Benefits Of Being Apple Pay Compatible
Apple Pay is a popular service for contactless payments, and becoming compatible with its system can enhance your business in several ways. If you’re a merchant that has never heard of Apple Pay or you’re simply on the fence about taking that step, it’s important to take a look at the benefits of Apple Pay. Make an informed decision on the payment options you accept, by understanding this payment method a little better.
How Apple Pay Works
As the premier mobile payment service offered by Apple, Apple Pay is the go-to payment method for many who use Apple products. It’s easy to set up as it comes pre-installed on the Mac, iPad, Apple Watch, and iPhone. Users simply add their debit or credit card information to the Wallet app – which is also pre-installed – and they are ready to make purchases at participating terminals.
This payment method is a part of the contactless payment revolution that has been trending in recent years. Using Near Field Communication (NFC), the user can hold or wave their phone over a compatible Point Of Sale (POS) terminal and transactions are carried through by Radio Frequency Identification (RFID).
One draw for users is that they don’t have to use their phone for the technology to work – Apple Pay works with a variety of Apple devices, including the Apple Watch. Plus, while Apple Pay can be used in person at locations that accept this payment method, it can also be used for online and in-app purchases, making it a versatile option. On top of this, any rewards that a user would earn from using their physical card are still applied when using Apple Pay.
The Benefits Of Apple Pay To Your Business
You want to provide convenience to your valued customers, especially during the checkout process. When you can do that and increase your sales volume, it becomes something truly special. You can do just that by becoming Apple Pay compatible.
Over 40% of smartphone users have chosen iPhones, and that customer base is continuing to grow thanks to the fierce loyalty that the next generation of consumers has for Apple products. The convenient, cashless, and contactless platform of Apple Pay is an enticing payment system that is seeing exponential adoption every month. Setting up your business to accept this payment method automatically gives you a more competitive edge in the marketplace.
Consumer Loyalty And Adoption
The platform already has such a large following and wide adoption that you can be sure it’s not a transitory phenomenon. More than 85% of retailers accept Apple Pay at the moment, and it is supported by most banks and every major credit card company, including Visa, Mastercard, Discover, and American Express.
Apple is also putting in a lot of effort to see its contactless payment system grow. They have been partnering the Apple Pay program with many businesses in their e-commerce endeavors recently, like Target, Panera, Uber, and Groupon. As the partnership grows to include more big-name corporations – as all indications predict it will – there is likely to be a push for companies of all sizes and industries to adopt Apple Pay. All you need as a merchant to get on board is a Near Field Communication (NFC) compatible Point Of Sale (POS) terminal and you are likely immediately able to become Apple Pay compatible.
Another reason why Apple Pay has received so much loyalty is because of the security and privacy it allows users when making purchases online, in apps, and inside of stores. It does this through built-in security features of both the software and hardware of Apple devices – like Face ID and Touch ID protection.
On top of the security features of Apple products, Apple Pay takes security to the next level. No personal information is stored in the system. User’s debit, credit, or prepaid card numbers cannot be accessed by Apple, and neither is there any information that can tie a transaction back to the buyer.
But these security benefits of Apple Pay carry over to your business, as well. The levels that hackers go to, trying to steal information increases every year. Physical forms of payment – like magnetic strips and chips in traditional debit and credit cards – are extremely vulnerable. This can potentially open your business up to possible losses from disputed charges and penalties.
With contactless pay, nothing ever touches the terminal, and with Apple Pay’s encryption, no card numbers are ever recorded into your system – meaning thieves have nothing to steal. This leaves your business in a better-protected state and your customer less disgruntled.
Faster Checkout Lines = Happy Customers And More Profits
Efficiency is one of the benefits of Apple Pay that all merchants should care about. Contactless payment is faster than swiping a card or counting out cash, and this will reduce the lines at the checkout counter – producing happier and repeat customers for increased profits. Contactless payment is also a safer way to conduct transactions in this day and age. More customers are demanding contactless payment to help keep themselves safe and healthy.
Your eCommerce business can also enjoy the benefits of Apple Pay for the same reasons. The online shopping experience is faster and less of a hassle for customers using Apple Pay. When customers shop through Apple’s Safari browser on their iPhone, iPad, or Mac, all they need to do is push a button to complete the order – no logging in or tediously re-entering payment information. Their finger is all that is needed with Apple’s Touch ID security feature. The speed and ease of Apple Pay for online business mean items are more likely to be purchased, rather than just left in the cart.
Let BAMS Setup Your Business For Apple Pay
No matter where you sell, the benefits of Apple Pay will give your customers more versatility in their payment options and give you a competitive advantage. The experts at BAMS can help you transition to Apple Pay with an easy, fast setup and plenty of useful information to keep things running smoothly. Contact us today about becoming Apple Pay compatible at BAMS.com.
