Revolut Tap to Pay: The Contactless Payment Solution

Author: Mat 2 June 2024

What is Revolut Tap to Pay?

Revolut Tap to Pay is a contactless payment solution that allows iPhone users to accept card payments directly through their smartphone. By using NFC (Near Field Communication) technology, this feature transforms your iPhone into a payment terminal without the need for additional hardware. This greatly simplifies the payment process for entrepreneurs and small businesses.

Benefits of Revolut Tap to Pay

Ease of Use

Revolut Tap to Pay is incredibly easy to use. Simply download the Revolut Business app, sign up for the Tap to Pay feature, and start accepting contactless payments. There is no need to purchase or configure additional payment terminals. Users can set up this feature within minutes, making it very accessible even for those who are not tech-savvy.

Reduced Costs

Unlike traditional payment terminals, there are no upfront hardware costs with Revolut Tap to Pay. This makes it an economical solution for small businesses looking to minimize expenses. Additionally, Revolut offers competitive transaction fees, allowing businesses to achieve significant long-term savings.

Enhanced Security

Revolut is known for its robust security measures, and Tap to Pay is no exception. Transactions are protected by multiple layers of security, including biometric authentication via Face ID or Touch ID, ensuring that your payments are secure. Furthermore, all transactions are encrypted, which significantly reduces the risk of fraud.

Flexibility and Mobility

With Revolut Tap to Pay, you can accept payments wherever you are. Whether you’re at a market, a trade show, or on the go, your iPhone is all you need to complete transactions. This mobility is particularly advantageous for entrepreneurs who do not have a fixed point of sale.

Simplified Management

The Revolut Business app also makes it easy to manage your transactions. You can track your sales in real-time, generate detailed reports, and even integrate your sales data with other financial management tools. This allows you to maintain an overview of your business activities and make informed decisions.

Should You Buy a Revolut Reader as a Complement?

While Revolut Tap to Pay is a comprehensive solution on its own, some businesses may find it beneficial to also invest in a Revolut Reader. This physical payment terminal can be useful in environments where using an iPhone might not be practical or desired, such as in restaurants or shops where staff use dedicated payment terminals. The Revolut Reader can also provide an additional solution in case of technical issues or battery problems with the iPhone. Having both options allows for maximum flexibility and ensures that you are always ready to accept payments, no matter the circumstances.

Comparison with the Revolut Reader

Revolut also offers a physical payment terminal, the Revolut Reader. While the Reader is an excellent option for those who prefer a dedicated device, Tap to Pay offers several distinct advantages. Firstly, it eliminates the need to carry an additional device. Secondly, it allows for greater flexibility as you can accept payments directly with your iPhone without worrying about the battery or connectivity of a separate terminal.

How to Set Up Revolut Tap to Pay

Step 1: Download the Revolut Business App

If you haven’t already, download the Revolut Business app from the App Store and sign up for a Revolut Business account.

Step 2: Activate Tap to Pay

In the app, go to the payments section and select the Tap to Pay option. Follow the instructions to activate the feature and start accepting contactless payments.

Step 3: Start Accepting Payments

Once the setup is complete, you are ready to accept contactless payments. Simply ask your customers to hold their card or NFC-enabled device near your iPhone to complete the transaction.

User Feedback

Users of Revolut Tap to Pay praise the simplicity and efficiency of the solution. Many entrepreneurs particularly appreciate the cost savings associated with not having to purchase and maintain traditional payment terminals. The ability to manage all transactions through the Revolut Business app is also a major advantage, allowing for centralized and simplified management.

What Are the Fees for Revolut Tap to Pay?

When choosing a payment solution, understanding the associated fees is crucial for businesses. Revolut Tap to Pay stands out with its competitive pricing, designed to be straightforward and beneficial for small businesses and entrepreneurs.

Competitive Pricing to Boost Your Savings

Revolut offers low fees at just 1.7% for all commercial and consumer cards. There are no setup charges, no subscription fees, and no hidden costs. This transparent pricing structure allows you to focus on maximizing your earnings rather than worrying about your expenses. By keeping your transaction costs low, Revolut helps you save money and streamline your payment processes.

Conclusion: Try the Feature if You Are a Revolut User

Revolut has recently launched its Tap to Pay feature, specifically designed for iPhone users. Following the Revolut Reader and Revolut’s point-of-sale software, it seems that the neobank is aiming to compete with SumUp and provide merchants with a comprehensive payment solution. This innovative contactless payment solution offers numerous benefits to entrepreneurs and small businesses. Its ease of use, reduced costs, enhanced security, and flexibility make it an essential option for those looking to modernize their payment processes. By adopting this technology, you can offer your customers a smooth and secure payment experience while simplifying the management of your business.

However, it is important to note that SumUp still has an edge in the payment sector. With its established experience in providing payment solutions for small businesses, SumUp continues to offer robust and reliable services that have stood the test of time. Nonetheless, Revolut is positioning itself as a serious and promising competitor in the modern payment solutions sector.

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