PNC launches new payment processing tool for micro businesses

PNC Bank (NYSE:PNC) is launching a new payment solution that offers its micro business clients the ability to accept in-person credit and debit card payments directly within the PNC banking app, it said on Wednesday.

Designed for businesses processing less than $300K in credit and debit card transactions annually, PNC Mobile Accept delivers "enterprise-grade payments capabilities at micro business scale – fast, affordable, and accessible," said Matt Evans, head of PNC Merchant Services for Small Businesses.

The self-service tool enables card payments through manual entry or through a pocket-sized reader that supports tap, dip, or swipe transactions. It has a number of enhanced features, from tax-and-tip functionality to cardholder data encryption to near real-time transaction tracking.

With the solution, business owners can accept card payments from all credit card providers and access funds from transactions typically within two business days -- ideal for micro businesses that are always on the go.

The move puts PNC (NYSE:PNC) in competition with the likes of Block's (XYZ) Square payment ecosystem, which was built to support micro-merchants.