Apple Pay is the latest of the services offered by Apple Inc., and a brilliant addition to their versatile platform. Now, users are able to pay for goods and services WITHOUT the use of credit cards or cash. Instead, they can use their smartphones (iPhone 6 and newer) to make payments—both with Apple Pay-specific and all existing contactless terminals. It’s a highly secure payment method, one that is highly popular with iOS users.
Apple Pay is also becoming highly popular among small business owners, for a number of reasons:
- Easier mobile payments – Think about it: all your customer has to do is use the Apple Pay app on their phone to pay for whatever product or service they are purchasing from you. The transaction is completed without the need to pull out their wallet, swipe a credit card, or input any data. The Near Field Communication (NFC) technology means they just need to have their smartphone within range of the payment terminal, with no swiping or contact needed. Mobile payments don’t get any easier than this!
- Better security – Apple Pay is designed to be highly secure. Not only does the app generate a code unique to the device, but it generates a new code for each transaction—similar to the new EMV chip in your credit and debit cards. The NFC technology is also encrypted, meaning the connection between terminal and smartphone is secure. You, the merchant, will never get the credit card details of your customers, so they’ll be more at ease that their data is secure.
- Streamlined payment environment – With Apple Pay, your customers will be able to make all of their payments through a single app. All of their credit card details are stored in their app, and all transactions are done through Apple Pay. It makes sense that they’ll take advantage of the streamlined payment environment. By accepting Apple Pay, you cater to their need for easy, safe payments.
- Broader compatibility – The more types of payments you can accept, the better! Thanks to digital payment platforms like PayPal and Apple Pay, customers are finding new ways to pay. By accepting Apple Pay, you cater to the technological savvy of your customers. If they believe Apple Pay is the best way to pay, they may not consider shopping at businesses that DON’T accept Apple’s payment system. Broader compatibility is the key to being highly competitive.
The good news is that Apple Pay is very easy for your business to set up, using your existing wireless terminal and payment setup. By including it as an option, you make the purchasing process much easier for your clients.
