PayPal has just launched an exciting new feature for businesses in the U.S. called “Tap to Pay” on iPhone. It is available through two of their popular apps, Venmo and Zettle. This feature will allow merchants to conveniently and securely accept contactless card and digital wallet payments directly on their iPhones, without any additional cost or hardware.
With PayPal being the owner of both Venmo and Zettle, this launch comes as no surprise. They have been continuously improving their services for small business owners and this is just the latest in a series of advancements. The initial release of Tap to Pay for Android phones was eight months ago.
“In addition to being able to accept payments from cards or digital wallets like Apple Pay or Google Pay, Tap to Pay allows merchants to add taxes, accept tips, send receipts and issue refunds without any additional hardware.”
This user-friendly feature is not only convenient but also efficient. It allows businesses to handle all aspects of their transactions, such as adding taxes, accepting tips, sending receipts, and issuing refunds, without any additional hardware. The funds from their sales are directly deposited into their Venmo or PayPal Zettle account, making it fast and easy to access.
The best part? PayPal only charges a small fee of 2.29% + 9¢ for every sale made through the Tap to Pay method on both Zettle and Venmo.
Another exciting aspect of Tap to Pay is that it enables Venmo business profile users to reach more customers. Even buyers who do not have a Venmo account can now make purchases from merchants using this feature. It’s all managed within the Venmo app, making it a convenient and hassle-free process for both merchants and customers.
The official launch of Tap to Pay comes after PayPal ran an early access program to test the feature a few months ago. This ensured that the feature was fully optimized before its release to the public.
PayPal’s competitor, Stripe, was Apple’s first payment partner for Tap to Pay two years ago. They have also recently enabled Tap to Pay transactions on NFC-equipped Android devices. However, their fees are slightly higher, charging $0.10 per transaction through their Stripe payment gateway.
- The cashless trend is on the rise, and PayPal understands the importance of helping small businesses adapt to this shift in consumer behavior.
- The Tap to Pay feature on iPhone eliminates the need for merchants to purchase card readers, saving them time and money.
It’s clear that PayPal is constantly evolving and providing new and convenient ways for small businesses to succeed. With Tap to Pay on iPhone, they continue to show their commitment to helping merchants thrive in an ever-changing world.
