Apple Pay is here and it's poised to be a big hit among consumers based on the initial buzz of the press release and the new iPhone 6 with built in Near Field Communication technology. Apple Pay is a mobile wallet that works by simply using short wave radio frequencies, this technology is called NFC (Near Field Communication). NFC works by allowing users of Apple Pay to upload their credit cards into the secure iPhone 6 app. which then allows the user to pay for a product by simply waving the iPhone in front of a NFC enabled terminal and accept the transaction with a thumb scan. This is much more secure than the traditional mag stripe swiped method and consumers are already showing major interest in Apple Pay. Consumers also like the fact that with Apply Pay they no longer need to carry credit cards with them.
It's a sure fact that if you operate a small business you will encounter customers preferring to use NFC technology more and more as time goes on. Apple Pay is not the only mobile wallet on the market either. Google and other companies have created similar products but none have quite taken hold like Apple Pay is set to. We believe this is due to the loyalty iPhone users have to it's products and apps. Apple is also leading the way in data security standards which is another attractive reason consumers are choosing to embrace this newly released technology.
In order to accept Apple Pay and other Mobile Wallet applications as a form of payment at your place of business you most likely will need to upgrade your Point of Sale system to one that is NFC enabled. It may also help to make sure your new POS System can handle EMV chip cards as well. 2015 is projected to be one of the most pivotal years in the payments industry to date. Reason being is that so many new emerging technologies and disruptors like the popular SquareUp and now Apple Pay have come into the marketplace.
Additionally, there will be much more scrutiny by governmental agencies over the way businesses handle card holder data security and the liability of who is at fault when a data breach occurs. Bottom line is that as a business owner you need to protect yourself and make sure you offer your customers their preferred payment method or you're basically doomed to go out of business (or) lose a huge chunk of revenue due to a fraud loss. Look at Target, Neiman Marcus and Home Depot to name a few. Many smaller data breaches are happening every day we just don't hear about them in the news.
Many business owners are hesitant to adopt new technologies although time and regulation will eventually force all businesses to conform to these new standards.
Bravertek can make the transition to a new POS System easy. We will train you and your employees on the latest credit card acceptance technologies including Near Field Communication and EMV "Chip Card" acceptance. Contact us today for a no obligation consultation with one of our knowledgeable advisors.