With the rise of the pandemic, mobile and touchless payment methods for online shopping have become more popular. Learning about Apple Pay fees, setup options, and benefits can help business owners decide whether it is the right fit for their needs.
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To start accepting Apple Pay for your business, you’ll need to consider the Apple Pay reader cost and other fees you may have to pay.
Step 1: Obtain a compatible NFC card reader
If you already have a piece of hardware that supports contactless payments, you can skip this step. Otherwise, you will need to check whether your current payment processor provides hardware that supports Apple Pay and other mobile payments.
Step 2: Purchase and set up a card reader
The next step is to test the reader to ensure that it works with Apple Pay and that it is within the customer’s reach when they make a payment.
Step 3: Ensure your staff is familiar with the Apple Pay system
For maximum efficiency, ensure that your staff is familiar with the process of completing transactions with the Apple Pay system and practices the steps before working with customers.
Step 4: Allow customers to tap their device on the reader
For customers who want to pay via Apple Pay, orient them towards the terminal where they can place their device. Once the payment is accepted, a chime will sound, and green lights will appear.
Apple Pay cost is relatively low for small businesses since you’ll mainly need to pay for the one-time price of a terminal if you don’t have one already.
Key reasons to accept this payment method include low Apple Pay fees and increased speed and efficiency for businesses.
For maximum security, Apple Pay uses tokenization that reduces the likelihood of fraud and identity theft. This encodes a customer’s private information with random numbers so that it can be processed without exposing their account details. Because the app uses this token for every transaction, this data is much harder to access by hackers.
Estimates show that global iPhone users with activated Apple Pay increased by over 65 million people in 2020. Businesses that take Apple Pay can process transactions much faster than handling cash or processing chip cards for customers. This can be particularly useful for long queues in retail stores and restaurants.
Apple Pay is ideal for restaurant owners, retail owners, small business owners, and eCommerce stores. This is mainly due to minimal Apple Pay fees that they’d need to handle in terms of transactions and an easy setup process. Aside from the cost of compatible hardware, it is free for both merchants and customers.
In addition, popular online platforms like BigCommerce, Salesforce, Shopify, Squarespace, Wix, and WooCommerce, and more offer Apple Pay integration for eCommerce purchases.
If you’re still unsure about whether Apple Pay is the right fit for your needs, read on to learn the frequently asked questions about Apple Pay cost.
To gain discounts based on your yearly spending volume, an Apple business account gives you access to a loyalty program where you can save money on Apple products and get specialized support.
Apple Business Manager allows businesses to buy in bulk in terms of Apple software and hardware and provides you with troubleshooting options.
You’ll need a separate Managed Apple ID for you and your employees to use for business purposes, but you can use the same email address and phone number as your personal Apple ID.
You will need to enroll in the Apple Business Manager program by inputting information such as your organization's name, D-U-N-S Number, phone number, and website, then signing up for an Apple ID.
Apple Pay is now accepted at over 85% of retailers in the United States, and this number is likely to increase in the coming years. This means that businesses that take Apple Pay can benefit from greater speed, convenience, safety, and security for future transactions.
Read on to learn more about top payment processors for your business and other trends in payment technology on Processing Card today!
