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The Benefits Of Utilizing A Digital Wallet

Feb 28, 2020
Posted by: Stearns Bank

Coke vs. Pepsi. McDonalds vs. Burger King. Nike vs. Reebok.

These are some of the more famous business rivalries of our time.

In mobile wallet services, another battle is raging, between Apple Pay for I-Phone and Google Pay for Android. The stakes are high, but no clear winner has yet emerged.

For those new to these payment systems, also known as “digital wallets,” they operate on contactless payment. With contactless payment, you don’t need to slide your card at the point of sale (POS) terminal. Instead, your credit card information is stored on your mobile device, such as an I-Phone or Android phone.

Contactless payment uses near field communication (NFC) technology to communicate the payment between the mobile device and payment reader.

When paying at the register, you use the Apple Pay or Google Pay app, hold or wave your phone over the POS and make your payment. It’s a simple process. Nevertheless, it can be scary for people accustomed to having a debit or credit card in their hand when making a payment.

Why Use Digital Wallets?

So why use digital wallets over a normal plastic card?

For starters, using a digital wallet is a faster and more secure method than using a card.

Your digital wallet uses a device-specific number and unique transaction code. And when you pay, your actual card numbers are never shared with merchants.

With the surge of credit card fraud and identity theft, it’s becoming more important to keep your personal information private. Contactless payment systems protect information like your address and zip code. It’s like adding an extra layer of safety for your account.

Businesses benefit because this payment method enables them to serve more guests.

Look for these logos when you’re out shopping to find merchants offering Apple and Google Pay. The Google Pay app has a list of stores and apps where the payment is accepted. With Apple Pay, you can search via the Maps App on your iPhone.

How to Set It Up

With Apple Pay, you need to use touch ID or face ID on your I-Phone to set things up. You also need an iCloud account and the latest version of iOS.

You can have Apple Pay set up on multiple devices like the I-Phone, Apple Watch, iPod or a laptop. Each card must be added separately on each device.

With the Google Pay app, you need a valid Google account, Android 5.0 or higher, a passcode lock on the phone and the NFC turned on to make a purchase.

There are also great instructional videos to watch online.

At Stearns Bank, cardholders will receive a secure message to verify their mobile wallet account.

How Merchants Can Use Apple and Google Pay

For business owners, it’s easy to set up Apple Pay for your customers. Simply contact a payment provider and tell them you want to begin using Apple Pay, Google Pay or both.

If you have an NFC-enabled terminal, you are well on your way to supporting mobile wallet. Even better, Apple makes it easy to promote that you accept Apple Pay. You can download the Apple Pay logo to use in emails, at your store and on your website. You can also order decals to put in your store’s windows and around the register.

The best thing for merchants is that Apple Pay doesn’t cost anything. You’re providing a service to your customers and making it easier to purchase when they shop in your store.

Google Pay is also free for merchants. You can use Google Pay APO for Passes. There are also opportunities to promote your loyalty programs, gift cards and other store offers.

Google Pay enables merchants to engage with their customers by sending messages and offers that are stored in their digital wallets. You can use Google Pay to send location-based notifications and real-time updates.

Stearns Bank & Merchant Services

Through our partnership with FiTech, Stearns Bank is able to deliver payment acceptance equipment, payment processing services and business intelligence via our merchant services offerings.

From digital wallets to Apple Pay and Google pay, Stearns Bank can help you with multiple, safe and secure options.

Stearns Bank partners with FiTech to offer personal consultation and payment solutions that are customized to meet the needs of your business.

Contact us about merchant services

 

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