How to Accept Apple Pay with Your POS system
From the credit or debit card in your pocket to smartwatches, society has largely become cashless. Today most of us don’t carry cash because there are several benefits to doing so such as avoiding loss and speeding up transaction time. As a result, we spend money faster and transact more conveniently. Apple Pay is a payment system that lets people transact using any compatible Apple device. Consumers checkout simply by holding their smartphone over any card reader or business accepting Apple Pay.
The payment service is important because Apple iPhone and other relating products are among the most used devices on the planet. Last year, Apple Inc. reported that it processed 1.8 billion Apple Pay transactions in its first quarter. And iPhone user adoption shows no signs of slowing down, making it even more crucial that more businesses start taking Apple’s payment service. In this article, we’ll show you how to use Apple Pay and accept it at your establishment.
Familiarizing Yourself with Apple Pay
As a business owner or executive, it’s worth trying out the payment service for yourself if you own an eligible Apple device. This can help you understand why so many consumers rave about it and possibly, how to best leverage it for your business.
Here’s how to set it up and start transacting with your compatible Apple device.
- Go to “Wallet” and launch the app.
- Tap the plus sign located within a fairly large circle to add your credit card and enter any requested info.
- Tap “Next” to verify your card through the bank or issuer.
- Hit the “Next” button after verification is complete to start using the payment service.
That’s it on how to use Apple Pay. It’s very simple.
Now, let’s take a look at taking Apple Pay in your store or business establishment.
Get Your Merchant Account Details Ready
The first thing to do is to gather your merchant account information. This is what you’re currently using to accept debit and credit cards. The following information will be needed.
- The ISO (Independent Sales Organization) or merchant account provider. If you aren’t sure, this information can typically be retrieved from your bank statement (deposits).
- The payment processor info (e.g. PayPal, Bank of America). This may be the same organization as the merchant account provider. Details can also be found on your bank statement.
- Your merchant ID (or MID). You’ll most likely have to call for this information. The phone number or support line of your merchant account provider is usually on the bank statement.
- The model and make of your POS system. Terminals like the one provided by Shopkeep, among the best POS system on the market, already run on Apple Hardware (iPad). So it’s super easy to start accepting Apple Pay.
- Your POS provider’s support line. This is often located on the back, top, side, or bottom of your terminal.
Next, Check with Your POS Provider
Call your POS system provider once you have all the needed information to check Apple Pay compatibility. Merchants must have an NFC capable terminal coupled with the right software to support the payment service. NFC stands for Near-field communication, which is a technology that allows two electronic devices to communicate with each other within 4 cm apart (maybe more).
Make sure the installed software on your POS supports every applicable payment network such as Visa, Discover, Amex, Mastercard, and so on. In some situations, you’ll need to update the POS terminal software. A cloud-based POS provider like Upserve can usually update the software remotely and ship out any additional hardware required. However, you may have to manually update the software if operating everything concerning your POS in-house.
Do You Have to Replace Your POS System?
You’ll want a new POS If you’re currently with a provider that doesn’t support Apple’s payment service but make sure that’s what you need. Sometimes, the issue isn’t the POS provider not supporting Apple Pay, but an outdated terminal.
Apple’s payment service was released about six years ago so it’s very possible that all you need is a terminal upgrade. Also, keep in mind that you may have to buy the new terminal or extend your contract to get it for free. In the event that you do, it’s worth considering a new POS provider. Lightspeed is widely used and one of the best POS system for a variety of industries.
Let Customers Know
Let your customers know that you’re now accepting Apple Pay. Consider informing all employees about the Apple payment service and encourage them to alert customers. Your customers won’t know that they can use Apple’s payment service if they aren’t informed or reminded. Maybe get together in a group meeting to explain what it is and how it works. Also, some POS companies provide stickers that can be placed on your store windows or near the terminal.
How Secure is Apple Pay?
Naturally, this is an important question, especially, when people are loading their credit cards onto a device. As a business owner or organization, you want to avoid chargebacks or fraud. Thankfully, Apple’s service is secure for both the consumer and the merchant.
Payments are authenticated via a fingerprint scan. That means before anything is paid for, the consumer must scan and do a fingerprint check. All of which are completed within seconds. Plus the merchant never sees or stores your credit card numbers. The credit card data is assigned a token that regularly changes and this is what the merchant sees. Data isn’t stored in the consumer’s device either. So even if someone loses their smartphone, financial info remains safe and secure.
Faster Transactions = More Sales
The speed at which customers can transact on Apple Pay is great for businesses. Cash is clumsy, has a high risk of counterfeit, and getting change can be an inconvenience. Chip cards don’t fare that well either. They’re pretty secure and fast but many require the entry of a pin number, which can be frustrating at times.
With Apple’s payment service, transactions are secure and near-instantaneous. That means consumers enjoy more convenient transactions, which typically leads to more revenue. This is because people tend to spend more money when it’s easy to do so. Hence, you’ll likely see an uptick in sales.
Apple payment service is also great for companies like restaurants or coffee shops that regularly experience rushes. Customers are more likely to stick around instead of leaving whenever there’s a line up that’s moving along quickly.
Apple Pay is Trending Up!
Imagine walking into an establishment and seeing a sign that says “cash only”. The most likely response will be to leave if credit or debit cards are the only method of payment you use. The same outcome can occur with Apple Pay for different reasons such as forgetting one’s wallet at home, security concerns, etc.
You see, keeping up with trends concerning how consumers pay is important because It can prevent the loss of customers. Right now, Apple’s payment service is trending up and fortunately, you know how to start accepting it. Not accepting it at your establishment can mean lost business. So contact your POS provider ASAP and within minutes you should be able to start taking Apple Pay.