The way your customers pay for things is changing. The UK is one of the world’s leading markets for contactless payments with over 1 million contactless cards in use. In March 2017 alone, £4,009 million was spent using this method, a 165.8% increase on the previous year. The introduction of mobile wallets (such as Apple Pay and Android Pay) is only going to increase that figure. It’s more important than ever that you’re prepared to accept all the forms of payment that may come across your counter.
Here’s what you need to know:
Accepting Mobile Wallets
You’ve probably been hearing more and more about these new forms of payment. Mobile wallets use near field communication (NFC), which enables two devices to speak with each other when they’re held close together. NFC transactions are secure and fast. They’re also more convenient for your customers, who will no longer need to carry physical wallets to make payments.
You can accept mobile wallets by purchasing the affordable (and very good-looking) Square Reader. It’s the smallest and most affordable NFC payment reader on the market and it will let you accept contactless card payments as well as mobile wallets.
Here are a few examples of mobile wallets available - or soon to be available - in the UK:
Apple Pay
Apple Pay is available on the newer models of iPhone, as well as the Apple Watch and selected iPads. When a customer pays with Apple Pay, they’re using a credit or debit card that is saved securely to their mobile wallet. By hovering their Apple device across the payment reader, with their finger on the Touch ID button, they can trigger the payment instantly. The transaction takes only a few seconds to complete.
Android Pay
Google’s new mobile wallet, Android Pay, is available on all NFC-enabled devices running Android version 4.4 or later. To make a payment with Android Pay, your customer simply opens the app on their phone (which requires users to have a secure lock screen) and completes the transaction by holding their device over the payment reader.
Samsung Pay
An eagerly awaited arrival to the UK digital payment market, Samsung Pay arrived in Blighty in May. To make a payment with Samsung Pay, customers open the app and hold their devices over the point-of-sale or payment terminal. This technology is available on the latest Samsung devices of Galaxy S8, Galaxy S7, Galaxy S6, including their Plus and Edge models, and Galaxy note 5.
Sending Invoices Online
Sometimes clients don’t want to pay upfront with a card, or the transaction is larger so it requires an invoice. On the flip side, actually getting clients to pay those invoices can be frustrating when you’re relying on paperwork and manual accounting systems. Digital invoices are streamlining this process for business owners around the world and helping them get paid faster.
Square Invoices lets you send invoices via email from the Square app or online from your Square Dashboard. You can send as many invoices as you like for free and you’ll only pay Square when someone chooses to pay you online. By freeing up the time you’d usually spend chasing payments and sending invoices, you can focus on growing your business or taking a well-earned holiday.
Selling On The Go
While the new Square contactless reader is the most versatile option for countertop businesses, there are many situations that call for a portable micro card reader instead, which is why we include a free magnetic stripe card reader, too. Plugging right into the headphone jack of your Apple or Android smartphone or tablet device, this backup reader means international cards - or just chip and pin cards that refuse to read - can be easily swiped through. Both readers fit in your pocket, your car’s glove box or wherever you’re doing business, so you’ll never have to miss out on a sale.
When it comes to accepting payments, you’ll want to make your business as flexible as possible. You can start by harnessing the latest and greatest POS and payment technologies from Square.