By 2025, payment industry experts predict that 75 percent of all transactions will be made without cash. It is estimated that 95 percent of Americans possess a cellphone, and 77 percent of those are smartphones. With these numbers, it’s easy to understand why there is a lot of excitement surrounding mobile payments. Millennials have been the largest adopters of mobile payments as e-commerce has taken off.
In the US alone, Apple Pay and Google Pay are the widely used mobile wallets that became the first choice of consumers during the pandemic and are expected to continue to grow in the coming years.
What is Apple Pay?
Apple Pay is a mobile wallet that incorporates NFC (near field communication) technology to allow customers to make purchases. It enables consumers to make payments on the web, in iOS applications, and in person. Customers place their finger on the iPhone Touch ID home button and hold the phone near a contactless reader to instantly make a secure payment.
3 Reasons why customers are adopting contactless payment methods using Apple Pay.
- Making a payment with Apple Pay is fast. You don’t need to key in credit card details and other personal information manually.
- Apple Pay is a secure payment option designed with privacy in mind. It has security features built into both the hardware and software of compatible devices, helping to protect the user’s transactions and financial details.
- This contactless payment technology is convenient. Most mobile wallets use digital receipts. Instead of waiting for a paper receipt to print out, you can send the receipt to the customer digitally. Having the receipt arrive at their email address will create a better customer experience by eliminating wait time at the checkout.
Apple Pay and Its Benefits
Many businesses are embracing Apple Pay to streamline payment processes and offer a fast and seamless checkout experience to the customers. Lets check out some benefits of enabling apple pay at your business.
Accepting contactless payments provides a small business an additional opportunity to compete.
Apple Pay is integrated in the Apple Passbook mobile wallet and supported by credit card issuers and card-issuing banks that handle 83 percent of credit card transactions. This shows that a vast number of consumers are using apple pay as their preferred method of payment.
Apple Pay provides a simpler payment environment for your customers.
Essentially, Apple Pay streamlines the payments process for consumers. They can store all their credit card information in the digital wallet and choose which card they want to use for each purchase. Consumers can make transactions using their Apple Watch or iPhone; no traditional wallet is required.
Increased security and privacy for your customers.
Apple Pay has multiple levels of security to ensure consumers’ credit card data is sent securely between the small business and the credit card company. When consumers store their credit card data in the iOS software application, their identities are verified at the point of purchase using the Touch ID sensor. Beeps and a gentle pulse or subtle vibration confirm payments have been made.
Apple Pay utilizes encrypted NFC technology, which wirelessly connects with a merchant’s cash register and generates a unique security code for every transaction. A merchant will never get consumers’ names or credit card numbers.
Apple Pay makes bookkeeping easier.
Small businesses need an easy business accounting system that allows you to invoice customers, pay bills, and share your payments with your accountant. Apply Pay reduces time spent on bookkeeping tasks because everything is already in the system. There is no data entry because Apple Pay generates digital receipts direct to the client. With integrated payments, small business owners can control all transactions from a single screen, saving time and effort while improving cash flow management.
How Finical Can Help You Enable Apple Pay at Your Business?
To accept Apple Pay transactions, you’ll need to consider:
Installation of smart terminals equipped with NFC technology.
Finical has a variety of equipment solutions that perfectly aligns with your business and also saves you money. Our smart terminals are installed with NFC technology that will allow you to accept contactless payments from customers through Apple Pay and Google Pay. Qualified merchants can receive a free state-of-the-art multi-application credit card reader or processing terminal mailed directly to their door.
Secure and efficient contactless payment solutions.
Finical provides secure contactless payment solutions for your small businesses. Our tailored solutions will allow you to accept payments from your customers quickly, securely, and efficiently with high-security standards that will protect user’s data and also offer them an error-free checkout experience.
Top-class customer service and assistance.
Finical’s dedicated customer service and technical support team are available throughout the workweek to provide support, training, and assistance.
Finical provides 24×7 customer support, a free smart terminal for qualified merchants, tailored processing solutions, and other beneficial services.
Are you ready to start accepting Apple Pay at your small business? Finical partners with small businesses just like yours to make accepting payments safe and secure. Contact us today to set up fast and quick