Accepting Tap-to-Pay payments on your iPhone can be hugely beneficial, especially if you’re a sole trader. As long as you’re connected to the internet, you can take payments anywhere using your phone.
In this guide, you’ll learn what Tap to Pay is, which apps are best and how Tap to Pay can benefit your business.
What is Tap to Pay?
Tap to Pay lets you accept in-person, contactless payments using your mobile phone’s near-field communication (NFC) technology. This essentially turns your iPhone into a POS terminal – customers use contactless cards or mobile wallets to pay you on the spot.
What are the benefits of taking Tap to Pay payments?
The benefits of taking tap-to-pay payments include faster transactions, enhanced security and customer convenience.
With Tap to Pay, you don’t need a separate payment terminal. This hardware can be expensive to buy or hire and take weeks to arrive. Tap-to-pay is faster than swiping a card or handling cash and is highly secure. Perhaps more importantly, customers increasingly expect to be able to pay this way. The Reserve Bank of Australia mobile wallets accounted for 25% of all debit and credit card transactions in 2022. Adding this as an option means you’ll never lose a sale to customers who prefer to tap-to-pay.
What are the common Tap to Pay apps for iPhone?
Common tap-to-pay apps can turn iPhones into mobile point-of-sale terminals– ideal for sole traders. Common tap-to-pay apps include:
Solo by MYOB
Solo is the all-in-one app that puts everything you need at your fingertips. Available on iPhone, with the ability to accept payments from physical debit/credit cards, Apple Pay, Google Pay, and other digital wallets.
Tap to Pay on iPhone - Solo by MYOB
ANZ Worldline
ANZ Worldline is one of the most popular providers of Tap to Pay. They charge a fee of 1.3% per transaction and let you add up to five devices per account. Additional charges may apply, like chargeback fees.
ServiceM8
ServiceM8 Tap-to-Pay integrates with their job management software. It’s one of the more expensive providers, charging 1.95% plus 15 cents per transaction.
Square
Square’s Tap-to-Pay app integrates with its suite of business tools. It charges 1.6% per transaction and has no additional set-up costs, hidden fees or long-term contracts.
Stripe
Stripe is a global leader in managing electronic payments. They only offer Tap to Pay on iPhone if you also have Stripe Terminal SDK. This is a physical terminal, so may not suit sole traders.
Tyro
Tyro was one of the first mobile business banking companies to offer Tap to Pay on iPhone in Australia. The Tap-to-Pay app includes features like split bills, tipping and integration with popular point-of-sale systems. This makes it suitable for hospitality and retail.
Westpac
Westpac’s Tap-to-Pay app works with Westpac’s broader banking services, so you’ll need a Westpac account and the EFTPOS Air app. Transaction fees are low at 1.4% and they deposit payments in your account on the same day.
Zeller
Zeller’s Tap-to-Pay iPhone app connects to their other financial services. You’ll pay 1.4% per transaction for all cards, including American Express.
Tap to Pay is also available on Android. If you use an Android phone, read our Tap-to-Pay guide for Android.
How to accept iPhone Tap to Pay payments as a sole trader
To accept iPhone Tap to Pay payments as a sole trader, follow these three steps:
Download your preferred payment processing app
Download your preferred payment processing app.
To enable Tap to Pay for Solo by MYOB, download the Solo app and sign in. Tap the “Money In’ button and click on the “Tap to Pay” banner. Click the “Enable now” button and you’re good to go!
Enable Tap to Pay through your payment processing app
To enable Tap to Pay, go to the settings in your payment processing app. You may need to complete additional verification steps or agree to the terms of service.
Accept payments using your iPhone
You’re now ready to accept payments using your iPhone. Simply open your payment app and enter the transaction amount. Present your phone to the customer so they can tap their card or smart device on the contactless payment icon. Wait for the payment to process and confirm the transaction.
TIP: Easily track all your Tap-to-Pay payments with Solo by MYOB. The accounting software automatically syncs banking data for you to reconcile against point-of-sale records. This means your business information is always up-to-date, complete and well-organised.
Do other Apple devices accept Tap to Pay payments?
No, other Apple devices don’t yet accept Tap to Pay payments. Tap to Pay is only available on iPhones XS or later and isn’t yet available on iPad, Mac, or Apple Watch.
How to make payments using Tap to Pay on an iPhone
To make payments using Tap to Pay on an iPhone, follow the instructions below:
Open your Apple Wallet app
Open the Apple Wallet app on your iPhone.
Add your debit or credit card to your Apple wallet or import a digital card from an external app
Add your debit or credit card to your Apple wallet by tapping the plus symbol at the top of the screen. You can then scan your card, manually enter the details, or import a digital card from an external app.
Tap and pay for your goods or services at a contactless terminal
To tap and pay for your goods or services at a contactless terminal, double-click the button on the right side of your iPhone or rest your finger on the Touch ID. This will bring up your default card. Hold the top of your iPhone to the merchant’s iPhone and wait for payment confirmation.
iPhone Tap to Pay FAQs
What are the other Tap to Pay methods?
The other Tap to Pay methods include contactless cards and digital wallets like Apple Pay, Google Pay and Samsung Pay.
Is Tap to Pay compatible with all iPhones?
No, Tap to Pay isn’t compatible with all iPhones. You need an iPhone XS or later running iOS 15.5 or higher.
What are the drawbacks of Tap to Pay on iPhone?
There are some drawbacks of using Tap to Pay on iPhone. Handing your phone over to a stranger puts it at risk of damage or theft. If your customer’s card isn’t contactless-enabled, you’ll need to provide alternative payment methods.
Is Tap to Pay on iPhone secure?
Yes, Tap to Pay on iPhone is secure for customers and merchants. It encrypts payment information and will nearly always require authentication for transactions. Apple also doesn’t store any payment information.
Fast, flexible payments at your fingertips
Tap to Pay on iPhone offers a convenient, secure and cost-effective way to accept contactless payments. Whether you’re a sole trader or a growing business, Tap to Pay adds flexibility for you and your customers without the need for expensive equipment. And when people can pay you on the spot, you’re more likely to get paid faster.
That goes for invoices you send, too. With Solo by MYOB, customers can click the ‘Pay now’ button on their invoices to pay by credit card, BPay, Apple Pay, Google Pay and PayPal.
Make it easier to get paid faster — try Solo by MYOB today.