3 Payment Methods You Should be Accepting Now!
In today’s world the smart business will accept any way customers want to pay. To ensure you can securely accept any sale this year, it’s a good idea to fast-track your business’s ability to accept the latest and greatest payments processing technologies. Apriva can help to ensure your business stays competitive and secure.Here are three payment methods you should start accepting both in-person and online today:
1: EMV Chip Cards
Most businesses now accept and even recommend that customers pay via chip cards (aka EMV cards). Magnetic-stripe cards (aka Magstripe cards) have long been vulnerable to fraud, so chip cards, which create a unique impression every time they’re used, are a better option due to their superior security. Instead of swiping, customers insert their card into a reader until the transaction is complete. This liability shift went into effect in 2015, making the chip reader all the more important. Apriva’s payment solutions enable any business type to accept both EMV and NFC transactions like Apple Pay (more on that below).
2: Mobile Wallets
This type of payment method uses near field communication (NFC) to transmit information from a mobile device to a payment’s reader. NFC is a type of radio frequency identification technology that allows your smartphone and a payments device to talk to each other wirelessly and complete the appropriately named contactless payment. NFC transactions are just as secure as EMV, but they’re a lot faster. If you’ve paid with your chip card, you’ve probably noticed the whole process takes quite a while. NFC mobile payments, on the other hand, take just seconds. And they’re more convenient — customers don’t need to carry around a physical wallet, just their smartphone. Merchants can accept Mobile Wallet NFC payments with any Apriva payment product.Here are the most common examples of mobile, contactless payment apps
- Apple Pay: Apple Pay is a mobile payment service by Apple Inc. that allows users to make payments in person, in iOS apps, and on the web. Apple Pay is currently available on models starting with the iPhone 6 (these iPhone models also contain NFC chips), as well as the Apple Watch. When customers pay using this method, they use a credit or debit card saved to their Apple Wallet and hover their iPhone or Apple Watch over a payment reader while holding their finger on the Touch ID button of Face ID feature to unlock their phone. The transaction takes only a few seconds to complete.
- Google Pay: Google’s mobile wallet technology, Google Pay is a mobile payment service to power in-app, online, and in-person contactless purchases on mobile devices, enabling users to make payments with Android phones, tablets, or watches. Google Pay is available on all NFC-enabled devices that run Android version 4.4 or later. When customers want to pay using this method, they simply open the app on their phone (which requires the user to have a secure lock screen) and complete the transaction by holding their device over the payment reader.
- Samsung Pay: Samsung Pay is a mobile payment and digital wallet service by Samsung Electronics that lets users make payments using compatible phones and other Samsung-produced devices. To use the Samsung Pay method, customers open the app and then hold their device over the point-of-sale terminal. This technology is available on Galaxy smartphones starting with the Galaxy Note 5 through the Galaxy S20 Ultra. It is also available on the Galaxy Watch, Gear S2, Gear S3 and Sport.
3: Digital Invoices
What is a digital invoice and how does it work? A digital invoice is an invoice that can be viewed and processed digitally, often via email or SMS. No paper or outdated PDF’s needed. When you have customers, one of the struggles you might face can be receiving payment. Are you relying on paperwork, checks, or taking credit card numbers over the phone? Digital invoices can help you streamline, and increase security for, this process. For example, Apriva allows you to send digital invoices via SMS or email, which can be used to collect payment after service is rendered, or even for regular goods and services in order to allow customers to pay without presenting their card data, buy now pay later, even pay ahead and then pick up their goods from your location. Customers can pay you electronically, without having to interact with you or your POS in person. If you’re taking phone orders, invoicing is a great way to bill securely rather than collecting payment information over the phone.
Businesses are expanding their payment options to meet customer preferences for digital payments. This momentum is poised to grow at an accelerated rate in 2022 when 53% of merchants expect to accept more digital payment options over the year. We all know, the investment in digital customer experiences begins with payments. Here are all of the payment methods you can accept with Apriva!
- Credit and Debit: Type, scan, swipe, dip, or tap credit and debit cards wherever your business takes you!
- Mobile Wallets: Accept FC payments such as ApplePay, GooglePay, and Samsung Pay.
- Campus Cards: Accept campus cards, military ID cards, and other closed-loop payments.
- Virtual Terminal: No POS? No problem. Scan cards using OCR technology or manually enter card information into your AprivaPay app. Merchant Studio web companion can also be used to key in payments, great for secure phone orders.
- Generate Digital Invoices: Send digital invoices via SMS or email directly from your AprivaPay app or Merchant Studio, great for curbside pickup, order-ahead, or generating invoices on-location.
- Card Tokenization: Our Card Not Present (CNP) or “card on file” tokenization allows customers to not have to show their cards at all, and allows merchants to accept CNP payment methods such as biometrics, QR codes, stored subscription information, and more.