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Until recently, clients had to insert their
smart card into your POS terminal. But,
with the addition of a second chip,
no-touch payments are now possible
using a POS terminal with near-field
communication frequency capabilities.
Card Reader or Terminal Payment Apps
Apple Pay and Apple Cash are considered
the best in-store apps because they have all
the popular features of a mobile wallet, and
their users are technically super-savvy—and
more likely than typical smartphone users to
make contactless payments. To accept Apple
Pay or Apple Cash, you need a card reader or
terminal that reads NFC signals. If you are
set up to accept Discover debit contactless
transactions, you are set up to take Apple
payments as well. If you run into issues
with Apple Pay, make sure you are running
the proper software on your readers and
terminals. Transactions are charged at standard
credit card processing rates. Only on iOS.
Google Pay has nearly the same core features
as Apple Pay and, according to Statista (2020),
Android has maintained its position as the
leading mobile operating system worldwide (as
of December 2019) by controlling the mobile
operating system (OS) market with a 74.13
percent share. Together, Google and Apple
possess almost 99 percent of the global market
share.2 Google Pay is available on iOS and
Android—and uses the same hardware as Apple
Pay (an NFC-enabled reader or terminal)—so
it would be beneficial for you to accept both.
There are currently no fees to use Google
Pay. iOS/Android/Google Pay for Windows.
Samsung Pay is available only on Samsung
phones and uses an exclusive magnetic secure
transmission (MST) technology, which allows
smartphones to mimic a magnetic strip card
swipe to send payment information to card
readers that aren't equipped to read NFC signals.
As a business owner, you can save money with
Samsung Pay if you don't already have an NFC
reader. If you already have an NFC-enabled
reader or terminal, though, you should be able
to accept Samsung Pay without upgrades to your
current system. There are currently no fees to
use Samsung Pay. iOS/Android/Windows.
PayPal has an enormous user base (325 million
active users worldwide in the first quarter of
2020, representing a 17 percent year-over-year
growth3). It offers a fast checkout option called
One Touch. If you have an online business,
you should take PayPal payments in addition
to the other credit cards. As a business owner,
you can also set up a separate PayPal business
account to keep your business and personal
accounting separate. There are currently
no fees to use PayPal. iOS/Android.
Notes
1. Visa, "Contactless Payments," accessed May
11, 2020, https://usa.visa.com/run-your-
business/small-business-tools/payment-
technology/contactless-payments.html.
2. Statista, "Mobile Operating Systems' Market
Share Worldwide from January 2012 to
December 2019," last modified February 28,
2020, accessed May 2020, www.statista.com/
statistics/272698/global-market-share-held-
by-mobile-operating-systems-since-2009.
3. Statista, "Number of PayPal's Total Active User
Accounts from 1st Quarter 2010 to 1st Quarter
2020," last modified May 7, 2020, accessed May
2020, www.statista.com/statistics/218493/paypals-
total-active-registered-accounts-from-2010.