The upcoming EMV shift has a lot of food truck operators reconsidering how they accept payments, with some considering doing away with accepting credit cards altogether. However, now is the perfect time to upgrade. Check out this resource on ShopKeep.com for details on the update process. Most EMV compatible credit card readers on the market are also enabled to accept Apple Pay and traditional magnetic stripe payments. Food truck owners who embrace the EMV shift as an opportunity to upgrade their credit card terminals win on service by giving customers the added convenience and security that they want.
Why Accept Apple Pay?
As of March 2015, Apple continues to dominate the smartphone market with 42.6% market share. This means that nearly half of your food truck customers have an iPhone and many of those users already use Apple Pay. Given a choice between placing a finger on the iPhone’s fingerprint reader or juggling food while fumbling with a wallet and credit card, which option do you think customers will prefer? As technology continues to evolve, the number of users will continue to climb, and being prepared for this shift will help boost your bottom line. Not only does accepting Apple Pay allow your food truck to serve a larger segment of your customer base, it also helps you increase transaction speed. Chase, an Apple Pay supporter, reports payment time at the point of sale is reduced up to 40% through contactless technology.
Therefore, merchants who accept Apple Pay gain a competitive advantage through added convenience and increasing speed of service. The YoY growth rate for global NFC-enabled smartphone sales is expected to surpass 55% in 2015, and North America is expected to have the highest NFC penetration through 2020. Now is the perfect time to purchase an Apple Pay device that is also enabled to accept EMV payments. Not only will your food truck be able to accept Apple Pay, but you’ll also be ready for the EMV shift.
Apple does not impose any fees to accept Apple Pay, so if you already have an NFC-compatible point of sale terminal, you may already be able to accept Apple Pay. Make sure to check with your provider though, just to make sure it is enabled.
Yamarie Grullon is an experienced communications professional responsible for developing and implementing content at ShopKeep, a point of sale software company. With a history of successfully fostering engaged communities, Yamarie focuses on providing valuable content for small business owners.