Many individuals are already familiar with apple pay, a new payment option that allows merchants and customers to perform debit card transactions via Apple-supporting mobile devices such as iPhones, MacBook Pro, and Apple watch. The convenience of such a cashless transaction is the only advantageous factor about Apple Pay; however there are several advantages of Apple Pay for both customers and merchants, including: streamlining payment procedures, providing greater security, attracting more mobile-based clients, and the ability to access your credit card history from any location. Furthermore, we now know that one of the primary attractions of merchant adoption of the service, namely, reduced risk and fraud, is also one of the advantages of apple pay, since users can rest assured that sensitive information is protected and cannot be stolen through the use of this service. It also has the additional advantage of not being limited to a specific banking system.
What does all this mean for consumers? It means that there are many more payment types than ever before. Now customers can choose from a variety of payment methods like credit cards, electronic checks, PayPal, check cards, and debit cards. Merchants have the option of accepting all or only some of these payment types, thereby expanding their client base. Further, it is not just consumers who are embracing this new technology; business owners are also beginning to adopt it, particularly small businesses which often face difficulties in choosing the right payment method. For them, the benefits of apple pay are even more valuable.
The biggest advantage of Apple pay is its ability to simplify business transactions. In other words, it provides merchants with one single interface for all their transactions, including online payments, debit card transactions, and mobile wallet transactions. This integration further reduces the costs involved in running an operation. To further facilitate the process, Apple has partnered with top financial institutions including Bank of America, Chase, Citibank, HSBC, and Capital One.
However, it would not be wrong to say that the biggest advantage of apple pay is its integration with the iPhone, especially since this is the device that people commonly use to make payments via mobile devices. With this integration, merchants have the ability to not only accept credit cards but also provide mobile payment options to their customers. In fact, it is possible for customers to use their iPhones to pay for their purchases via a secure wireless connection, referred to as “mobile payment.” Even better, this application is available free of charge to all merchants who sign up for the service.
The other benefits of apple pay include enhanced security features and improved fraud management. Through the integration of contactless transactions, merchants are able to eliminate the need for manually entering cardholder information. In addition, the iPhone's security features allow merchants to approve or deny transactions from certain locations. Apple Pay also provides merchants with improved fraud management features, including “secure check out,” “safe payments,” and “chip and pin” access. Aside from these benefits, the service also allows merchants to accept payments from multiple currencies, even allowing customers to use the credit card to make purchases abroad.
Perhaps the most significant benefit of apple pay, however, revolves around its integration with nfc. The cellular payment terminal (MCT) is a small hand held device that works similarly to a credit card terminal, but operates with the help of your nfc card. NFC is a standardized industry-wide security feature used to make payments more convenient and safe. In layman's terms, when you swipe your nfc card through the MCT, it sends a radio wave that is only visible by the receiver. The receiver then decodes the signal, which is then converted into electronic charges that can be viewed on your phone screen or online.
With this integration, customers can use their nfc cards to make purchases at participating establishments. Merchants may also choose not to implement this feature, but it's an option for businesses that have not yet come to grips with the advantages of apple pay. However, as a merchant, you'll get to reap the benefits of not having to maintain separate terminals for credit and debit payments. You also get to cut down on transaction time, since customers won't have to stand around at a computer or phone to make a purchase.
For most retailers, integrating the apple pay system with their existing mobile-payment processing software is an excellent way to increase profits. It allows shoppers to pay with their credit cards, which results in faster transactions and happier customers. Moreover, the increased speed of the payment process leads to more profit, which, in turn, increases company revenue. To get the most from your app, make sure that it includes features that can integrate with the payment processing module of your store.