MBA1601 Should You Start Accepting Apple Pay?

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And accepting different forms of payment is exactly that. Many people are dubbing Apple Pay as the next PayPal for the next decade. But do you need to incorporate the ability to accept Apple Pay on your website or in your physical store? Is it really worth looking into? Well, we found the answer for you, did the research and want to deliver to you on a silver platter in today's lesson. Is this something you should invest in and find out if you can incorporate Apple Pay in your checkout process in your physical or virtual point of sale? Let's get into it. Let's get down to business. One of the reasons why I'm doing this lesson today on Apple Pay is it's something that I actually looked into a few months ago. I did a massive amount of research on if this is worth actually incorporating into in our website, in our payment process. Depending on your website, it could be something as simple as just flipping a switch or a custom solution that's going to take some time and money. In our case it's the latter. So I wanted to make sure before we invested the time in adding Apple Pay that it's actually the right time to do it. It's something that we should do now and will benefit us in the future. So I did all the research for you. Let me tell you what I think. First of all, let's talk a little bit about what Apple Pay is. Apple Pay is basically Apple's mobile wallet. Most of us know about Apple Pay because it's either incorporated in a iPhone that you have or somebody you know that has an iPhone where they pay via PayWave, where they just, you know, bring their phone to the credit card machine and it charges their account. This is just one aspect of Apple Pay, which is the NFC aspect, the near field communication aspect, where basically it's like the tap and go technology. But Apple Pay is a lot more than that. You can actually pay via Apple Pay if you're on an Apple device for online transactions because Apple has already secured safely your credit card information. And really with a double click on your phone or a click of a button on a laptop with a touch id, you can pay for things. It's the fastest way you could pay for anything. And many big websites have caught on. They said, wow, this is actually a very, very fast way for people with Apple devices to pay for goods. And I'm talking about online websites, not even in physical stores. If you're in a physical store, this is a no brainer. You need to have NFC technology where you're utilizing this technology, Whether it's Apple Pay or a competitor like Samsung's or even some credit cards now that have that built in. But when it comes to your online store, Apple Pay again is a fast way for people to just use the stored information that's on their device, on their computer, or on their phone, or on their iPad to pay for things with a single click. Now what's intriguing about this technology is it's basically allowing your customers to have as fast as a checkout process as they do with something like Amazon, where they save all your credit card information you add to cart or you just pay immediately and it's done. Amazon's really locked that down and it's one of the reasons why they have such rapid growth. And Jeff Bezos is one of the richest men that ever lived in the history of humankind. And that technology, that fast checkout is one of the reasons why Amazon's so successful. So imagine you can borrow that experience and put it into your own website. And that's really why I wanted to look into this, because it really allows people to have a seamless checkout experience. The step where you add your payment details online for any transaction is the step where you're going to experience the most friction. This is where there's the most likelihood for people to abandon cart. If you can remove that friction altogether with something like Apple pay, you are one step ahead. You're really gaining a competitive advantage from your competitor and allowing your customers to have a better experience. Now, of course, this is only relevant for those who have Apple devices. And of course, Apple pay should be an additional form of payment. So they can pay by credit card. They get paid by Apple pay. You might even want to offer PayPal. The point here is, is that it should be in addition to traditional credit card payment. And you might be thinking, well, you know, how many people are actually using this? Well, there's two stats that really compelled me to say, this is an important thing to implement in your website. Number one, 5% of all transactions online are paid with Apple pay. You can increase your sales simply by offering this. Okay, second, in just five years from now, in 2025, the projection is 10%. They're gonna go from 5 to 10%. In that short amount of time, one in 10 payments online are going to be with Apple pay. You might be thinking, what else you got, Homer? Well, another thing that makes people believe that Apple's going to take over the cardless payment is the sheer growth of the company itself. Apple's growing at a tremendous pace. It's already the most valuable company in the world. It just hit a $2 trillion evaluation. The most valuable company in American history. Apple has already started to sell products at all different price points. And they're not just an expensive product now, where, you know, you buy an iPhone for $1,200. They have iPhones for $500. Now they have the iWatch, they have iPads for $400. The point is, they want to get you in the ecosystem as early as possible, as many people as possible. Because in all of that, they run the same kind of software that will incorporate Apple pay, so you'll be able to pay for things on those devices. Even if it's a $400 device, it's not an expensive piece of hardware. So Apple Pay is only going to grow. And experts have already said that PayPal is still the leader in online transactions and online payments. But they're starting to lose footing and Apple's trying to gain on them. And it all has to do with the fact that it's so seamless. In order for you to pay for anything on PayPal, if you're on a website, you choose the PayPal option and then the next step, it sends you to PayPal and then you got to sign into your PayPal and then you got to authorize and you have to confir. So it's a few steps and then you go back to the cart and then you check out. With Apple Pay, the checkout experience is literally just choosing Apple Pay and checking out. You know you're going to confirm on your device either through face ID or with touch id and it's a done deal over. So how do you actually get Apple Pay on your website? Number one, you may already have it and it just needs to be enabled. So if you're on a website builder like Squarespace, for example, they already have Apple Pay and you just have to just flip it on, integrate it, turn it on to your website and their customer support can show you how to do that. So there's really not much to do and there's no development work needed. You are lucky you're on that kind of platform. If you're on an E commerce store and you're on Shopify, Shopify has Apple Pay. They're actually one of the first platforms to have it back in 2016. So you're in luck. No hard work. It's literally just making sure you enable it and people can use Apple Pay at checkout. If you have a custom website, you need to take a look at your payment processor who's actually processing payment for you. If it's Stripe, depending on where you're based, Stripe will accept Apple Pay. But you are going to have to do some, you know, development work to show that on the front end on your, on your actual website and actual checkout process and make it seamless. So step one, check with where your website is actually hosted or built on first and see if it's already there. There's a good chance if you're on one of the platforms like Squarespace or Shopify, like I mentioned, you have Apple Pay built in. If you have a custom Solution or a WordPress plugin, take a look at your payment processor who is processing your payment. Find out if Apple Pay is enabled and if so, what are the steps involved to enable it and then offer it on your website. If you have a custom solution on WordPress or something like that, you probably have to do something not only with Stripe or your payment processor, but also with the website itself. So you can actually offer it. You can say, hey, this is an option. Choose it and then connect the dots. Connect that with your payment processor. You may want to get some help with that. You can get a freelancer off upwork who's familiar with your platform or with WordPress, if you're on WordPress or whatever you host your website on, or I should say what you use to build your website. But at the end of the day, for most businesses, this is a very easy implementation. This is low hanging fruit. This is an easy way to bump your annual sales by a few percent just by offering Apple Pay. And it's evergreen, meaning that you do it once and you're going to reap the benefits for a very long time. And as we could see, Apple Pay is not going anywhere. It's only growing and expanding throughout the years. Just to be clear on your end, a lot of people like, well, what does it cost me more per transaction for Apple Pay? No, it's the same thing as credit card. Depending on what credit card they're connecting their Apple Pay with. If it's a Visa card, same as a regular Visa card charge. So same thing with Master or American Express or Discover.

