(Updated on May 20, 2016)
For many Canadian merchants, deploying a new technology may seem daunting. But when the change involves payments, there are also issues about financial and information security.
For small businesses, the decision to update is especially tough. With limited budgets, and a need to operate a lean business, merchants must ask if something is a nice-to-have or a need-to-have feature.
With Apple Pay™ available in Canada, merchants across the country may be asking whether they should accept yet another payment method. But the benefits are clear. Accepting Apple Pay, a form of contactless payment, can make payments faster and more convenient for customers. It also reduces the cost of cash management and offers merchants protection against certain chargebacks.
To help your business understand Apple Pay and how to accept it, review our checklist: Getting Ready for Apple Pay.
1. Check your existing technology
The first piece of good news is that many current payment terminals already have the technology required to accept Apple Pay. Terminals that accept contactless payments use what’s called Near Field Communication (NFC). It enables contactless payments by making it possible to securely transfer data between two devices (Discover 5 Payment Terms You Should Know in 2015). If your terminal already accepts contactless payments, you are halfway there.
Roughly 85 per cent of all Moneris terminals in use in Canada can accept contactless payments and, therefore, Apple Pay.
2. Train your retail staff
Fortunately, the experience for retail employees will not be that different than accepting other contactless payments. Employees should have an answer if asked, “What is Apple Pay?” We recommend that they understand the basics, such as:
- How to set up Apple Pay. Cashiers should be familiar with the setup process for an Apple Pay user:
- You’ll need to add a credit card to your iPhone/iPad. Open up Passbook and tap “Add credit card or debit card”;
- Once loaded, select the desired card;
- When prompted, scan your fingerprint on the “Home” button of your device to activate….
3. Call your payment provider
If a retailer isn’t set up to process contactless payments, but has the right terminal, they should call their payment provider. At Moneris, we can simply turn on contactless and make it possible for merchants to accept Apple Pay. After restarting the terminal, everything will be ready to go.
4. Add Apple Pay In-Store Signage
Once a payment terminal is Apple Pay-ready, merchants should let their customers know. Apple provides free decals for your store windows, door or checkout. They are available at www.ApplePaySupplies.com (a site owned by Apple). Fill out the shipping information or call the toll-free number and Apple will ship the decals to your location.
5. Promote Apple Pay through all communications channels
There’s no need for merchants to limit themselves to in-store decals. Send an email newsletter announcing your readiness for Apple Pay. It may just give customers a reason to make an impromptu trip to their favorite store. The Apple Pay Supplies website also provides a downloadable payment mark for digital and print assets, along with usage guidelines.
As consumers and retailers get used to the expanded offering of Apple Pay in Canada, we’ll continue to share useful information and tips about this and other payment advances here on our Insights Hub. Stay tuned.
This article is for informational purposes only and it is not intended to provide you with any personalized financial, marketing, accounting or tax advice. Neither Moneris Solutions Corporation (Moneris) nor any of its affiliates shall be liable for any direct, indirect, incidental, consequential or punitive damages arising out of use of any of the information contained in this article. Neither Moneris nor any of its affiliates warrant or make any representation regarding the use or the results of the use of the information, content and materials contained in this article in terms of their correctness, accuracy, reliability or otherwise.