Where to use Apple Pay? What are its Benefits for Your Business?

Apple Pay is a payment platform for iOS devices like Apple Watch and iPhone. One can make payments using their devices to select merchants without using cards or wallet. The first component of it is Apple Wallet with all your credit cards’ information. It pulls the information to make transactions at contactless terminals or online. Apple Pay Cash is its peer-to-peer component to receive or transfer money. 

Apple Card is another payment solution which is totally different from Apple Pay. Apple Card is simply a credit card provided by Apple and Goldman Sachs. But you don’t need this card for a digital wallet. 

Where Apple Pay is Used? 

Like Google Pay, Apple Pay is also accepted in various stores in the US. A lot of leading retailers enable customers to make payments using Apple Pay at checkout. Even select stations in New York City accept Apple Pay. Most businesses today have NFC terminal to allow Apple Pay. Customers just have to wait for the terminal to light up and tap their iOS device around it. Payment can be transferred within seconds. 

Pros of Apple Pay 

You can have a lot of benefits of using Apple Pay over credit cards or EMV chips, such as – 

  • Quick – Apple Pay can process funds within seconds as compared to credit cards and EMV. You may want to contact the server and verify transactions to make payment through cards. But NFC is far beyond that. Apple Pay uses radio frequency to transfer payments. There is no need to wake the iPhone either. All you need to tap your device, verify, and complete the transaction. 
  • Safe – As discussed, Apple Pay is considered to be the most secure option for payments. Like Google Pay and Samsung Pay, it is packed with robust security to make it easier. 
  • Ideal for traveling – It comes very handy when you are going somewhere to make contactless payments. There is no need to worry about exchange rates or to visit any bank. You can pay through Apple Pay directly. 
  • Convenient – It goes without saying that Apple Pay adds more convenience to your customers. They don’t have to tumble over the card and hand it to your cashier. They already have their phone all the time. So, they can easily make the payment. In addition, iOS devices already come with Apple Pay. So, you don’t have to buy any other service or equipment. 

Give Your Business a Head Start with Apple PayYou can use your POS system to integrate with Apple Pay to enable smooth transactions. There are so many innovative platforms accepting Apple Pay. Your customers can easily transfer payments from their device to your POS integrated with NFC. You don’t have to invest in added terminals or equipment.

Traditional vs. Cloud Cash Register – Pros and Cons

Cash registers are the heart of any business where a financial transaction takes place and you exchange your services or goods for money. Cashiers had to enter numbers in manual cash registers and calculate the total amount manually. Nowadays, cash registers are highly advanced for accuracy and speed. They can help your business in different ways, along with totaling items. You need to choose the right cash register to avoid unwanted issues and hurdles. 

Cash Register Options 

There are mainly two types of cash registers for your business – 

Analog Cash Registers

They are mainly designed for small businesses with some limited and basic features for cash flow. They are very basic in utility and build and user-friendly. But they don’t have all the bells and whistles you might need. They are not so flexible to stay updated with your growing business. 

Pros 

Cost-effective – It is one of the best parts of these cash registers. They don’t cost much when buying them but they can cost otherwise to your business. 

Simple – For small businesses, traditional cash registers are probably a blessing. They are very user-friendly to get started. They need minimal training and troubleshooting. 

Cons

Limited functionality – These cash registers are designed to perform cash management. They also support a limited number of payments. You need an electronic cash register for contactless payments and mobile wallets. 

Cloud Cash Registers 

As discussed, modern POS systems can handle more than financial transactions. It can manage almost all important business operations, such as loyalty programs, inventory management, kitchen, integration with scanners, reporting, et cetera. 

Pros

Cloud Solutions – Business owners are all set for scalable solutions that can grow with their business. A modern, cloud-based cash register can be integrated in the existing system. Business managers can easily access all the key details on the go. These systems have secured wireless connectivity and cloud infrastructure. 

Loads of features and options – There are lots of functionality, features, and integration options in modern POS systems. Some of them are accounting, ecommerce integration, inventory management, product performance analysis, sales metrics and reports, employee management, loyalty programs, and others. It has an extensive range of options customizable to your business requirements. 

Cons 

Complex – Since there are so many features in modern POS, it can be somewhat overwhelming for beginners. It is always great if you look for managed and professional services in platforms to make things easier. 

High up-front cost – The upfront cost of modern POS systems may be on a high side but it will pay off the cost over time. It can make changes when needed for no or small extra cost. 

Bottom Line 

No matter which path you go, the key here is to do your research and choose the best cash register to meet your own needs. You should consider the features you need for your business. 

What is Mobile Pay? Reasons to Implement Mobile Pay in Your Business

Mobile payment systems (Mobile Pay) refer to the purchase transactions that can be made with a mobile phone. For example, some credit card providers like Visa enable customers to make payments through their phone without using their card. One can also withdraw money digitally for shopping. Mobile payment is a very flexible technology to withdraw from your account digitally. Here are the categories of mobile payment technology – 

Pay-to-business

A business can get mobile payments with this model. For example, someone can dine at a restaurant or shop around. A POS system is required with NFC to accept mobile payments. It needs additional setup and equipment but the process of payment is quite faster. 

Peer-to-peer

You can easily transfer money from one phone to another with this model. You can, for example, share your rent or pay your friend through mobile pay or use the same to buy stuff online by sending the funds to your seller. You should have a smartphone compatible with mobile pay to send peer-to-peer. It is very easy to configure and no additional system is needed. 

Why Use Mobile Pay? 

With so many payment methods out there like credit cards and debit cards, you might be wondering why you would even need mobile pay. EMV is often considered as the best thing for credit card payments. Here are some of the benefits of mobile pay – 

Fast 

Speed of NFC and other mobile payment options is something you can count on. EMV is a great improvement over traditional processes but mobile payments are light years ahead of them. Your customers can simply tap and pay within seconds. There is a huge volume of transactions taking place in retail stores. It is especially true when it comes to speeding up your business turnover.

Easy 

Mobile payment is more than just a convenient method for any business. It can save your customers from hassles of carrying loads of cash when it comes time to go out. Mobile payment also saves customers from carrying several credit cards. They can easily combine all cards in one payment app. These days, a lot of people have their phones already at their side. Hence, mobile pay has become readily available all the time. 

Secure

It is another great advantage of this feature, especially when it is powered by something like NFC. It is a great improvement with several security features. Tokenization is one of the best examples. This encryption system locks the credit card data while transferring and storing. It is done by the bank when sending money to merchants. It means hackers will get nothing even if they succeed in stealing the data. They can’t even decode it as this data is dynamic. In addition, mobile wallets have added security layers like Apple Pay uses Touch ID for making payments.