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2 Oct 2014


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Apple Pay & Small Businesses

In September Apple unveiled a new way for consumers to make secure payments using their smart phones.  In October 2014, beginning with the new iPhone 5 and 6, as well as tablet and smartwatch users will be able to make secure payments.

With this new technology consumers will be able to sign up for Apple Pay and enter their credit card information.  Multiple cards can be setup in the system.  The credit card data is encrypted on a chip embedded in the iPhone. 
Businesses that wish to participate in the program will sign up for the program and use their near-field communication (NFC) reader to accept payments. 

When consumers want to make a payment at a store that accepts Apple Pay store, they hold their iPhones in front of a NFC reader and place their finger over a fingerprint sensor to confirm payment.  An app on the phone will allow them to select Apple Pay as their payment method and use Apple’s Touch ID to confirm it. 

Apple Pay is the most secure payment system to date.  According to Apple, “ instead of using your actual credit and debit card numbers when you add your card, a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element, a dedicated chip in iPhone and Apple Watch. These numbers are never stored on Apple servers. And when you make a purchase, the Device Account Number alongside a transaction-specific dynamic security code is used to process your payment. So your actual credit or debit card numbers are never shared by Apple with merchants or transmitted with payment.”

At it’s release about 220,000 stores will offer Apple Pay.  Given the current wave of hacking that targets credit card and debit card processing at large and small retailers consumers are looking for ways to make secure payments.  With already 10 million iPhones pre-ordered in the first week alone, Apple Pay is likely to be a widely accepted method of making secure purchases. 

Small businesses should not wait until their systems have been compromised and customers turned away before moving to a more secure payment system that consumers have confidence in.
As a retailer you can sign up to use Apple Pay as a payment system by checking with your Point of Sale (POS) vendor.
See a demo video of Apple Pay.
Learn more about Apple Pay.

Apple, Inc.

By Jack Rivers














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