Apple Pay, Samsung Pay, and Google Pay Are The Newest Methods of Payment. Are you Prepared?
The world is slowly reopening after Covid19 begins to slow its trends. Yet people are not shopping with the same habits they once had. Fewer people are carrying cash or willing to pay cash for products and services. However, more importantly, even fewer people are willing to touch a pay terminal while making a payment.
To accommodate for these fears, as well as to welcome younger people into the shopping environment, more retailers are beginning to accept payment apps. App payments offer safer and more convenient payment options for the 21st century.
What Are Payment Apps?
App payment methods are online wallets that allow people to use their phone as payments. Apps, such as Apple Pay, Google Pay (formerly Google Wallet), and Samsung Pay connect to a person’s bank account or credit cards to allow immediate payment without swiping or inserting a card.
Users enter their credit card and banking information into their password protected app. When making a purchase, the customers merchant services system reads the bar code on the app and payment is made. It is quick, simple, convenient, and contact-less.
Who Uses Payment Apps?
In today’s world, everyone carries their cell phone. They may not carry a wallet. They may not carry a bag, but everyone carries a cell phone.
More importantly, many people use apps like Venmo and PayPal to electronically transfer money to one another. This money goes from one electronic avenue to another. It never really sees the light of day.
As a result, people need a convenient way to use the one item that is always with them to buy products and services. This is where payment apps are useful.
Users include:
- Anyone under the age of 30
- On-the-go business professionals
- People taking post-Covid precautions for contactless shopping
How Do We Accept Payment Apps?
The good news is, many newer merchant service systems are designed to accept payment apps. Those that are not, are easily replaced with newer systems.
Check with your merchant services provider to determine if you need a system upgrade. You may be able to upgrade easily with little or o cost to you.
Keep in mind, you will exponentially increase your revenue by opening your business to people who only pay with an app. By denying those payments, you may lose thousands of dollars a day or more.
To ensure your merchant services system is working for you and up to date with the latest payment methods, contact the experts at Tanker Consulting Services. We are happy to help make sure you are ready for the latest changes in technology.