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Are you considering accepting Apple Pay, Google Wallet, EMV and the other new payment technologies in your small business? Many of our restaurant and retail clients are struggling with this decision. They are busy running their business and simply haven’t had time to do the research on how much business they could be getting by accepting these new forms of payment. In today’s post I will share some facts that I think will surprise you, and I will present you with a solution.
If you are not yet accepting Apple Pay, the good news is that you are not missing much. (Learn what Apple Pay is by CLICKING HERE.) Over the Christmas holiday about 1 out of every 1,000 transactions was completed using Apple Pay. This is a little deceiving when you keep in mind that less than 5% of all businesses currently accept Apple Pay. Those that do accept Apple Pay processed more apple pay transactions. That being said, you certainly didn’t lose more than 1% of your holiday revenue by not accepting it.
So, with numbers this low, why should you accept Apple Pay in your Small Business? Here are three reasons I think you should:
#1 – It is free and easy. Why would you turn away any revenue when you don’t need to? These percentages will grow over time. My guess is that in 2015 you could see a 2% to 3% increase in revenue by accepting Apple Pay. We offer a free terminal to our clients in order to accept Apple Pay. If you are not accepting it, why not get a free terminal set up for Apple Pay and start accepting it? Accepting Apple Pay requires the same hardware as Google Wallet, so you get to accept both of these payments. And you will be NFC (Near Field Communication) ready for any of the new payment technologies coming your way.
#2 – Image is important. For many of you, your small business image matters. If you are trying to go after the younger demographic or even the tech savvy 20 to 40 year old market (like me), you would be well advised to improve your image with a “We Accept Apple Pay” on the front door. This tells prospective shoppers and customers that you are keeping up with the latest technology.
#3 – You have to accept EMV anyway! I have another article coming out this week on EMV which is another important form of payment. The big difference between EMV and Apple Pay is not just the technology. Visa and MC are requiring that you become EMV compliant. The good news for you is that the same terminals that accept EMV smart cards also accept Apple Pay. Therefore, you can become compliant with the new regulations and be up to speed on the latest technology all for free!
If you have any questions, please post a comment below, and I would be glad to provide more information.
If you are already accepting Apple Pay, let us know how it is going; have had your first Apple Pay payment processed yet?
James Shepherd
