-and-mortar setting, there is also an opportunity for larger companies with a lot of employees on the go to utilize the solution, he said. 

To set up TD’s solution, users just need a couple of minutes to download the capability to their iPhone, Margarites said. Once it’s set up, it allows companies to get paid on the spot without added point-of-sale hardware like a terminal or dongle.  

Cost of digital tools

While businesses of all sizes want to get paid quickly and efficiently, they must invest in digital tools to benefit from quick payment methods, Margarites said. 

“There’s a cost to digital tools, but there’s also cost savings to a digital tool and an increase in revenue from using digital tools,” he said. “Digital tools provide an increase in velocity and operations and that’s where you can actually talk to a product like Tap to Pay.” 

TD Bank is set to report its third-quarter earnings on Aug. 22, according to the company.  

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