Step by Step Guide for 2024

As mobile payments continue to grow, Apple Pay will be a game changer for your small business. Customers appreciate the speed, security and convenience of paying with their iPhone, Apple Watch or other Apple device.

These benefits also extend to small businesses. Organizations that accept Apple Pay can streamline the payment process and reduce wait times. As a result, you will greatly increase your revenue and create happier customers in the long run.

Let’s review how Apple Pay can take your small business to the next level.

What is Apple Pay?

Apple Pay is a digital wallet and mobile payment platform created by the world-famous Apple Incorporated. It allows users to pay in person, in iOS apps, and over the Internet. It is safer and more convenient than traditional payment methods such as cash and physical credit cards.

The app is considered a very flexible way to pay. This is because a person can connect various payment methods to their app. For example, multiple credit cards and related reward points are brought together under one roof on the platform. However, regardless of how the customer configures Apple Pay, you will still receive a single traditional payment as a merchant.

Accepting payment is very easy. Customers place their iPhone or Apple Watch near the contactless payment terminal or another Apple device to complete the transaction. No need to shift, add or mix postal codes.

Why should your business accept Apple Pay?

There’s really no downside to accepting Apple Pay. In fact, most businesses already accept these payments. Here’s why:

Quick convenience

Apple Pay transactions are fast and allow customers to pay with a quick tap. This unhindered flow reduces checkout times and improves the overall shopping experience. This is a significant development in industries such as retail, food service and hospitality, where quick service and impulse purchases are the norm.

Advanced security

Apple Pay uses tokenization and encryption to secure transactions. Additionally, Apple is committed to minimizing the amount of data held about customers’ spending. Moreover, biometric authentication such as Face ID also prevents thieves from using someone else’s account. These security measures give customers and businesses a sense of security.

contactless payment

Apple Pay offers a hygienic, contactless option. Customers do not need to buy a pen to sign. They don’t have to destroy germ-laden keypads, either. This perspective on cleanliness is a blessing in the post-COVID-19 pandemic world.

competitive advantage

Apple markets the platform as a universally accepted payment plan. This hassle-free idea means people desire to use the app for every transaction. By accepting Apple Pay, you’re giving people what they want for their purchases. This open-mindedness can be a competitive advantage, especially in close-quarters venues like swap meets and food truck conventions.

Step by Step: How to accept Apple Pay

Accepting Apple Pay at your small business is easier than you think. Here’s a general outline of how to get started.

Upgrade your payment terminal

Supporting Apple Pay requires a payment terminal with near field communication (NFC) capability. This technology forms the basis of contactless transactions. In this case, it allows Apple devices to communicate wirelessly with your equipment.

Many of the new terminals from Square, PayPal, Clover and others come with built-in NFC functionality. However, if you are using older equipment, you will need to upgrade. Modern options have an upfront cost of around $300 or less. Alternatively, you can use an iPhone to collect payments.

Related: How Does Tap to Pay Work?

Enable contactless payments

Once you’ve identified the appropriate hardware, you’ll need to verify that your POS system is set up for contactless payments like Apple Pay. The process varies depending on the provider. This is usually as simple as turning on NFC functionality in your equipment’s settings.

Relating to: Best Cloud POS Systems

Test Apple Pay setup

It’s important to test the system to make sure everything is working properly before you start accepting Apple Pay from customers.

Run a few tests using iPhone or Apple Watch. Tap your Apple device on the terminal to verify that it works. You can charge a nominal amount of just a few cents and always get a refund later.

Train employees

If possible, train your workforce on all things Apple Pay. Remember that convenience and speed make the platform attractive. A hassle-free way to collect cash from customers is your biggest advantage. Therefore, you’ll need a knowledgeable staff to quickly resolve any glitches and keep things running smoothly.

Introduce Apple Pay

It’s time to let your customers know when you’re ready to accept Apple Pay. The Silicon Valley-based company is providing free stickers and digital materials to spread the word at your point of sale. You can also mention it on your website, signage, and advertising.

FAQ

How much does it cost to accept Apple Pay?

The cost of accepting Apple Pay depends on your payment processor. The app generally does not charge additional fees beyond standard credit card transaction taxes, typically around 2 to 3% of each transaction. If you need to upgrade your payment terminal to accept NFC payments, there may be upfront costs for hardware.

Is Apple Pay safe?

Yes, Apple Pay is extremely secure. It uses encryption and tokenization to protect customers’ payment information. Apple Pay reduces the risk of fraud by creating a unique token for each transaction rather than sharing actual credit or debit card details. Additionally, customers must verify their payments using Face ID, Touch ID, or passcode; This ensures that only authorized users can make purchases.

Do I need a special terminal to accept Apple Pay?

Yes, to accept Apple Pay you need a payment terminal that supports NFC technology. Most modern POS systems and even iPhones include this feature, but if your terminal doesn’t have it, you’ll need to purchase a compatible terminal.

How do I know if my terminal accepts Apple Pay?

If your payment terminal displays the contactless payment icon (four curved lines) on it, it supports NFC technology and can accept Apple Pay. If you are unsure, contact your payment processor to confirm.

Can I accept Apple Pay for online sales?

Yes, Apple Pay can also be used for online transactions. If you have an eCommerce website, you can provide your customers with a seamless experience by integrating Apple Pay as a payment option at checkout.

What types of businesses can accept Apple Pay?

Any business that accepts card payments and has an NFC-enabled payment terminal or compatible iPhone can accept Apple Pay.

This article was reviewed by our retail expert staff. Meaghan Brophy.