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Tap2Local

Tap2Local allows business users to accept payments through tap to pay, payment links, and QR codes directly within the Mobile Banking experience. And with Jack Henry’s open banking solutions and reconciliation-first infrastructure, financial institutions can automatically reconcile payments with accounting systems like QuickBooks and Xero. This enhances accuracy and ensures compliance while delivering a seamless experience for business users.

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Tap2Local allows business accountholders and sole proprietors to accept card payments directly from their mobile phone, eliminating the need for additional hardware and making it incredibly convenient for businesses to manage sales both in-store and on the go. Tap2Local can process a wide range of card types, including prepaid, debit, and commercial credit cards from major networks. Additionally, the Tap2Local functionality is available on both Apple iOS and Android ecosystem.

For example, a bakery selling goods in-store, at a farmer’s market, and for weekend catering can use a mobile phone to accept card payments directly within the mobile banking experience. This eliminates the need to transport, set up, and connect traditional storefront card machines or backup card readers at off-site events.

Tap2Local uses mobile technology and card networks to facilitate payments for business. It allows three different payment options that gives 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.

From the dashboard, there are two ways to access Tap2Local:

  1. From the Dashboard, click Accept Payment with the Tap2Local icon.
  2. On the lefthand navigation, select Merchant, and then select Accept Payment.

Tap2Local will then present three payment acceptance options:

  1. Tap to Pay: Customers can tap their physical card or virtual card (Apple Pay, Google Pay) directly to the business’s phone. Available only on mobile.
  • Select Tap to Pay on phone from the list of payment options.
  • Hold the customer’s card or mobile wallet (such as Apple Pay or Google Pay) near the top of the Tap2Local device.
  • Maintain the placement while Tap2Local completes the “Authorizing” and “Processing” status screens. The transaction is successful when the green checkmark and “Payment complete” notification appears.
  1. 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. Available on mobile and online.
  • Select Payment link from the list of payment options.
  • On the “Payment link created” confirmation screen, select Share to copy the URL to the clipboard.
  • Select Email or SMS to open messaging options. Send the link to the customer to allow for remote payment. Await confirmation on the ledger once the customer enters their card information and submits the payment.
  1. QR Codes: Businesses can display a QR code on their phone screen. Available on mobile and online.
  • Select QR Code from the list of payment options. Wait for the application to generate the unique payment QR code.
  • Have the customer scan the QR code using their smartphone camera to open the payment portal. Await confirmation on the ledger once the customer enters their card information and submits the payment.

Accepting card payments via Tap2Local is supported on both Android, iOS, and web devices. To confirm which OS versions are supported, please refer to Banno.com.

Tap2Local Demo

Invoices allows merchants to create, customize, and send simple, professional-looking invoices directly to their clients. Merchants will be able to utilize an intuitive interface to build out invoices with essential fields including customer information, line items for description, quantity, and price, and specific due dates. This provides a valuable tool for our business users to manage their sales and get paid, serving as a crucial next step in building a robust merchant acquisition platform on top of the Jack Henry and Moov integration.

To navigate to the Invoices, click Merchant on the left hand navigation. Click Invoices. From here, it’s possible to create a new invoice, review existing invoices, or reimburse a payment.

Merchants will be able to track the status of their invoices (sent, viewed, paid, or overdue) and view a history of all sent invoices in the Tap2Local interface, while leveraging automated or manual reminders for overdue invoices to reduce the need to follow up personally.

Product Catalog allows merchants to create, manage, and sell their inventory directly within Tap2Local. Merchants will be able to build out their catalog by adding individual products with key details such as a name, base price, description, and category. This moves the app from a simple keypad-entry terminal to a more robust point-of-sale solution.

To navigate to the Product Catalog, click Merchant on the left hand navigation. Click Product Catalog. From here, it’s possible to add new products and review, edit, or delete existing products.

This feature is seamlessly integrated into the existing payment flow. Merchants will be able to select products and add them directly into the cart, enabling merchants to easily mix pre-defined products and custom amounts in a single, transparent transaction.

Merchants can now create and manage a simple customer list through Tap2Local. Merchants will be able to build out profiles by adding key fields to customer profiles, such as a customer name, email, and phone number, allowing merchants to link financial transactions and communications to a specific person or business, streamlining client tracking and communication in a single workflow.

