Apple recently announced it will soon launch a revolutionary platform, called Apple Pay, this October.
Apple Pay allows consumers to simply hold their iPhones up to a reader to pay for goods, instead of sifting through their purses and pockets for credit cards or cash. You don’t even need to open up any special app if you don’t want to.
Apple Pay is revolutionizing the payment processing industry, but more importantly for entrepreneurs, what does this mean for small business owners?
1. Near Field Communication
In order to receive payment through this contactless system, small businesses simply need credit card terminals that have Near Field Communication (NFC) installed. Most businesses don’t have this latest technology yet, but many companies are beginning to adopt it. Many device manufacturers are already making NFC models available, to accommodate new developments in payment processing.
2. No Charge
Apple will not charge businesses for using Apple Pay, so transactions completed through this system will be just the same as transactions made through Visa, Mastercard, American Express, or other major credit-card companies.
3. No Rush
It must also be said that it will take some time before Apple Pay completely changes the way businesses operate. First of all, users need to have the new iPhone 6 in order to use Apple Pay. Moreover, Apple Pay will not be released for another month, and only 220,000 businesses are going to be utilizing this new payment system.
4. Ease of Use
The main attraction that Apple Pay holds is convenience. If your business is technology-savvy and modern, it would be a good day to consider adopting Apple Pay. It would fit with the mood of your business.
Have any questions about your company’s future? Visit https://www.biz2credit.com for financial guidance, including help with small business loans, lines of credit and other types of funding.