Accordong to IBS Intelligence, the tomato pay solution comes in response to the growing demand from SMEs for more affordable non-cash payment options and from customers for greater choice when paying for goods and services. The QR-code based app is free to download, free for consumers to use and represents a cost-effective way for businesses to receive payments – almost instantly – into their bank account. Besides, it has no card minimum fees or chargebacks, and offers easy refunds and confirmation of all transactions for both customer and business.
Furthermore, the initiative comes as the company's research showed that many small businesses can’t justify the costs of offering card payments, while there is support for QR-code based payments which are cheaper for small businesses to implement, with four in ten people saying they’d find it easier to pay a small business using a QR code.
Overall, the tomato pay app is designed specifically to support small business owners and remove the headache of finances, as it ensures that more of a payment goes to the business and not their payment providers, the company's officials stated.
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