Intrigued or dismayed by the mere mention of an Apple Watch and iPhone in our newest post? But whatever your reaction is, we hope you find it to be food for thought.
You and we know about the success of contactless payments. You’re in a shop, a café, a restaurant and you wave your credit card at a device. £30 is then deducted from your account. All without you tapping in a PIN number.
Spend more on a meal or clothes and you need that PIN.
Unless you’re using Apple Pay, which has no limits.
We know this because one of the team recently purchased a new iPad. Apple asked him how he wanted to pay. This colleague is jailed in the Apple ecosystem but was expecting a £500 purchase to need a PIN, but his Apple Watch and Apple Pay paid the way.
Face ID and Touch ID are more secure than Chip and Pin. Therefore, Apple sees no reason to impose a £30 limit. It makes sense really and we wonder if your business is capitalising on this growing trend of wearable and smartphone payments.
Apple Watch and Apple Pay will kill the wallet?
The trend is not going to disappear. Apple and Android have noticed that consumers love convenience and being able to go out shopping or eating, for example, with no wallet is proving to be attractive for many.
The adoption rate for Apple Pay is rising too – to 9% of all card transactions in the States, with the Apple Credit Card recently being released, with a UK version coming soon. If you’re not sure how to set it up, this guide will help.
Why your business should adopt contactless
Here’s just five reasons why your business should adopt Apple Pay for the iPhone or Apple Watch, Android Pay or contactless:
- SPEED. Tapping a terminal is much faster than inserting a card, adding a PIN and waiting for authorisation. If everyone abandoned Chip and Pin, then it is estimated that 121 million hours of shopping time could be saved.
- HIGHER REVENUES. Your customers are more likely to spend more if you accept contactless. They won’t be rummaging in wallets for cash if they can pay on smartphones or smart watches without limits.
- INCREASED FOOTFALL. Footfall increases when businesses accept terminal payments. Take a fictional scenario. For example, two cafés on the same road with similar reputations – one is cash only, the other accepts cards and contactless. Which one is likely to be busier? Rhetorical question as we all can work out that the latter will be.
- LESS CASH HANDLING. Handling cash costs businesses in the UK an average of £3600 per annum in terms of time expended counting and banking monies. Theft and fraud inevitably reduces with digital payments.
- THE RISE OF WEARABLES. It’s just not watches that are leading the way, places like private gyms offer wristfobs with payment encrypted for using lockers and buying food and drink after a workout or swim. These companies can track consumer spending and adjust menu offerings much quicker knowing what sells best and what sells slowly.
Is cashless on its way?
You may have noticed that cash is becoming a museum piece with European countries like Sweden fast adopting a cashless model. There are fears of it disenfranchising many of society’s older members, and more vulnerable people, who don’t have access to bank accounts and digital payment devices. The fact is though that the physical wallet with notes and coins is on its way out.
Above all, your business needs to be future proofed and ready for new technologies, like the Apple Watch.
Most employees are paid by bank transfer in 2019. Most consumers do not visit an ATM to withdraw cash for frequent or occasional purchases. Bus companies now accept contactless payments for journeys.
How do I apply for a business cash advance?
To qualify for a PDQ Cash Advance, you generally should have been trading for 6 months. Ideally the business needs to take £5,000 or over in credit and debit card payments. If your business done not meet that criteria, don’t worry as PDQ Funding may still have funding options available to you.
How do you assess?
We consider every PDQ Cash Application individually. The amount charged is dependent on business performance. A company with a good performance history could negotiate a lower upfront fee. This is down to they pose a small credit risk to any merchant cash advance lender.
Repayments are automatic and calculated as a pre-agreed percentage of a company’s future credit card & debit card takings. You only have to pay back the cash advance and fee when the sales come in.
How do I apply?
Use your future credit and debit card sales to raise an unsecured merchant funding today. You will receive the lump sum directly in your bank account to use on any business funding need. But, you repay only a small proportion and repayments are automatic and hassle free.