Why would Apple Pay benefit my business?

Since its launch in late September of last year, Apple has sold over 130 million iPhone 6 and iPhone 6 plus, boosting the company's revenue to over $130 billion (Q1 & Q2) by the end of Q2 2015.

The extremely high Apple device count in use combined with the launch of Apple Pay in the US, and soon to launch in Canada make this technology very attractive for all types of businesses. Now is a great opportunity to get with the times and offer Apple Pay to your valued customers.So why would Apple Pay benefit my business?

‍It’s an easier way for customers to pay

‍Customers no longer need to spend time looking for the right card to make payments. Apple’s one touch pay with Touch ID makes it convenient for customers, as there’s no need to unlock their phones. Customers simply hold their iPhone near the contactless terminal at your cash register with their finger on their Touch ID. Your customer’s iPhone will vibrate when the transaction is successful.

‍It’s easy to accept

‍To accept apple pay you need a point of sale terminal with contactless enabled. Kubera can help you easily and quickly accept contactless payments without disrupting the flow of your business. If you already have contactless, we can help you enable Apple Pay.For merchants in the US, the October 2015 deadline is approaching and accepting Apple Pay could help your business meet the EMV requirements since most EMV terminals also handle contactless/NFC transactions.

‍It is not more expensive

‍There are no additional fees for using Apple Pay and payments are charged as card-present transactions which tend to be less expensive than other apps who charge card not present transactions.

‍Payments are more secure

‍Your customer’s information is not used when transactions are completed with Apple Pay. Instead of customer's actual credit and debit card numbers, unique tokens are created and stored in their iPhone and used to make payments. This confidential information is never passed on to the merchant or Apple.

‍Liability is treated the same way as current credit and debit transactions

‍Being PCI compliant is the only way to avoid risk from fraud and fraud liability. If you have not yet assessed your business for PCI compliance, please work with our security experts to ensure the safety of your business.

‍Apple Pay attracts the right kind of customers

According to Jim Maholic, author of Business Cases that Mean business and VP of Hitachi Consulting, “There’s a certain number of affluent customers who use the iPhone 6,” says Maholic. If one store offers Apple Pay and the other doesn’t, those well-heeled customers are more likely to walk in the Apple Pay door. “Now that I’ve got that customer, it’s harder for somebody to steal that customer.”

Once your business is able to adopt Apple Pay, there’s no telling what other great opportunities will arise from this technology. One thing is certain; customers will enjoy an easier more convenient way to pay while transactions are streamlined and customer throughput is improved.