Tap2Local™: Embedded Mobile Payments Are the Smarter Way to Serve Small Businesses (Without the Heavy Lift)

As a community financial institution, chances are you already serve small businesses - some of them formally, many of them informally.

Here's the thing: research from Datos Insights found that 82% of small businesses want their primary financial institution to offer more payment options. The research also explained that 75% of small businesses go outside their financial institution for at least one financial need.

That's your opportunity.

With the launch of Tap2Local™ , you can fulfill small business' need for more payment options and keep them from looking somewhere else. This new mobile payment service is a simple, embedded way to retain and grow small business relationships, without adding complexity or cost. And because it's available right in their Banno digital banking app, they can sign up and start accepting all major credit and debit cards without a long and frustrating application process.

Why Tap2Local™ Is the Embedded Mobile Payment Solution for Small Businesses

Tap2Local™ isn't a traditional merchant services offering. It's a lightweight, embedded payment solution designed for micro and small businesses - the ones that often get overlooked by legacy merchant services providers.

These are the businesses that turn to fintechs like Square because they need something fast, easy, and mobile. With Tap2Local™, you get a way to meet those needs, right inside the Banno Digital Platform™ without the need for additional hardware or peripheral devices. Tap2Local leverages the tap-to-pay technology - a card-present, contactless payment method that is integrated with iOS (Apple) and Android (Google) devices to facilitate secure transactions from a mobile device.

And here's the best part: you don't have to sell it.

Tap2Local is a complement to your current merchant services offering and it requires no sales rep involvement, just marketing support and staff awareness. Tap2Local is designed to be self-service. Business users can enroll directly through their Banno app, with core data pulled automatically and merchant IDs issued instantly. No paperwork. No sales calls. No underwriting delays for most business types.

That means your financial institution can start earning passive revenue just by having the solution available in your Banno Digital Banking Platform. If you choose to opt into the upcoming revenue share program, Tap2Local becomes a new income stream with minimal lift.

Complement Merchant Services With a Self-Service Embedded Mobile Payment Solution

Tap2Local isn't here to replace your existing merchant services partner. It's here to fill the gap, especially for micro businesses that don't qualify for traditional solutions or don't need a full point-of-sale system.

Think sidewalk sales, pop-up shops, food trucks, flea markets, service industries like painters or plumbers, or even restaurants that need a backup solution in case of power or internet outages or for accepting payment in person at catering events. With Tap2Local, they can accept card payments on the spot, without the delay of sending invoices or losing sales. Another great use case is for the occasional charitable event where your accountholder or member needs a way to accept donations (usually a last-minute request).

Next-Day Settlement and Effortless Reconciliation for Mobile Payments

Speed matters - and funds availability and cash flow is the lifeblood of every business.

Because of true next-day settlement, businesses can access their funds quickly, whether they're covering payroll or managing cash flow in general. Tap2Local will also have same-day settlement options in the near future.

And thanks to integrations with accounting platforms like QuickBooks and Xero, payments are automatically reconciled, eliminating manual entry and improving accuracy. Transactions are automatically created from sales, refunds and disputes. Funds are then matched and reconciled automatically. This continuous accounting feature saves time for a small business owner so they can focus on growing their business.

Defend Your Business Relationships With Tap2Local Mobile Payment Services

Fintechs aren't just offering payment tools, they're cross-selling deposits, loans, and other financial services. With Tap2Local, you can defend your turf by giving your business accountholders a better alternative, embedded directly in your digital banking experience.

As I often say: defense is your best offense!

Just in Case … A Backup Mobile Payment Service for Small Businesses

Every small business customer should have Tap2Local downloaded, whether they use it daily or just as a backup or for fringe payments outside their normal operation. It's perfect for those moments when a customer wants to pay with a card and the business needs a fast, secure way to accept it.

Cash or P2P payments like Venmo and Zelle are great - until someone wants to pay with their Amex or rewards card. Tap2Local ensures your accountholders never miss a sale. Let their customers pay how they want.

Ready to Get Started With Your Embedded Mobile Payment Solution?

Tap2Local is now available. It's easy to adopt, simple to promote, and built to help your financial institution grow.

Let's talk about how you can start offering modern payment solutions that drive loyalty, deposits, and long-term success.

Contact Jack Henry to learn more about Tap2Local and the Banno Digital Banking platform.