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To wrap up today's lesson, this is something you really need to look into, especially if it's an easy, easy thing for you to implement. On your website. Apple Pay is a growing technology. It's a great way for you to implement that fast checkout experience that Amazon has on your own website and allow people to seamlessly check out with no friction. And for you, you get paid just as fast as if they paid with credit card. When it comes to a cost versus reward, the reward is much higher than the cost of time or effort or even money. If you have to implement this with some development hours, you're going to get a bump in possible sales because a lot of people prefer to have that secure fast checkout that Apple Pay offers versus entering their credit card on your site. It inspires confidence and inspires credibility. It shows that you got your stuff together. Thank you so much for listening to the $100 MBA show. If you love what you hear, hit subscribe so you don't miss a beat. By hitting subscribe you get access to over 1600 business lessons in our archives. It's the only way to get access and it's absolutely free. So just hit subscribe on whatever you use to listen to podcasts. Whether it's Stitcher Radio or Apple Podcasts or Spotify or Himalaya, we're on them all. Before I go, I want to leave you with this. If you're running an e commerce store and your customers are coming back to shop with you over and over again, this is a no brainer. You should get Apple Pay because a lot of people that have Apple devices, they don't want to re enter their information and at the same time they don't want to save their information in their account for future use. This is a super highly secure way and fast way for them to get what they want and to check out faster. And they're doing this over and over again so it's going to save them time. They're going to appreciate that experience even more so than somebody who's signing up for like a subscription and they sign up once and they get charged over and over automatically without having to go through the checkout process every month. Food for thought. Thank you so much for listening and I'll check you in Tomorrow's episode. Free ride Friday. I'll see you then. Take care of.

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