Part of running a successful business is offering convenience to your customers. This, of course, comes in many forms, but one of the main ones is definitely offering accessible payment options.
Whether you’re a start-up or veteran business owner, being tech savvy and forward-thinking is essential. Just take a look at the iGaming sector, some of the new NZ Online Casinos offer every payment option imaginable to ensure that players are accommodated as much as possible. Offering multiple payment options is one of the ways in which you can stand out from your competition. The most important thing is that whichever options you offer, they would fit three criteria: fast, simple, and secure. Apple Pay meets all of these three key ingredients, and this is why it would help you to familiarize yourself with it.
Until now it’s only a matter of convenience, but soon enough, customers will expect it. So it’s wise to get comfortable with this technology sooner rather than later. This guide is meant to prepare you with all you need to know about this technology.
What Is Apple Pay?
Let’s make sure the basics are clear. Apple Pay is a digital wallet created by Apple that enables users to pay for items via their mobile devices. When making in-store purchases, customers can use Apple Pay by holding their phone over a compatible payments reader. Additionally, in-app or online purchases can be completed with just a tap on your phone.
Why Should A Business Accept Apple Pay?
There are two major reasons why a business should accept Apple Pay: speed and security.
Apple Pay and other mobile payment options offer faster and more streamlined transactions at the point of sale compared to traditional payment methods like cash or physical credit cards. By simplifying the payment process and eliminating the need to handle cash or swipe/chip cards, you can process checkouts more quickly. This is particularly beneficial for businesses such as restaurants or stores that experience a high volume of customers during peak hours. Accepting Apple Pay can help to reduce customer wait times, resulting in greater customer satisfaction and a lower likelihood that they will become frustrated and resort to your competitor’s product or service.
Apple Pay is also considered highly secure because the card data is tokenized, encrypted and constantly changing, to prevent theft of customer card information. Tokenization replaces sensitive data like credit card or bank account information with random numbers, which are replaced with useful information after reaching the payment processor.
Apple Pay generates a new token every time a purchase is made, which makes it even more secure. Additionally, users must verify their identity through FaceID, a fingerprint, or a passcode on their mobile device to prevent unauthorized purchases in case of a lost or stolen device.
The security measures of Apple Pay have resulted in fewer instances of fraud, chargebacks, and increased consumer confidence in both the payment system and the businesses that use it.
How Does a Business Go About Accepting Apple Pay?
Accepting Apple Pay at your business is pretty straightforward. The following are some best practices to set up your Square Reader and Apple Pay marketing kit:
- Firstly, obtain a new payment terminal that is equipped with NFC technology, which enables contactless payment acceptance such as Apple Pay. Contactless payments are supported by Square Reader for chip and contactless, Square Stand, Square Terminal, as well as Square Register.
- Next, configure your new reader. The Square Reader for contactless and chip can connect to your device wirelessly as long as your iOS device is compatible. If you’re setting up the reader with Bluetooth LE, ensure that Bluetooth is turned on in your mobile device’s settings.
- Then, open the Square app and link the reader. It’s important to ensure that the reader is within your customers’ reach and that it is facing them, to allow for convenient Apple Pay payments.
- In order to accept payments, instruct your customers to hold their iPhone, iPad, or Apple Watch near the reader until they see four green lights and hear a chime. Once you see the check mark on your screen, the transaction is finished.
If you have a website, you can also accept Apple Pay using Square Checkout. This is a hosted checkout and online payment form that can be integrated with a single implementation, and it supports Web Apple Pay.
Additionally, Square e-commerce API supports Web Apple Pay, which makes it easy for developers to add an Apple Pay option at checkout when building their own checkout flow.
Finally, with Tap to Pay on iPhone, you can also accept contactless payments from contactless cards Apple Pay, and other digital wallets, all with just your iPhone.
How Much Does It Cost To Use Apple Pay?
There are no charges for consumers and business using Apple Pay. The only charge you incur as a business is the one stipulated by the credit card processor or facilitator, just like any other credit card transaction. This fee is a combination of a percentage of the purchase total and a fixed fee per transaction. It’s important to keep in mind that credit card processor fees may differ based on the company and type of purchase. Therefore it’s advisable to compare different options to find the best deal.
How Many Businesses Accept Apple Pay?
Apple Pay has a user base of 507 million individuals globally, and data indicates that mobile payment app usage is only growing. Apple Pay is a contemporary, safe, efficient, and, especially in the post-COVID era, hygienic method of receiving payments.
It’s clear that this method of payment is gaining ground. Therefore, the earlier it’s adopted, the sooner you and your customers can enjoy its benefits.