Growing up we all watched cartoons where everything seemed so futuristic — flying cars, robotic maids and the ability to purchase items with a flip of the wrist or scanning something that doesn't look like cash. Well, we can't speak on the flying cars (seriously, what's the hold up?) but we can talk about how offering alternative methods of payment like Apple Pay, and Near Field Communication (NFC) can help make your business more profitable.
Accepting whatever type of payment your customer wants to use is always beneficial to a business — and that’s not the only benefit of accepting Apple Pay and NFC payments. Other benefits include:
Transaction times are quicker — All a customer has to do is hold their phone near an NFC-equipped device, authorize the purchase and be on their way. Traditional swipe transactions include swiping a card and selecting debit or credit, providing alternate identification and either offering a signature or PIN — making it at least two steps longer than an NFC-based transaction.
Safe and secure — In a transaction paid by Apple Pay there is no credit card number used. Apple doesn’t use an actual credit card number, but a device account number to complete the transaction. This greatly reduces the chances of the customer’s credit card number being compromised.
Access to Apple Pay — Nearly 1/5th of Americans will have, or already have, access to Apple Pay. Even more have access to NFC technology via other devices, which is a large enough number to make or break a business’s profit margin.
Data breach fighter — Apple Pay offers up a transaction-specific dynamic code when processing a transaction, but never a true debit or credit card number. Since those numbers aren’t shared with retailers, someone who breaches a payment system will find transactions with Apple Pay useless to them.
Apple Pay and PayAnywhere partner — The newest version of the PayAnywhere Mobile credit card reader is now available exclusively in Apple Stores nationwide. Available for iOS devices, this new PayAnywhere Mobile reader accepts Apple Pay, other contactless NFC payments, traditional magnetic stripe credit cards and is EMV-capable.
Apple Pay and NFC payments might not be a flying car, but they are the latest ways to get paid by your customers, so it would be beneficial to be ready to accept these types of payments when they walk through your doors. Enjoy the future of payments now!