What Apple Pay means for your business

October 09, 2014
What Apple Pay means for your business

Apple Inc. has continuously been a success in the market place because it understands the pulse of the modern day, tech savvy consumer – it’s all about individuality and that’s incidentally also a principle at the heart of small business. Small businesses succeed because they are unique and personal, something bigger corporations will never be able to offer irrespective of how much they invest towards it – because it’s less about money and more about understanding each other on a basic human level. Apple does that perfectly.

Let’s take a look at something Apple has finally decided to invest in – NFC technology. Although Android technology already offers NFC based services, the concept of making and accepting payments through mobile phones still hasn’t quite taken off. Why will Apple Pay succeed where its counterpart hasn’t? PayPal, Google Wallet and other have tried before but you tend to wonder why there is much more anticipation that Apple has now jumped on the bandwagon. For one, Apple Pay online payment service comes with the backing of major players such as Visa, MasterCard and American Express who have signed up to offer their cardholders access to this service, which in itself is an indicator that the bigger players are positive about Apple Pay’s success.

How will these effect small businesses? One thing pops to mind instantly – thanks to Apple’s previous online payment success with iTunes and iPad based payment gateways, they already have millions of consumer’s credit card information on hand, automatically giving you access to a large volume of people who are in the market for making mobile payments. This means that having an mPOS system already installed for your business, you have access to this market.

In a nutshell when a buyer uses their iPhone to make an in-store purchase, Apple Pay uses NFC to send information to the mPOS system. You need to have a contactless reader with your mPOS system offered by platforms such as CyberCom Pay K1, so that payments can be accepted via Apple Pay. It’s a fairly simple and cost effective process that gives you instant access to a new audience and a new way of doing business.

Small business have nothing short of success to look forward to when it comes to investing in an mPOS solution thanks to the mobility it offers and the dynamic new audiences it is able to tap into. Pay close attention to the evolving Apple Pay and invest in the right solution for you in order that you begin to open new avenues for doing business.

categories: Technology

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