Accept payments through tap to pay, payment links, and QR codes directly within your Business Online Banking.
How does it work?
Tap2Local uses mobile technology and card networks to facilitate payments for business. It allows three different payment options that gives your business accountholders the flexibility that their business needs. Payment Links and QR codes provide the ability to support a card not present experience for the payer.
- Tap to Pay: Customers can tap their physical card or virtual card (Apple Pay, Google Pay) directly to the business’s phone.
- Payment Links: Businesses can generate and send unique payment links to customers that then allow the customer to pay via their card in a web experience later.
- QR Codes: Businesses can display a QR code on their phone screen. This works on mobile, web, and desktop devices.
Automated Reconciliation
This streamlines the settlement process and eliminates the need for manual reconciliation for business users. Payments accepted through Tap2Local automatically sync with the business’s accounting software, such as QuickBooks and Xero. This will help businesses reconcile their daily card payment activity, with refunds and chargebacks immediately debited from the merchant’s wallet.
What about security?
Tap2Local digital platform has a number of security features to protect business accountholders. First, during the enrollment process, businesses have to answer a series of security questions and complete an identity verification to ensure eligibility and legitimacy.
Once signed up for Tap2Local, businesses can manage payment disputes directly within the app. Additionally, there are various fraud monitoring tools available. A business can be deactivated from accepting payments if suspicious or fraudulent activity is detected.
Card settlement timing
Tap2Local offers true next day card settlement, meaning that transfers created before the card brand cutoff times are credited to the SMB owner’s wallet the next banking day. We take advantage of the last settlement cutoff available to us with each card network.
Cutoff times by card brand
Card Brand Cutoff Time
Mastercard 1:00AM CST (Next Day)
American Express 6:00PM CST
Discover 5:00AM CST (Next Day)
Visa 5:00AM CST (Next Day)
Card Transaction Statuses;
- confirmed: successful authorization; eligible for next batch and next banking-day funding.
- settled: transaction has settled with user; wallet will be credited by 1:00PM ET on a banking day.
- completed: funds have been credited to the merchant wallet.
How to get started
Enroll directly within the Business Online Banking App. The enrollment process is simple for the business owner, who will have to provide key business details, agree to the merchant agreement, and be verified for eligibility before they can begin to accept payments immediately.
Frequently Asked Questions
Have questions about Tap2Local? Check out our Frequently Asked Questions page that covers its functionality & experience, operational details, and more.