Jack Henry Unveils Tap2Local for Small Business Digital Payments
Jack Henry Introduces Tap2Local for Enhanced SMB Solutions
Jack Henry™ (Nasdaq: JKHY) recently launched Tap2Local™, a cutting-edge digital payments solution geared towards banks and credit unions. This innovative service aims to empower small and medium-sized businesses (SMBs) with a user-friendly and efficient payment method.
Collaboration with Moov for a Seamless Experience
The Tap2Local solution was developed in partnership with Moov, a forward-thinking digital payments processor. With its cloud-native capabilities, the platform allows merchants to accept debit and credit card payments effortlessly via tap-to-pay technology on iOS and Android devices, removing the necessity for additional hardware. Moreover, users benefit from continuous account reconciliation integrated with their preferred accounting software.
Exclusive Offering Through Financial Institutions
Unlike many other small business payment solutions, Tap2Local is specifically designed for distribution through banks and credit unions, currently undergoing closed beta testing with select financial institutions. The rollout is poised to reach over 1,000 banks and credit unions on the Banno Digital Platform™ in the upcoming months.
Meeting the Demand of Modern Small Businesses
Greg Adelson, President and CEO of Jack Henry, emphasized the importance of this launch in supporting SMBs, stating, "Tap2Local is the first key component of our overall SMB strategy to help banks and credit unions win with small businesses and tap into new market opportunities." This solution not only integrates with banking services but facilitates a more streamlined payment experience for SMBs, allowing them to better manage their finances.
Jack Henry's Chief Technology Officer, Ben Metz, reinforced the service's value, highlighting that about 82% of small businesses in the U.S. are sole proprietorships, according to data from the Small Business Administration. He remarked, "Tap2Local is designed to help all small businesses and those engaged in the gig economy accept card payments easily, both in-person and remotely." Enrolling through their chosen financial institution is straightforward, allowing businesses to begin accepting payments within minutes.
Research has shown a growing focus on small businesses from banks and credit unions, with 80% of Jack Henry's clients indicating plans to expand services for SMBs shortly. Notably, nearly 70% of those clients are aiming to enhance payment offerings as part of this expansion.
Building Strong Community Relationships
Senior marketing director Jeff VanDeVelde explained that the name Tap2Local reflects the essential bond between community banks, credit unions, and the SMBs they support. He noted, "This solution enhances the role of banks and credit unions in fostering local economic growth by providing SMBs with a modern tool to efficiently manage their business operations."
About Moov and Jack Henry
Moov is revolutionizing the payment processing industry by constructing a comprehensive payment platform in the cloud, simplifying the process for developers and businesses alike. This integration empowers businesses to accept and manage their funds seamlessly through a single connection.
Jack Henry & Associates, Inc. (Nasdaq: JKHY) is a prominent financial technology enterprise focused on enhancing connections between financial entities and their clientele. As a recognized S&P 500 company, Jack Henry prioritizes innovation and collaboration, offering an array of capabilities for banks and credit unions. With nearly five decades in the industry, the company serves around 7,500 clients, dedicated to helping them navigate an evolving financial landscape.
Frequently Asked Questions
What is Tap2Local?
Tap2Local is a digital payment solution by Jack Henry designed to assist small and medium-sized businesses in accepting payments quickly and effortlessly.
Who developed Tap2Local?
Jack Henry developed Tap2Local in collaboration with Moov, a modern digital payment processing company.
How does Tap2Local benefit small businesses?
It enables SMBs to accept payments via tap-to-pay technology on mobile devices without needing extra hardware, making transactions easier and faster.
Where can Tap2Local be utilized?
Tap2Local is offered exclusively through participating banks and credit unions, ensuring a direct connection with small business clients.
What is Jack Henry's mission?
Jack Henry aims to strengthen the relationship between financial institutions and their clients, providing innovative technology solutions tailored to their needs.
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