It simply converts numbers to a proprietary encoding. 4 binary numbers = 1 number, with some extra characters. These extra proprietary characters are the space, period, comma, exclamation point, number sign, and the generic currency symbol ¤ (which you can also input using the dollar sign $). These extra symbols cannot be made with the multitap encoder (see below).
An easy way to create phrases with this is the DCode multitap encoder (I recommend using "Short" for the format):
https://www.dcode.fr/multitap-abc-cipher
You can also just type in lowercase letters in the numbers box and it'll auto translate for ya because I actually put in effort for once.
so decode this if ya have time :) = 1010 0010 0100 0010 1101 0100 0100 0010 1100 0100 1111 1000 0001 1010 0100 1010 0010 1010 0010 0010 0001 1111 1000 0001 1000 0100 1101 0100 0100 0010 1111 1110 0100 1010 0100 1101 0010 1111 1101 0010 1100 0001