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ApplePay and Your Business

POSTED BY: Rhett Baylies
What does ApplePay mean to your business and how to accept Apple Pay payments.

What does ApplePay mean to your business and how to accept Apple Pay payments?

Apple Pay has seemingly revolutionized merchant services and the way we accept credit cards but what is the real story?


How do you prepare your business to not only accept ApplePay credit card payments but EMV payments? Fortunately, it is simple with companies like the Merchant Doctor! First lets take a look ApplePay.

Is ApplePay a revolutionary payment system or just another ewallet?

 
Taking advantage of already existing technology to allow customers to securely store card information and make purchases? Well, curse me if you need to, but as it turns out ApplePay is not all that revolutionary outside of the bio-metric scanner (commonly used in the workplace these days). ApplePay is a lot like its predecessors the Google Wallet or Softcard (originally known as the ISIS wallet….. but changed their name for obvious reasons). These ewallets allow consumers to securely store card information and make purchases utilizing NFC technology. NFC stands for Near Field Communications and is basically a chip that when in close proximity to a processing chip is able to generate a tokenized payment (that is a payment with a one time generated source code that is decoded at the bank level to authorize the purchase amount). Apple Pay, the Google Wallet, and SoftCard are really a solution to a non existent problem since most consumers are perfectly happy with their plastic brethren. The eWallet does, however, offer the consumer some convenience in that all they have to do is have their phone out, open the wallet, complete the security step, and then pass their phone over the terminal to make a payment. The payment is tokenized and sent the bank for decryption and merchant gets their money while the clerk never has to handle a customers’ card. Everyone leaves their wallet at home every once in a while but it seems that no one ever forgets their phone! To this point in time adoption of these eWallets has been very slow if not downright dismal - but that is all about to change.

Up until now merchants are extremely hesitant to invest in newer terminal technology to accept credit card payments which meant that most eWallets had very few places that they could actually be used. That combined with little consumer education regarding the security levels of these type of payments led to leary consumers and merchants. It seems that now could be a perfect storm, if you will, in the world of EMV and NFC payments because between the millions of loyal Apple Product consumers who are generally hip to jump on board with anything Apple, a looming October 15th, 2015 deadline for merchants to upgrade their terminals to be EMV compatible, and the ever increasing pressure from government and consumers to secure our payment systems - we could see exponential growth in ewallet adoption.

So what can you do to not only comply with the October 15 EMV deadline but empower your business to accept Apple Pay payments - Simple!


All you need is a processor (like the Merchant Doctor) who is ready to accept these type of payment via their platform and a terminal or card reader that can accept both EMV (smart chip) and NFC chip payments. You already have an EMV compliant terminal you say - well that is great for the October 15th deadline (as long as it has been downloaded with a file to active the EMV functionality), however, not all EMV terminals or card readers have NFC capabilities. If you are not sure whether your terminal is compatible simply contact us at the Merchant Doctor and we will be happy to assess it for you. You say you don’t have enough money to invest in a new terminal ($300-$600)? Well, did you know that you can lease a terminal for as little as $17/month? or that the Merchant Doctor has a FREE EMV/NFC terminal program for you?

There you have it - if you want your business to be empowered with the ability to accept ApplePay simply reach out to The Merchant Doctor where we can upgrade, reprogram, or simply consult you on your options for free!

About the Author: Rhett Baylies

After over 17 years in the service industry not only as an employee but business owner and corporate manager Rhett decided to start his career in the Payment industry with the vision of providing good honest service at a fair price. Rhett now applies his years of service focused business to his daily routine and looks forward to revolutionizing the way you look at your processing statement for many years to come.

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Leonard Leinow
Leonard Leinow | February 16 2015

I have a business that makes CBD tincture. CBD is the legal non-psychoactive component of industrial hemp. Our business does about $25,000 / month in credit card processing. We are currently using Square.com and have over one year of statements. The average fee is about $150 and we have not had one charge back. Square requires us to hand enter into an iPhone. The rate is 2.75%
We are looking for an online shopping cart. Do you have this ability to work with us.

What would be the fees, rate % + transaction fee to set up an online shopping cart.

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