Small businesses in the U.S. can now ditch the card reader! PayPal’s Venmo and Zettle platforms are rolling out Tap to Pay on iPhone, allowing merchants to accept contactless payments directly on their iPhones. This eliminates the need for extra hardware and simplifies the checkout process for both businesses and customers.
Citing a survey by Pew Research Center, PayPal said in a blog on Thursday that over 40% of Americans no longer use cash for their weekly purchases, a figure that is only expected to rise. PayPal’s latest feature, which was introduced to Android users in June last year, is said to align with the growing consumer trend towards cashless transactions.
“As consumers increasingly turn to non-cash options to pay, small businesses are looking for affordable and flexible ways to offer their customers more payment choice without being tied down to a fixed location,” said Nitin Prabhu, Vice President at PayPal’s Small Business & Financial Services. “With Tap to Pay on iPhone, millions of small businesses that use Venmo and PayPal Zettle can now start accepting contactless card and digital wallet payments nearly anywhere, directly on their iPhones, which can expand their customer base and drive incremental sales,” Prabhu added.
Businesses can now accept contactless payments from cards and digital wallets like Apple Pay and Google Pay directly on their iPhones. The setup process for Tap to Pay on iPhone is straightforward, allowing businesses to start accepting various forms of contactless payments within minutes. Additional features include the ability to add taxes, accept tips, send receipts, and issue refunds, all contributing to a seamless transaction experience. Furthermore, sales funds are quickly settled into the business’s Venmo or PayPal Zettle account.
An added benefit for Venmo business profile users is the ability to attract a broader customer base by accepting payments from those who do not have a Venmo account. Merchants can manage both their Venmo and card payment transactions within the Venmo app, streamlining the payment process.
