Get the Scoop on Apple Pay

November 12, 2014 by BizTraffic Team

Apple Pay LogoDo you really need to set up your business to accept mobile payments from smartphones such as Google Wallet and Apple Pay?

Maybe.

Grocery chain Whole Foods recently announced it did 150,000 Apple Pay transactions in its first three weeks of accepting the new payment form. And while Whole Foods is a huge company, that amount of Apple Pay transactions obviously means there are a lot of customers who want to use their mobile devices to make payments.

Apple Pay Facts

Still not sure if Apple Pay is for your small business? Let’s look at some facts about Apple Pay to help you make the right decision:

  • Apple Pay and Google Wallet use near-field communications (NFC) to send the user's payment information to the point-of-sale terminal.
  • To use Apple Pay, merchants must have an NCF reader. Machines cost between $300 and $500.
  • Apple does not charge fees on top of the transaction fees from credit cards merchants already pay.
  • With Apple Pay, users simply need to hold their iPhone on the contactless reader and tap their fingers on the screen. (Google Wallet requires users to swipe their phones awake and then enter a pin.)
  • Apple Pay is only available on iPhone 6 and iPhone 6 Plus, the Apple Watch and iPad Air 2, and iPad mini 3.
  • Security is not an issue. Users feel safe because their credit card numbers aren’t transmitted during the transaction, and the retailers will not have the credit card numbers in their systems.

Are your customers ready for Apple Pay? Take an informal survey of your clients and customers to see if they would want to use Apple Pay in your business before you invest in any equipment.

 

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