Prospa, a prominent fintech company serving ANZ small businesses, has introduced smatrphone payment system Tap to Pay.

The service allows businesses to accept payments using only a smartphone, eliminating the need for additional hardware or terminals. The feature supports contactless payments from physical cards, Apple Pay, Google Pay, and other digital wallets.

Tap to Pay is designed to assist small businesses in managing their cash flow by providing fast access to funds, with payments available the next business day. The service charges a flat transaction fee of 1.4%, with no setup costs or monthly fees. This new feature integrates with Prospa's existing financial tools, including Xero integration for accounting and Bill Pay for bill management.

Prospa Chief Product and Technology Officer Andrew Malak stated, "We are developing tools that simplify business operations. Tap to Pay naturally extends our ecosystem - smart, intuitive, and designed to give our customers greater control over their finances."

Malak added, "Small businesses should get paid on the spot. With Prospa Tap to Pay, there are no terminals, no waiting, no hassles - after a quick five‑minute initial setup, it’s tap, and the funds will be available in your Prospa Business Account the next business day. We build simple solutions to complex problems, such as not getting paid on time or in full, so small businesses can keep cash flowing and stay focused on their work."

Prospa's April 2025 YouGov SME Sentiment Report highlights that 13% of small business owners have no cash reserves, and 20% have less than a month's buffer. Since its inception in 2012, Prospa has assisted over 40,000 small businesses in accessing more than $4.5 billion in funding.

In a statement it says, "Within the non-bank SME lending space, Prospa stands alone, making it a differentiator in the market - and a great option for business owners looking to solve day-to-day finance and funding solutions in one platform."

Prospa is recognised as a Great Place to Work in Australia, in Technology, and for Women in 2025.