Contactless payments are increasingly becoming the norm, and customers are starting to expect the convenience of contactless payments everywhere they go.
One of the most popular mobile payment systems is Apple Pay. 55.8 million Americans (or 19.8% of the US population) use it at least once a month. This number is expected to continue increasing, so accepting Apple Pay is crucial for your small business.
How Does Apple Pay Work in a Store?
Apple Pay is a mobile wallet that can be used to pay with a debit or credit card, without having to present the physical card or swipe it. Cards are authenticated once, and can then be used through Apple Pay moving forward.
Like most contactless payment methods, Apple Pay uses Near Field Communication (NFC) technology for payments. This technology enables a customer’s device to “talk” to the POS terminal at a store when they are in close proximity to each other.
The payment is processed within seconds and happens in a secure and contactless way.
Let’s look at some of the benefits of Apple Pay for merchants.
The Benefits of Accepting Apple Pay in Your Small Business
Compared to traditional payment methods, contactless payment solutions such as Apple Pay provide several benefits:
With Apple’s payment technology, business owners don’t get consumers’ names or credit card numbers. You don’t have to worry about losing a customer’s credit card information because you don’t get it in the first place.
Furthermore, all data processed with Apple Pay is tokenized and encrypted, which provides security for both your customers and your business.
Opportunity to Compete
Although Apple Pay is being used at big name brand stores like Whole Foods, Walgreens, and McDonald’s, small businesses actually have the capability to adopt new technology more quickly and seamlessly than larger companies. It’s more important now than ever to support multiple payment options at your business.
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Simpler Payments Environment
Small business owners can use systems like Apple Pay to control their entire payments world from one screen, saving them time and effort while improving cash flow management.
Speed and Convenience
Being able to pay with a simple tap from an iPhone or Apple Watch is significantly quicker and more convenient for the customer than paying with cash, a debit card, or a credit card. It is the fastest payment method available right now, and offering it to your customers allows you to meet their expectations.
Shorter Lines and Waiting Times
According to this survey report, 75% of retailers report losing customers due to wait-related issues. By offering Apple Pay as a payment method, you reduce your lines and waiting times because it is much faster than other payment methods.
Retail stores are not the only type of business that benefits from shorter lines. This study shows that without waiting, the total revenue generated by a restaurant can potentially increase by nearly 15%. Investing in payment processing technology for restaurants that supports contactless payments like Apple Pay could therefore have a positive effect on your bottom line.
Less Administrative Tasks
Apple Pay makes administrative tasks such as bookkeeping easier and less error prone, as the payments get added to the system automatically and the customer receives a digital receipt.
Especially when used with an integrated POS system, it makes the payment process seamless for both the customer and the merchant.
You May Already Be Prepared to Accept Apple Pay
If you already have a POS terminal, it may already be equipped with Near-Field Communication (NFC) technology. And if not, right now is a good time to start supporting NFC payments. As you may know, Visa, MasterCard, and American Express have shifted over card-present liability to whoever is the least EMV-compliant party in a fraudulent transaction.
Accept Apple Pay with Gravity Payments
With Gravity Payments, you can start accepting Apple Pay right now.
We have a variety of NFC-compatible POS terminals equipped to accept Apple Pay, with our list of options growing quickly. For example, consider the Clover Station Duo or the PAX A920, both of which have embedded NFC readers. Our dedicated Deployment and POS Team can ensure a seamless integration for your business.
If you’d like to find out more about Apple Pay or learn how you can start accepting it today, have a quick chat with our Support Team. Give them a call at (866) 701-4700 or contact us.