Merchant Services: How Apple Pay Will Benefit Small Business Owners
Criminals can counterfeit cash and steal credit card information. But there’s one payment solution that is immune to both of these risks during point-of-sale: Apple Pay.
Like all things Apple, the tech giant tries to make all its services easy to use and efficient. For small business owners, convenience and operating efficiency are often what customers notice most. That’s why Apple Pay might be one of the best decisions for your small business as it concerns merchant services.
But what is Apple Pay, and what benefits will it provide for your point-of-sale systems?
Keep reading as we discuss all the benefits of Apple Pay for small business owners.
What Is Apple Pay?
Apple Pay is Apple’s proprietary payment platform which can replace cash and card payments. It comes built-in to all Apple devices and works flawlessly with other Apple Pay-enabled devices. This includes the iPhone, iWatch, and iPad.
Like Google Pay, Apple pay makes use of NFC (near-field communication) technology. NFC is a way to transfer encrypted data from one device to another. NFC is fast, easy to use, and secure.
All that you need for Apple Pay to work is a compatible terminal and a POS system that supports it. To make a payment, users open the Apple Pay app on their phones and select their payment option. Then they tap the back of their phone on the NFC reader when prompted.
Every transaction is secured with a unique, one-time token. That makes it very difficult for hackers to intercept or bungle a transaction. And yet, payments are still far faster than competing methods.
NFC allows for payments that are nearly instantaneous. Customers do not have to reveal their credit card numbers or any personally identifying information.
Let’s discuss the many ways that Apple Pay can benefit small business owners and their customers.
1. Apple Pay Makes Your Business More Competitive
Convenience is a big deal for your customers. For that reason and others, options like online shopping have exploded in recent years. People may tolerate other dealbreakers when doing business with you if your transactions are easy.
One of the best ways you can draw customers in–and keep them–is to have a POS with multiple options. Most places have all the standard options: cash and card. But not all businesses support Apple Pay.
Apply Pay has become the preferred method of payment for most Apple users. When you don’t provide that payment option, Apple users must resort to less convenient options. If your competitor down the street does offer Apple Pay, then the customer has little reason to continue patronizing your business.
When almost half of the US owns an iPhone, you risk alienating a large portion of your customer base.
Apple Pay isn’t a burden when it comes to credit card processing and credit card fees. Operating costs are lower since Apple Pay streamlines everything into a single app. This means you save money in the long run when using Apple Pay.
2. Apple Pay Provides Unparalleled Security with Merchant Services
Working with payment processors, you’ve seen how rampant credit card fraud is. Much of this fraud occurs with stolen cards. In some rare cases, hackers can use RFID scanners to steal a person’s credit card information at a distance.
Apply Pay eliminates most of the risk. The payment information remains on the phone, which is secured with a fingerprint or face unlock. Both of these options make it nearly impossible for hackers to rob your customers–or you.
This security goes both ways, too. Because Apple Pay is the middleman, you don’t need to keep credit card information on file. In fact, you don’t need any user information at all.
You don’t have to risk that information getting leaked, and you aren’t responsible for security breaches. The encryption secures purchases at your end, leaving you with a minimal security risk. Further, hackers can’t plant a card stripper on the reader to nab credit card numbers.
3. Apple Pay Is Fast and Easy
Ease of payment isn’t just to keep customers in the door, it’s to improve operating efficiency. It’s easy to set up from the get-go and avoids contact that can spread disease.
You’ve seen how much a single person with an old credit card can hold up the line. Either the chip doesn’t work, or the magnetic strip is old. Multiply this by a dozen people and soon you have a sluggish line.
NFC is the fastest payment system by far. It is near instantaneous. It’s dead simple to use, too: just tap the back of the phone on the NFC reader.
Your cashiers will spend less time waiting for payments to process. Customers will spend less time waiting in line. That gives them the convenience mentioned earlier while wasting less of your employees’ work hours.
Since Apple runs the system, it’s easy to check purchases for your records and close the drawer at the end of the day.
Get the Best Merchant Services in the Industry
Apple Pay is an excellent solution for secure, easy-to-use merchant services. Setup is quick, and it allows customers to use their preferred payment methods. Apple Pay is secure by design and protects your customer’s data from ne’er-do-wells.
Gateway Payments is the leader in credit card processing and ease of payment. They provide all the merchant services you need, from point-of-sale systems to loyalty and gift cards. Contact us today for the last POS system you’ll ever need.
