On September 9, 2014, Apple’s CEO Tim Cook unleashed a wave of exciting Apple announcements. Techies around the world got their first look at the iPhone 6 as well as the new Apple Watch. But Tim Cook wasn’t done. He also unveiled an innovative service called Apple Pay that will allow people to pay for purchases using only their iPhone 6 or Apple Watch at participating retailers. Apple dubbed describes Apple Pay as, “Your Wallet Without the Wallet.”
Since this announcement, retailers have been wondering…
Should I Accept Apple Pay At My Business?
Many big name retailers have thrown their support behind Apple Pay, including Chevron, Macy’s, McDonalds, Nike, WalGreens, and Subway. There are some big exceptions, including WalMart, Target, and CVS that have refused to accept Apple Pay. But what about small business owners? According to Mark Hung, an analyst at information technology research firm Gartner, less than 10% of American retailers accept Apple Pay.
Though over one million credit cards were registered on Apple Pay in the first three days after its arrival, retailers are right to wonder how big the demand for Apple Pay really is. After all, it is only available on the latest model of iPhone or the Apple Watch, both of which have been on shelves for less than a year.
Business owners may also worry about the cost of updating their credit card processing equipment in order to accept this new form of payment. But here’s something to consider…
You Need to Update Anyway!
In October of 2015, merchants will face a liability shift if they do not upgrade their credit card processing equipment to become E.M.V.-compliant. That means that if your equipment is not E.M.V.-compliant, and your business experiences a data breach, your business will be on the line for covering all damages. To become E.M.V.-compliant, you will need to obtain an N.F.C. payment terminal. Here’s the silver lining – N.F.C. payment terminals can accept E.M.V. credit cards AND Apple Pay digital payments.
Since your business will need to be E.M.V.-compliant soon anyway, you might as well accept Apple Pay and give your customers one more way to conveniently purchase from you.
How to Accept Apple Pay?
Reconfiguring your system to accept Apple Pay isn’t as hard or expensive as it may seem. You will simply need to choose an N.F.C. payment terminal that is right for your business. Many N.F.C. options for small businesses cost between $300 and $500. Apple does not add an extra fee on top of what a merchant already pays on each credit card transaction, so your processing costs will not go up.
If you are ready to become E.M.V.-compliant and to accept Apple Pay at your business, contact Pay it Forward Processing. A knowledgeable associate will work closely with you to determine the best N.F.C. payment system for your business and help you get everything set up. Afterwards, you can proudly advertise to your hip and trendy iPhone-carrying customers that you accept Apple Pay.