US-based Five Star Bank and payment and accounting platform Autobooks have partnered to launch a Tap-to-Pay on iPhone feature for small businesses. Following the implementation of this feature, SMEs are now able to accept contactless payments by using the Tap-to-Pay feature on iPhones and the Five Star Bank Digital Banking mobile app.

More precisely, during checkout, merchants have to prompt their customers to use their iPhone or Apple Watch to pay with Apple Pay, their contactless card, or any other digital wallet via a tap on the merchant’s iPhone. When discussing the reasoning behind the decision to extend this feature, a representative from Five Star Bank outlined the important role that SMEs play within the economy of local communities. The new Tap-to-Pay on iPhone capability is expected to enable small businesses to manage their day-to-day needs and offer their customers convenient payment options.

What does the partnership entail? Apart from this capability, SMEs will also have access to other payment options such as unique payment links for use in email, text, or on a website, as well as reusable QR codes. According to the official press release, besides the above-mentioned offerings, the partnership between Five Star Bank and Autobooks additionally enables SMEs to access complimentary professional invoicing complete with personalised branding options and receive payments directly into their business checking account. What is more, following this collaboration, Five Star Bank’s customers will also be able to acquire additional features through Autobooks, such as accounting tools, automated reporting, and business bill pay.

What do Five Star Bank and Autobooks bring to the table? Five Star Bank is a subsidiary of Financial Institutions, a financial holding company offering banking, insurance, and wealth management products. Offerings-wise, Five Star Bank extend consumer and commercial banking and lending services to individuals, municipalities, and businesses. Earlier in 2023, the bank launched another product addressed to SMEs, as it announced the expansion of its small business lending solutions through a partnership with Numerated.

Autobooks is a payment and accounting platform that partners with banks and credit unions in a bid to provide invoicing, payment acceptance, accounting, as well as other financial products via online and mobile banking. Also in 2023, the company partnered with enterprise technology provider NCR Corporation in an effort to integrate digital invoicing, payment acceptance, and accounting into NCR Digital Banking. .