Consumers in the US are now using their iPhones to make everyday payments, no physical wallet required. Thanks to Apple Pay, consumers are experiencing easier, faster and more secure transactions, all from the comfort of their beloved smartphone.
However, there’s more to Apple Pay than meets the eye. At face value it may just be a digital way for consumers to use their credit or debit card, but really, its benefits go far beyond the convenience of the ‘tap and go’ transaction style.
We are going to show you the hidden benefits that go beyond that of Apple Pay’s textbook capabilities and how your business can benefit from it straight away. Here are six things about Apple Pay your boss needs to know.
1. Added Security & Privacy
When a credit or debit card is added to Apple Pay, all the information on the card is encrypted. When a customer pays for an item at your store, only the device account number and a transaction specific security code is transferred onto your system. This means that you’re not gaining any additional information or liabilities by using Apple Pay.
2. Improved Customer Service & Satisfaction
Apple Pay will help you get through your long line of customers in a flash as this payment process will only take a few seconds. A CapitalOne Survey found that 69% of small businesses accepting mobile payments saw a positive increase in customer service. Also, 73% of the businesses have experienced increased customer satisfaction, and correspondingly 68% have seen an increase in sales!
3. Improved Cash Flow Management
Integrated payment systems are a comprehensive way for business owners to control their payments process from a single screen, saving time and effort, whilst improving cash flow management. All businesses, big and small, can benefit from a simplified payments process that allows for easier and smarter management. The same CapitalOne Survey found that on average 64.5% of small businesses accepting mobile payments see improved accounting processes and inventory management.
4. Enhanced Payment Experience
The introduction of Apple Pay will allow merchants to streamline the entire customer checkout process. It creates a simpler payments environment for your customers, as they can now redeem mobile wallet content, like coupons and loyalty cards, as well as make payments through Passbook.
5. Apple Pay Makes Passbook Relevant
Passbook can already store your customers’ loyalty cards, coupons, boarding passes, and more. With Apple Pay, Passbook now stores your customers’ credit and debit cards too! Over 400 million people are able to access Passbook, which is 400 million reasons why you should use Passbook as a marketing platform to entice your customers to visit your store. With push notification capabilities, you can send messages to your customers about exclusive deals, promotions, or sales!
6. You Can Capitalize on Apple Pay Before it’s in Your Country
There are two aspects to Passbook: payments and non-payments.
You can issue digital coupons, digital loyalty programs, and more, while positioning your brand right next to your customers’ credit card. Apple Pay may not be available in your country yet, which presents a massive opportunity for you to tap into the marketing & non-payment component of Passbook. Stay ahead of the game and own the real estate in Passbook, with or without integrating with Apple Pay.
If you’re not yet utilizing Passbook, why not create a mobilized customer loyalty program? With tools like Loopy Loyalty, you can get your brand in Passbook in 10 minutes.
Don’t want to create a digital loyalty program? No problem. Our mobile wallet suite allows you to offer event tickets, coupons, membership cards, transit passes, and more.