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Catch more customers by accepting mobile payments

May 20, 2015

Apple Pay entices customers to shop at your store. 

If you are into fishing, you probably don’t grab a broomstick and some dental floss and create a makeshift fishing pole before you take a trip to your favorite lake. It is more likely that you have proper equipment –  poles, nets, bait, etc. If you manage your own business, the same logic applies. You should have sophisticated tools to accept payment from customers and track their activity in your store. Customers are the proverbial fish in the world of business, and in the same way that fishermen need bait and nets, merchants should sell desirable products, but also use sophisticated point of sale systems to reel the catches in.

There are many ways to cater to customers and allow them to become loyal patrons of your business. Visual displays, loyalty cards, e-commerce platforms and targeted advertising campaigns all have their place in business. Another great way to entice consumers to shop at your store is to accept mobile payments, such as Apple Pay.

Apple Pay is widely endorsed by retailers and app makers
Know Your Mobile explained how Apple Pay will revolutionize the way people pay for goods and services. Apple Pay was introduced to the market in October 2014 and allows iPhone 6, 6 Plus and Apple Watch owners to use their devices to make payments at NFC-enabled sales terminals in the United States. It is currently accepted at over 700,000 retail locations and that list is growing. Member retailers include Bloomingdale’s, Subway, Petco, McDonald’s, Macy’s, Walgreens and Sports Authority. Even large retailers that held out initially, like Best Buy, are following suit.

“There are many Apple Pay-compatible apps already on the market.”

Apple Pay is also very useful for making in-app payments, noted the news source. There are many Apple Pay-compatible apps already on the market, such as Ticketmaster, Target, Uber, Starbucks, Groupon and Airbnb. Using Apple’s mobile payment service for in-app purchases provides an easy way to group all your online purchases into one convenient location.

Security and privacy are not left out with Apple Pay
Apple Pay provides users with added security over using traditional magnetic stripe cards. Firstly, users do not have to hand anything over to store clerks. Instead, they tap their iPhone on an NFC terminal to start the transaction process. Then they press their finger to the biometric scanner on the device’s screen and authenticate payment. Fingerprint scans are significantly more secure than a PIN or signature. Also, Apple Pay uses tokenization to encrypt transaction data, so even if hackers were to steal the data, it would be useless to them.

Know Your Mobile mentioned that in January, Apple CEO Tim Cook disclosed that approximately $2 out of every $3 spent through contactless payment devices – across Visa, MasterCard and American Express – were done with Apple Pay – demonstrating the product’s quick dominance in the mobile payment product category.

Customers want to use their smartphones to pay for stuff. Mobile payment products are gaining in popularity.

Apple Pay has the power to increase transaction volume at your store
Many experts believe that Apple Pay can make mobile payments mainstream, more than Google Wallet has been able to do in the past. Mike Isaac and Brian Chen, writing for the New York Times, discussed the impact Apple Pay has had at Whole Foods and McDonald’s.

“Whole Foods, the high-end grocery chain, said it had processed more than 150,000 Apple Pay transactions,” wrote Isaac and Chen, according to the news source. “McDonald’s, which accepts Apple Pay at its 14,000 restaurants in the United States, said Apple Pay accounted for 50 percent of its tap-to-pay transactions. And Walgreens, the nationwide chain of drugstores, said its mobile wallet payments had doubled since Apple Pay came out.”

With that kind of transformational power, why would you choose not to upgrade your point of sale devices and start accepting mobile payments. If your customers want to use their mobile phones to buy things, let them. Not doing so would be like going fishing and using a type of bait that fish don’t like. If you want to improve your business, you have to give the proverbial fish want they want. Just don’t hook your customers in the mouth with a fishing pole – they probably won’t like that. 

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