New technology has changed the operations of all types of business in recent years, and those companies that have been in the forefront of these changes have benefited the most. Apple Pay has already caused a changes in large corporations, such as Walgreen’s, Macy’s and Whole Foods. Smart business owners are making similar moves to implement this new system of payment as quickly as possible to draw in new customers and assure their current customers that they accommodate the new changes that seem to be occurring daily.
What Is Apple Pay?
Smart phones have always had the potential of providing another way to make mobile payments. However, up until now, the public has been slow to accept this method as a safe and viable way to make their daily purchases. When Apple, Inc. introduced its new iOS8.1 operating system for iPhones and iPads, the ability to pay for goods with your phone offered an easy way to users to perform payment functions safely and conveniently. Smartphone payment eliminates the problem of credit cards passing through a number of hands at establishments, providing more safety for users. As the system becomes more widely available, the traditional credit card, stored in the customers’ wallet, will become a dinosaur.
Implementing Apple Pay Systems
So far, it has been large corporations that have recognized the value of the new payment system. They have been quick to implement the new technology needed to serve their Apple savvy customers. New equipment is required to read the EMV chips in the Apple devices. Although there is no added payment beyond the standard merchant service charge for credit cards, adding on the new equipment may be prohibitive for small businesses in an uneven economy. However, the new payment system is likely to be “the next big thing,” not only among users of Apple technology, but also for the Android users who are likely to have their own system within a short period of time.
Updating Current Systems
Within the first month of the launch of Apple’s new payment system, Whole Foods logged one percent of sales with its use. Square, the largest mobile payment provider in the marketplace, is already implementing EMV chip readers into its system. As one of the innovators in mobile payment systems, the company recognizes that Apple users eagerly welcome new ways to use their devices. Their quick action on adapting their systems to EMV usage reinforces the expectations these systems will be used widely in the near future.
Financing New Operations
Keeping ahead of the curve on new technologies often means an investment of capital to finance equipment, training and marketing the new service to customers. Companies such as Business Credit & Capital can help small business owners finance the changeover to the new pay system with convenient payment plans and no collateral required.
http://www.nasdaq.com/article/what-does-apple-pay-mean-for-small-business-owners-cm411629
http://www.usatoday.com/story/tech/columnist/talkingtech/2014/10/19/how-to-use-apple-pay/17399647/
http://online.wsj.com/articles/apple-introduces-payment-service-called-apple-pay-1410286677