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Offer Contactless Payments for SMBs in Mobile Banking

Published Date
Author Q2

With the announcement of Tap to Pay within Q2’s mobile banking product via our partner Autobooks, financial institutions can offer a totally digital point-of-sale (POS) solution to any small business (SMB) client. No dongles, tablets, terminals, or other POS hardware required—it’s all right inside mobile banking.

Why is this such a big deal?

  • The SMB segment is critical right now. The SMB opportunity is big—roughly 99% of U.S. businesses are SMBs. And it’s a historically underserved segment: Only a third of SMBs feel their primary bank understands their needs or appreciates their business. Tap to Pay gives you a new tool to compete for—and drive deep engagement with—SMBs in your market. It’s the latest of many tools in Q2 Innovation Studio designed to transform your SMB relationships, from helping them bank to helping them run their entire business.
  • It’s a powerful tool to drive deposits and non-interest fee income. In the Q2 and Autobooks model, you (the financial institution) get a cut of the interchange generated through contactless payments. Those payments also get directly deposited into the SMB’s account with you. So rather than letting those dollars slip away to another FI or POS provider, Tap to Pay puts you on the offensive to secure interchange and deposits with a differentiated, fully integrated solution.
  • Tap to Pay is highly secure and totally flexible. Out of the box, Tap to Pay supports all forms of contactless payments, including Apple Pay, contactless credit and debit cards, and other digital wallets. And payments are securely completed using near-field communication (NFC) technology. It’s a robust, off-the-shelf POS solution that you and your SMBs can trust.
  • Setup is seamless—for you and your SMB clients. All you have to do is add Autobooks via Q2 Innovation Studio. And all your SMB customers have to do is enroll from within mobile banking.

We’re thrilled to be the first digital banking vendor to offer Tap to Pay in partnership with Autobooks, and that presents an opportunity for Q2 customers, too: to be first-to-market with this mobile-integrated SMB payment solution.

Want to learn more? Visit the Q2 Innovation Studio site.