The advent of contactless payment solutions such as Apple Pay, Samsung Pay, Square, Venmo, Android Pay and Current C presents small businesses with a fantastic opportunity.
Many of the biggest names in American retail; including Walmart, Home Depot, Lowes, the Kroger supermarkets such as King Soopers, Ralphs and Fred Meyer, Target and Costco Wholesale, are refusing to accept popular contactless payment solutions such as Apple Pay and Android Pay. This could be a critical mistake for them and a major opportunity for smaller competitor.
These retail giants are refusing to accept a convenient and increasingly popular payment option. The data website Statista found that nearly one out of 10 Apple iPhone users with access to Apple Pay; had used the app as of November 2014. Statista also found that were 75.23 million iPhone users in the United States in 2015.
The retail behemoths could also be locking themselves out of a huge market, by not accepting mobile payments or contactless payments. Statista estimates that Americans will spend $210.45 billion in contactless payments by 2013.
The number of contactless payment users is also growing dramatically, in 2014 16.4 million Americans used contactless payments, Statista found. That number grew to 23.2 million at the end of 2015. It is expected to grow to 37.5 million by the end of 2016, 50.2 million by the end 2017, 58.8 million by New Year’s Day 2019 and 69.8 million by the end of 2020.
Banks Accept Apple Pay and Android Pay
Much of Apple Pay’s success is being driven by banks. Most America’s largest banks; including Wells Fargo and Chase, the app. Wells Fargo and US Bank also support Android Pay. Support means that customers can use money from their accounts to pay through Apple Pay or Android Pay.
Hundreds of other financial institutions including many local banks and credit unions also support Apple Pay. If that was not enough, most cards from America’s four largest credit and debit card brands; Visa, MasterCard, American Express and Discover, support both Apple Pay and Android Pay. That means customers can access their card balances through their phones with Apple Pay or Android Pay.
This means millions of Americans now have access to a popular payment option that banks and credit cards support, but major retailers refuse. The opportunity for small business is vast because there is now a large new stream of retail out there – that Big Retail is ignoring.
Square can help you Accept Apple Pay and Android Pay right now
If these numbers are correct there could be vast numbers of customers using contactless or mobile payment apps in just a few short years; and big retail is not servicing them. Millions of Americans already have access to this option through their banks but their favorite stores are not taking it.
Small merchants can take advantage of this shortsightedness by ordering a Square contactless and chip reader. This reader automatically wirelessly connects to both iOS (Apple) and Android devices. It also works seamlessly with Square’s free point of sale of app so payments can instantly be entered into your accounting software.
This reader will allow businesses of any size to start accepting both Apple Pay and Android Pay as soon as it is set up. More importantly Square is so confident in the reader’s security that it will cover all fraudulent charges. If that was not enough, Square will also replace your device with a new one and cover any fraudulent charge you incur until its replacement arrives in the mail.
Best of all, this pocket-sized device takes up no more space in your store than a phone and no additional installation to set it up. Just take it out of the box, turn it on and start accepting contactless payment it is that easy.
Nobody knows when Walmart, Home Depot, Target and Lowe’s will start accepting Apple Pay or Android Pay but you can start taking them in a few short days; with Square’s help. This can put your business at the cutting edge of digital technology and give you an advantage big box retailers do not have.
To get more detailed information visit Square’s website today. To see what businesses and banks work with Apple Pay visit Apple Pay’s website. To learn which businesses and financial institutions accept Android Pay visit this website: Android Pay.
Disclosure: this is a promotional post for Square’s payment technology. For information on promotional posts at Market Mad House see this post.