Tap2Local
What is Tap2Local?
Tap2Local allows your business users to accept payments through tap to pay, payment links, and QR codes directly within your Mobile Banking experience. And with Jack Henry’s open banking solutions and reconciliation-first infrastructure, your institution can automatically reconcile payments with accounting systems like QuickBooks and Xero. This enhances accuracy and ensures compliance while delivering a seamless experience for your business users.
Tap2Local allows your 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. We support all four card brands: Visa, Mastercard, American Express and Discover. In addition the Tap to Pay functionality is fully realized on both Apple iOS and Android ecosystem.
Imagine you own a bakery and you sell goods in your store, at the farmer’s market, and weekend catering. Rather than taking your store’s card machine (or a backup card reader) and trying to get it set up and connected at an event like the farmer’s market, you could simply use your phone to accept card payments right in your mobile banking experience.
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.
What about security?
Tap2Local and our award winning 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 | 2:00AM ET (Next Day) |
| American Express | 7:00PM ET |
| Discover | 6:00AM ET (Next Day) |
| Visa | 6:00AM 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.
Automated Reconciliation
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. This will help businesses reconcile their daily card payment activity, with refunds and chargebacks immediately debited from the merchant’s wallet.
How do I get started?
Getting started with Tap2Local is designed to be a straightforward process for your financial institution.
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.
Your 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.
Frequently Asked Questions
Have questions about Tap2Local? Check out our Frequently Asked Questions page that covers its functionality & experience, operational details, and more.