Apple Pay was launched in the United Kingdom in June 2015, eight months after its official release in the USA, gaining the interest of many users of the iPhone. By October 2015, only 16% of Apple users had tried Apple Pay, and just 5% of people stated that they use the system when faced with a terminal that accepts it.
What exactly is Apple Pay and what are the reasons for and against trying it within your business?
As one of the leading technology companies in the world, it’s no surprise that Apple is the first to develop a payment system whereby customers can make purchases using their mobile phones. On the iPhone 6 (and newer models) on other select Apple devices, the Wallet app enables users to add their credit and/or debit cards in order to pay for goods and services without using their physical card.
The fingerprint recognition feature which is included on the latest iPhones and other Apple devices provides security for customers. The app will not work until the customer’s fingerprint has been recognised by the device. This means that the payment cannot be authorised by anybody else other than the owner of the phone or a family member/friend whose fingerprint has been added onto the device.
Just like contactless cards, all the customer is required to do is hold their phone to the card machine. Once their fingerprint has been recognised, the payment will go through.
Although there are many benefits to offering Apple Pay as a payment method for your customers, there are also some things which deter businesses from getting it.
If you’re considering getting Apple Pay for your business, you should check first to see if you have a contactless terminal. If you do, it’s very likely that you’ll be able to accept Apple Pay almost immediately, simply by getting into touch with your payment provider to let them know. Providers of contactless terminals include WorldPay and Barclaycard, among others. There are no extra fees for setting up your terminal to accept Apple Pay.
To let your customers know that you’re now accepting Apple Pay, you can order decals for your windows and stickers to put on the terminal itself. The Apple Pay symbol is normally displayed alongside the contactless symbol, telling customers that they can pay with a contactless card or by using their devices.