Tips for Small Businesses

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4 Reasons Why Apple Pay Will be Huge, and Why Your Business Doesn’t Need It

Date: September 15, 2014

apple-pay-walkthrough-3We all heard stories this week about how Apple Pay will change the way businesses accept payments, and many of us have already been paying for our coffee with a phone for a few years. But, what does it mean if your business isn’t the size of Macy’s or Whole Foods (two initial Apple Pay partners) — should you rush to get NFC? Should you be worried about losing business to the Apple Pay partners? Here are 4 ways you can get the benefits of the new product without the huge investment.

Allow Customers to Pay the Way They Want

Payments via NFC technology has grown to $8.2 billion, but only account for 2.5% of mobile payments.[1]  Apple Pay will be a great place for customers to store credit card information so they don’t need to carry a card around, but won’t offer things like online payments, recurring billing and payments plans, or accepting payment over the phone. Your customers want convenience and often that means more payment acceptance methods, not less.

Get Paid How You Want

Apple is developing a proprietary system with partnerships from the big card holders – MasterCard and Visa. If you have a more comprehensive system, you will be able to accept even more types of cards – Discover, Amex, and even echecks /ACH from one system instead of having to invest in multiple products. Additionally, fees can vary from card type to card type, so a more flexible systems allows you to guide your customers to pay you in the method you prefer, whether it’s via a mobile swipe or through a direct deposit. 

Be Secure First

Identity theft and security breaches — These are concerns that might keep people from using credit cards– and something specifically addressed by Apple Pay’s system. If cardholder data is stolen, you can be fined, so you need to keep control of your customer’s information just like you control your personal credit card. If your customer has to write down their card number on a piece of paper for you to bill them, or you store information in excel (or some other homegrown system), you are doing them a disservice. Any payment processing system you implement should have a high-level of PCI compliance, and you should brush up on your skills annually to ensure you maintain a high level of security. This will make your customers more comfortable and protect your business.

…but Understand Your Customers More

There were a few specific comments about how customer data, like their name, will be hidden from the cashier. Though this is a security advantage, understanding your customer’s spending habits and tying the customer back to their purchases can help you to personalize their experience and make your relationship stronger. If you see someone stopped coming back after a few years of patronage, you can send them a note or email to reengage.

We will all be watching ApplePay closely. While it has the potential to have a big impact on the industry,  you can make the payment experience stronger for your customers by implementing a secure, and comprehensive payment processing system.

[1] Gartner (May 2013)

Image Credit: How to Use Apple Pay, Business Insider

Reads of the Week – Sept 12

Date: September 12, 2014

We know you’re busy, so we pulled together the most interesting reads of the week for topics affecting small business owners. Feel free to add your own favorites (that we may have missed) in the comments.

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What’s in a Small Business Name?

Date: September 09, 2014

What’s in a Name? Whether it’s the name of your new small business, or the name of your new product offering, a name can mean the difference between having a devoted customer base and becoming a laughing stock. Getting the name right the firs…

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Just 7 Days until Denver Startup Week

Date: September 08, 2014

Here at PaySimple, we’re gearing up for the third year of Denver Startup Week. We love learning from our peers and tech experts, getting inspired by the newest innovations, swapping stories with the community and sampling a Colorado craft beer, or…

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Reads of the Week – Sept 5th

Date: September 05, 2014

We know you’re busy, so we pulled together the most interesting reads of the week for topics affecting small business owners. Feel free to add your own favorites (that we may have missed) in the comments.

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Draft the Most Valuable Tools for Your Business

Date: September 03, 2014

We pooled our experts to come up with a list of the most valuable, all-around tools to make running your business more efficient, as well as some ‘sleepers’ that can make a difference that you never expected. Here are our top-ranked tools that yo…

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Two “Get Even” Apps for Small Business Travel

Date: September 02, 2014

If running your small business requires you to travel, living with the indignities and inconveniences of long days in airports and on flying busses airplanes is likely unavoidable. These two services, available online or as mobile Apps, give you a…

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Reads of the Week – Aug 28th

Date: August 29, 2014

We know you’re busy, so we pulled together the most interesting reads of the week for topics affecting small business owners. Feel free to add your own favorites (that we may have missed) in the comments.

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How Does A Question Mean?

Date: August 26, 2014

For the English majors reading this, the post title will likely call to mind John Ciardi’s famous text How Does a Poem Mean? Ciardi teaches us to approach poetry by attempting to understand HOW a poem’s construct instructs our experience of it,…

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7 Ways Your Business Can Benefit from Accepting ACH Payments

Date: August 25, 2014

Editor’s Note: This post was originally published in August 2011 and has been completely revamped and updated for accuracy and comprehensiveness.  Everyone knows that you can make payments by credit card, cash or check, but what are ACH payments?

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