To navigate to the Customers, click Merchant on the left hand navigation. Click Customers. From here, it’s possible to create a new customer profile and review existing customer profiles.

Tap2Local will come at no cost and low lift to Banno financial institutions. However, end users will incur market-competitive fees. Please note that these fees are subject to change over time.

Fees for Tap2Local apply for both credit and debit card transactions.

FeeAmount
In person completed card payment fee2.60% + $0.15
Online completed card payment fee and invoicing2.90% + $0.30
International card payments1%
Card account update fee$0.25
Dispute fee$15.00
Completed RTP transaction fee$0.30

Under the Tap2Local Revenue Share Program, revenue generated from Tap2Local processing volume is shared between the financial institution and Jack Henry, rewarding both parties for driving adoption and usage.

The Tap2Local Revenue Share Agreement is available now within the brand new Marketplace, located within Banno People. This agreement allows financial institutions to earn passive revenue through a new non-interest fee income stream as SMBs adopt and use Tap2Local.

To take advantage, administrators must first assign the new Can modify contract permission to the appropriate groups within Banno Admin. This permission enables team members to execute contracts and agreements directly within the Marketplace. Here’s how to enable the new permission:

  1. Log in to Banno People.
  2. Navigate to Users & Groups.
  3. Select the group that should have access to execute contracts.
  4. Scroll to the People permissions and select the Can modify contract checkbox.
  5. Click Save changes.

Once the permission is active, an authorized admin can navigate to the Marketplace, review, and execute the Tap2Local Revenue Share Agreement, unlocking this opportunity for the financial institution immediately.

Exclusivity clauses in contracts are commonly limited in scope to products or services available from the provider. This scope limitation typically means:

  1. The customer cannot obtain a service from a third-party if that same service is available from the provider.
  2. The customer can obtain a service from a third-party if the same service is NOT available from the provider.

The Tap2Local services available through Jack Henry and Moov are not available from any other processors today. While Jack Henry cannot provide legal advice on any existing processing relationship in place, we suggest reviewing your processor documentation with these points in mind. Institutions interested in Tap2Local with and have more questions around if this breaches exclusivity agreements, open a case via the For Clients Portal.

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.

Card BrandCutoff Time
Mastercard2:00AM ET (Next Day)
American Express7:00PM ET
Discover6:00AM ET (Next Day)
Visa6:00AM ET (Next Day)

Card transactions contain more granular statuses in transfer.source.cardDetails{}:

  • 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.

Transfers created before these times are typically credited to the merchant’s wallet the next banking day. Once the transfer status is completed, funds are available for transfer from the merchant’s wallet.

Tap2Local is built on Moov’s reconciliation-first infrastructure. 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. To leverage this, the merchant would need to connect their account via the third party accounting software they wish to leverage. The connection is not a part of the Jack Henry UI/UX for Tap2Local, but the ability to connect the services is available.

This will help businesses reconcile their daily card payment activity, with refunds and chargebacks immediately debited from the merchant’s wallet. The settlement that hits the checking account is a single, net line item with the fees already taken out. The accountholder can view the specific fees per transaction within their app.

When a business enrolls with Tap2Local, we create a Merchant account for them automatically. It looks like a regular checking account inside Banno. It accounts for all the transactions and sweeps and can be used for reconciliation and historical records.The business account owner can point Xero or QuickBooks at their Tap2Local Merchant account for automatic reconciliation, or they can download a CSV of all their transactions and sweeps going all the way back to when their merchant account was created.

To navigate to the transaction export, click Transactions on the left hand navigation. Select Merchant account from the account name drop down. Click the download button next to Transactions at the top of the page.

Tap2Local 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 process 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.

Explore the full Tap2Local Due Diligence Documentation for more information about security and fraud. Please contact support for the password. In addition, Moov has created a Trust Center where financial institutions can access Moov’s due diligence documentation.

Businesses that operate in certain high-risk or prohibited industries are ineligible to accept card payments with Moov (or any other payments processor). We do support a wide range of businesses operating in higher risk segments.

For more information about prohibited and/or restricted business types, review Moov’s Platform Agreement.

If a business is denied, an appeal can be submitted by sending an inquiry to help@moov.io. However, merchants operating in prohibited industries or posing a high chargeback risk will not be eligible for approval.

