Apple Pay® and Your Company – What You Need to Know
Let's take a closer look at Apple Pay® and see if the time is right for your business to give it a try.
What is Apple Pay?
Apple Pay gives your customers a simple and secure way to pay for purchases with a credit or debit card stored in their iPhone. It relies on technology called Near Field Communication (NFC), which is also known as “contactless payment” technology. So customers don’t have to carry cash, a card or even a wallet to pay you anymore – they just need their iPhone. They simply hold their iPhone up to an NFC terminal at your business to make a payment, and then verify their data using a fingerprint reader to complete the transaction.
Is it secure?
All Apple Pay transactions are secured through “tokenization,” which simply means the transaction is processed using a random string of digits instead of a card number. Your business will never see or store a card number. Huntington offers a range of NFC equipment and merchant services to help you begin accepting Apple Pay.
How does Apple Pay benefit my business?
Customers who use Apple Pay can complete their transactions quicker, saving them time at the register. You’ll be seen as a progressive company and if you’re trying to reach Millennials, this payment option gives them exactly what they want – fast, mobile service.
What are the costs to accept Apple Pay?
The costs of using Apple Pay can vary depending on a number of factors. Apple doesn’t charge any additional fees (standard to your merchant services) to accept Apple Pay but if you don’t already have terminals with NFC technology, you’ll need to set that up. (This may not be as expensive as you think!) And faster check-out lines can mean more business!
Huntington offers a range of NFC equipment and merchant services to help you begin accepting Apple Pay. Talk to your Huntington banker about our Merchant Services options that best fit your business.
Ready to get started?
If you want to learn more about offering Apple Pay, we’re ready to help in person, online or on the phone (800-480-2001). Let’s work together to grow your business!