Why Accepting Apple Pay is Good for Retailers

Since Apple launched Apple Pay in the U.S. in October 2014, its use has steadily grown. Today, an estimated 130.1 million individuals use an iPhone at least once per month in the U.S. Roughly three in four U.S. iPhone users have activated Apple Pay. And an estimated 55.8 million U.S. consumers made an in-store payment using Apple Pay in April 2023, accounting for nearly half of iOS users.

This means that Apple Pay is a viable contender in the way consumers make payments. For merchants who want to offer shoppers payment methods that are convenient, secure, and based on their preference, Apple Pay is one option merchants should know about.

Apple Pay Defined 

Apple Pay is a mobile payment and digital wallet service by Apple that allows people to make payments using their Apple devices, including iPhones, iPads, Apple Watches, and Macs.

Apple Pay is powered by near-field communication (NFC) technology to enable secure, contactless payments at point-of-sale terminals in physical stores. It also supports online and in-app purchases, providing a seamless and secure payment experience by utilizing Face ID, Touch ID, or a passcode for authentication.

Why Apple Pay is Good for Business 

There are several benefits for merchants who accept Apple Pay transactions at the point of sale.

Faster checkout process

Apple Pay streamlines the checkout process by reducing a customer’s time waiting in line. All it requires is for the shopper to hover their device over a NFC-enabled terminal and the payment is processed in seconds. This is often faster than taking their credit card out of their wallet and then inserting or swiping it to pay. Faster checkouts increase sales and reduce congestion at the point of purchase.

Increased security and fraud protection

Accepting Apple Pay enhances security and fraud protection by using a unique device account number and a dynamic security code for each transaction, so actual card details are never shared with merchants or transmitted during the payment process. And since payments are authenticated using biometric data (Face ID or Touch ID) or a secure passcode, it’s extremely difficult for unauthorized users to complete transactions.

Enhanced customer experience

When merchants offer the Apple Pay option to their customers, the shopping experience is enhanced via faster checkout, secure transactions, and payment flexibility. All this leads to increased customer loyalty and satisfaction which is great for business health.

3 Steps to Accept Apple Pay in Brick and Mortar Shops 

1. Have the right equipment – Ensure the point of sale terminal is NFC capable, which means it is compatible with Apple Pay. If the current terminal does not support NFC technology, an upgrade may be required.
2. Set up payment terminals properly – This will vary depending on the POS, payments, and hardware provider, so contact the payment processing vendor to make sure that the equipment is implemented properly.
3. Accept payments – When set up is complete, have customers hover their Apple device over the point of sale terminal to complete a transaction.

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