Jack Henry is partnering with Moov to deliver Tap2Local and has conducted the industry-standard due diligence practices that apply to all of our partner integrations. We understand that our financial institutions take vendor management extremely seriously, as they should.

For Tap2Local, the business account is the merchant with Moov. Moov is the merchant acquirer for Tap2Local merchants. In order to access Tap2Local, each business will need to opt in to leverage Tap2Local. It is not automatically available to all businesses.

Moov is responsible for issuing 1099-K tax forms for all merchants. If a business user reaches out to a financial institution about it, the financial institution will need to refer them to Moov either via Conversations or help@moov.io.

We’ve provided very comprehensive due diligence documentation specifically covering this relationship. To explore the full Tap2Local Due Diligence Documentation, please open a support case for the password. In addition, Moov has created a Trust Center with extensive information about Moov’s infrastructure, policies, and more.

For financial institutions with Tap2Local enabled, the following features are available for use within Banno Support (iOS and Android):

  • Direct Ticket Creation: Employees with the Manage Moov tickets permission can create Moov tickets directly from a conversation.
  • Real-Time Status Updates: Moov ticket updates automatically appear as internal notes within the relevant Banno Support conversation.
  • Detailed Views: Tickets are now clickable, providing access to full ticket transcripts and specific details.
  • At-a-Glance Tracking: The case list now includes a Moov tag, displaying the ticket number and current status for quick review.

All of these enhancements will appear for any financial institution that’s live with Tap2Local, and no additional contract or support ticket is required.

Moov will provide first-line support for anything coming from the merchant. To limit call volume for disputes that must be escalated, we will leverage Jack Henry Conversations™ to ensure financial institutions’ in-house support teams can manage disputes promptly and effectively.

The financial institution is expected to provide second-line support for merchant disputes that cannot be fully resolved by Moov’s first-line support team. Moov will handle initial merchant inquiries and disputes directly within the app. Their team will attempt to resolve common issues, answer questions, and provide guidance to merchants as the first point of contact. They can be reached at help@moov.io or 1(855) 977-MOOV / 1-855-977-6668.

Getting started with Tap2Local is designed to be a straightforward process for financial institutions.

Since Tap2Local is a feature built into the Banno Digital Platform, there is no core configuration or GL setup required on the financial institution’s end. Tap2Local operates without GL interaction; instead, sales from each business are settled directly into the specific bank account selected by the merchant within the UI.

The financial institution can see approvals and denials for merchant accounts in Banno Back Office.

If a financial institution is interested in creating a demo environment, it is possible with the caveat that demos require actual money movement. If there are specific businesses a financial institution has a close working relationship with, or if an employee at the financial institution has a business, we can enable a specific account with Tap2Local. This will allow the financial institution to see how the service operates within their instance. Open a support case to request this enablement in the For Clients Portal.

Business accountholders will be able to enroll directly from their app dashboard. 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.

As part of underwriting, the business logo is pulled directly from the businesses’ website. They also have the ability to manage their branding within the merchant account settings.

Note: Only owners or controllers of the business may enter into a merchant services agreement with Moov. The financial institution cannot enroll a business directly.

If an accountholder is not seeing the option to use Tap2Local, you’ll want to validate that the customer has the following fields populated on their CIF record:

  • Address Line 1
  • City
  • State Or Province
  • Postal Code
  • Phone Number
  • Email Address
  • Tax ID

If any of these data points are missing, they’ll need to be populated on the accountholder’s CIF record in order to be pulled into Banno and utilized to decide if the accountholder should see the option to enroll.

Financial institutions can automatically grant Tap2Local access to qualifying retail users, specifically primary owners of sole proprietorships. The system identifies these individuals by matching their profiles to specific account type codes.

To authorize additional business categories or modify permissions, an administrator with the necessary credentials should:

  1. Log in to Banno People.
  2. Navigate to Tap2Local > Settings.
  3. In the Sole proprietor account codes section, select Edit.
  4. Select the identifier codes that qualify as sole proprietorships.
  5. Click Save changes.

Once confirmed, eligible users will see the enrollment prompt on their Banno Online and Banno Mobile dashboard.

It is possible to make Tap2Local available to specific users or customers. There is a “Tap2Local” ability within the user permissions that will enable Tap2Local for a specific user.

Have questions about Tap2Local? Check out our Frequently Asked Questions page that covers its functionality and experience, operational details, and more.

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