How Small Businesses Can Benefit from Apple Pay

Posted by andreas On November - 11 - 2014 0 Comment

apple pay benefits to small businessesTwo months after Apple made its big announcement about Apple Pay, many small and medium-sized businesses have started to explore the benefits of using a contact-free mobile payment method. The concept is not new; the similar service Google Wallet has been around since 2011, but only one-third of 500 smartphone users had used it. So what makes Apple Pay different? Simply put – because it’s from Apple.

Why Businesses Should Adopt Apple Pay

As already mentioned, Apple has a strong following. People pay attention when it’s Apple introducing something to the market, even though it’s not necessarily the original. And with the release of iPhone 6 and the upcoming Apple Watch, you can expect more tech-driven consumers to be armed with their mobile devices doubling as a credit card.

It also doesn’t cost you anything when you receive payments through Apple Pay. The only thing you need to do is to switch to a near-field communications (NFC) payment processor, which can cost from $300 to $500. You need NFC to enable the data transfer between devices and proceed with the contact-free payments. Implementation should be a breeze, and it’s all just up to the customers to learn how to pay using their phones – which shouldn’t be that hard since we are already living in the mobile era.

If you’re in the food and service industry, you want the customers to be in and out of your establishment to accommodate new ones. The fastest way to do it is to go without cash or plastic. No more counting change or swiping credit cards, because all the customer needs to do is tap his phone to the NFC terminal and the transaction is processed. According to Erin of ResultsatHand.com, having a mobile payment service at an event can speed up the event registration and payments and prevent long lines – the common problems encountered during events.

So do away with the traditional cash register and future-proof your business since that’s where the trend is moving. Your customers will also appreciate that you keep up with the latest technology and you can win their loyalty in the long run.

How to Adopt Apple Pay

Besides the iPhone 6 and the Apple Watch, customers should also have a bank account or credit card that participates in Apple Pay. To accept payments, you need an NFC reader, software that allows contact-free payments, and a merchant account that accepts Apple Pay. Don’t worry about merchant fees because Apple doesn’t charge you any commission. You can only gain, not lose, using Apple Pay!

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