The New Apple Pay: What Good Can It Do for Your Business?

Should you consider offering Apple Pay as a payment option? You should.

As a small business owner, you should be aware that a new mobile payment and digital service was recently introduced in the payment market ? the new Apple Pay. What’s in it for you? Well, experts agree that using this new service can be good for your business in more ways than one.???

The New Apple Pay: How Does It Work?
The new Apple Pay promises an easy, secure and private way to pay. It works with the iPhone 6, iPhone 6 Plus and Apple Watch through an NFC (near field communication) antenna, a dedicated chip called the Secure Element and the Touch ID fingerprint sensor. When making purchases using the new Apple Pay, all you need to do is hold your phone near an NFC reader and approve the transaction using the Touch ID fingerprint sensor.

By using Apple Pay, your debit or credit card numbers are never shared with the merchants or transmitted with the payment, thereby reducing the risk for fraud. Instead, a unique Device Account Number is assigned every time you make a purchase. In addition, Apple does not keep details of your transaction so you can be sure that your purchases cannot be traced back to you.

The new Apple Pay supports American Express, Mastercard and Visa debit and credit cards issued by top US banks including American Express, Bank of America, Capital One, Chase, Citi and Wells Fargo. At present, more than 220,000 merchant locations are expected to accept debit and credit card payments using this technology.

Why the New Apple Pay Can Be Good for Business

There are a lot of reasons why small business owners should consider adopting Apple Pay. Here are some of them.

  • It provides added security. Since Apple Pay does not need your customers’ credit card information to process their transaction, there is no risk that you will lose it. It also generates a unique security code to authenticate every transaction so you can significantly reduce your risk of paying for fraudulent any purchases made by your customers.
  • It gives you an opportunity to compete. Adopting the technology and supporting multiple payment types and devices can help you compete with larger businesses. And since all merchants will be required to have a payment terminal that supports NFC by October 2015 anyway, you should really consider offering Apple Pay as a payment option.
  • It can simplify the way you manage your business. Apple Pay offers a streamlined payments environment for you and your customers. As such, it can help improve your cash flow while helping you save your time and effort.