Learn more about Tap to Phone technology

Tap to Phone technology is a modern method of contactless payments, which can be implemented using a smartphone instead of an installed classic POS terminal. The so-called alternative terminal in the smartphone not only allows you to quickly accept payment for services and goods provided without the use of expensive equipment, but also additionally fulfill your obligations to the state regarding the fiscalization of all economic transactions.

What is Tap to Phone technology?

Tap to Phone technology appeared in our country back in 2019. And in fact, by this time, it has spread among representatives of small and medium-sized businesses. This is an innovatively useful and business-acceptable option for receiving payments from customers, which can only be provided if you have a smartphone, a mobile application and the Internet. No terminals, classic cash registers, printers, etc. are required. In fact, this option is available to everyone, including FOPs.

Tap to Phone technology, which is implemented through a certain application, is ideal for:

1. couriers;
2. organizers of mass holidays;
3. taxi drivers;
4. insurance agents;
5. etc.

The essence of the method is that the consumer of a specific product or service can pay for the product on the spot. And the seller of this service or product can accept non-cash payment using an existing smartphone. No other devices are needed. And the advantage is that such operations fully comply with current legislation. The installed application is fully synchronized with the DPS, so all operations are fully subject to fiscalization.

How does this technology work?

Implementation of the mentioned technology is possible only if you have a smartphone. The main thing is that it should support NFS payments. There are no additional requirements for a mobile phone.

Features of Tap to Phone:

1. the seller installs a specific application on the mobile phone, taking into account the peculiarities of the acquiring bank that serves the business;
2. when making a payment in the application, the payment amount is first indicated, then the consumer simply puts his smartphone to the seller's smartphone;
3. the operation is carried out through the application, it is recorded automatically in the DPS, direct payment is made;
4. an electronic copy of the check is sent to the buyer via messenger or e-mail.

All this happens in a matter of seconds. In fact, for the seller himself, there is no difference except for the format of receiving the check. With a POS terminal, it is a paper check, with Tap to Phone, it is an electronic check.

In fairness, it should be noted that Tap to Phone is ideal for representatives of small and medium-sized businesses with an average number of operations. If we are talking about a large business and a heavy load in the field of business transactions for payment, then it is necessary to either combine Tap to Phone and a POS terminal, or to still make payment through a POS terminal. The reason is that the POS terminal only accepts payment, it does not perform other functions. The smartphone also has a large number of applications and performs a large number of functions.

Advantages of using Tap to Phone for business

Among the main advantages of Tap to Phone for business, the following should be highlighted:

1. Saving money. The use of a POS terminal requires certain costs — from 12-15 thousand UAH for one terminal. Installing the application on a smartphone does not require additional investments.
2. Convenience. The seller can offer the buyer a convenient and modern method of contactless payment, which in a certain way affects the profitability of the business.
3. Ease of use. The seller does not need to have certain knowledge of making payments, it is enough to enter the application and enter the amount. A convenient payment option for both parties — the seller and the buyer.

All this explains the popularity of Tap to Phone among businesses.