Mobile payments in the UK are growing by 300% year-on-year, and one of the fastest-growing mobile wallets is Apple Pay. Most mobile payment users say it is their ideal payment method and are more likely to seek businesses that offer Apple Pay.
What is Apple Pay?
Apple Pay works in the same way as contactless payments and works when an Apple device is held close to the card reader. It uses Near Field Communication (NFC) to create a remote connection between the device and the card reader.
This method of payment is more secure than average debit and credit cards because it uses ‘tokenization’ which prevents actual card numbers from being sent to the card machine. Instead, a unique transaction code is sent. This is safer because the only parties that can decrypt this information are card providers who are under strict protocols.
Other benefits include:
- Security – authorisation is needed for the transaction to be completed, and this is done by face ID, touch ID or a passcode. This creates an added layer of security that average cards do not have because if it is stolen it cannot be used without a method of authorisation.
- Speed – using a smartphone to pay 58% faster than chip and pin card and cash payments. It can reduce queuing times, therefore, fewer customers will choose to go somewhere with less of a queue. The faster you serve your customers the more money you will make.
- Choice of payment methods – having a range of payment methods available to your customers can increase sales, and with Apple Pay working with all the major card providers, it is an inclusive method of payment. It also means customers do not have to have their wallet or cash with them as they can pay via their Apple device which is much more convenient.
How to get started
If you already have a card terminal that provides contactless payment, all you need to do is call your provider and ask them to enable the Apple Pay feature. If your card terminal does not support contactless payment, you will need to upgrade your machine to a more modern version – ask your provider if this is possible.
Why you should accept Apple Pay
Your business may be small now, but by keeping up with the more popular methods of payment, you could help it grow by increasing sales and attracting more customers.
If you’re tempted to try it out, just ask a few of your customers if they use Apple Pay. If some say they do, try it out. You’ve nothing to lose. And you may be very pleasantly surprised.
Get a free, no-obligation quote here and start offering contactless payments to your customers!