The application will work alongside near field communication (NFC) chips that are built into the iPhone 6 and 6+, as well as the new Apple Watch. By storing card details in the Passbook iOS app, payments of less than £20 can be made by touching the device to an NFC payment terminal. A unique code is generated for each card and payment, keeping the actual card details secure.
But, what effect is this likely to have on merchants, especially small businesses? Read on, and you will see how Apple Pay will not only help customers, but will help you as a small business owner as well.
Speed Through Queues at the CheckoutJust as customers will benefit from the reduced time of Apple Pay transactions, this same benefit will obviously be felt by the retailers as well. With customers using Apple Pay to make purchases, you will face less and less queues as waiting time for card transactions is practically eliminated. Expect happier customers as less of their free time is spent waiting around to buy items.
This may seem like something that will only affect the bigger names but, as a small business, your reputation is still being developed. If you can show customers a smooth and efficient shopping experience, then they will both return in the future and recommend others to visit your business.
Do Business AnywhereFor a small business, any opportunity to make a sale is one you should take. However, important networking events or exhibitions are equally as important to getting the word out. In the past, this has often meant smaller teams or lone traders having to sacrifice making sales for spending time building connections.
Apple Pay is part of a growing change in how purchases can be carried out. This change will easily see the end of sacrificing sales as it becomes easier and easier to conduct transactions on the go. The tech company, iZettle, is another part of this progress. They produce Apple Pay ready NFC card readers that connect with other Apple products, allowing you to sell stock through an iPad. This grants extra mobility to easily make extra sales at exhibitions, fairs and markets. It is also free to receive payments through Apple Pay. This means no extra costs for attending these events, aside from the reader device.
This also allows for more convenient payment within your establishment as your staff can bring the till to the customer right next to the product they wish to buy. Once again, this builds a good reputation for your business with customers and gives you that something different to keep customers coming back.
Future ProofingWith the rise of contactless technology already in full stride (at least in the UK), the move to making payments with smartphones is one that is likely to catch on quickly. Considering the following Apple has and how they have so strongly implemented Apple Pay in its new products, it will not be a surprise to see more and more people adopting the new habit of tapping their phones to pay for things.
As a small business facing the start of a new technology, it is easier for you to keep up with the technology than it is for bigger, nationwide brands. This is an advantage you should take up early. If customers wishing to make use of Apple Pay in your shop find you don’t have the means to do so, they will see you as out of touch and might question your status as a successful business. Offer them an NFC reader to work with their phone or Apple Watch, and you show customers you are on the ball and keeping up with business technology as it races along.
It may be early days but it would be silly to dismiss what Apple Pay provides both customers and your business. The convenience of rapid purchase and the popularity of the brand and technology supporting it should see this new development catch on strongly. It is difficult to see a reason to not get started with Apple Pay as early as possible.