Recently, Apple announced that businesses with Stripe accounts now can accept payments on their phones. The partnership between Apple Pay and Stripe change opens a world of new possibilities for where and when businesses can take credit cards.
What is Apple Pay?
Introduced in 2014, Apple Pay allows folks with Apple products to pay easily through their devices. Apple Pay works with all Apple products by securely storing credit card information. Then, when users shop at a store that accepts contactless payments, they can pay through their phones.
With this new partnership, businesses with Stripe accounts can now accept payments through their phones. It’s called Tap to Pay and allows people with a Stripe account to use their phone
What does having Apple Pay for Stripe mean for small businesses?
The Apple Pay partnership with Stripe means that small businesses can accept payments, regardless of how they operate. Traditionally, credit card transactions require a payment mechanism like a terminal or an online portal.
This structure of operations made it difficult for businesses that were mobile or startups to take payment because of the cost of a terminal. And, for those that opted for a mobile payment option, it required an internet connection and a device that connected to a phone.
In recent years, some businesses began accepting payments through digital wallets like Cash App or Venmo. When customers pay with a digital wallet, it can be complicated. They must find the right person’s account–and if they don’t, there’s no protection if they send it to the wrong person! To ensure accuracy, sometimes purchasers scan a QR code which adds friction to the checkout experience.
Ultimately, this new partnership means more flexibility for where and when you can do business. No more Venmo QR codes, no more dongles.
Which businesses benefit from this partnership?
The businesses that have the biggest benefit from Stripe working on Apple Pay are those that need flexibility with where and when they sell products.
With Tap to Pay, businesses are no longer tethered to a physical location or card reader to accept payments for goods or services. While the possibilities are basically endless, here’s a list of some examples:
- Businesses that sell at farmers’ markets
- Service providers who travel to their clients
- Hybrid retail stores that sell online and in-person
- Pop-up shops that change locations frequently
- Food trucks operating in different locations.
How does Stripe work with Apple Pay?
You can connect your Stripe account to Apple Pay, allowing you to accept payments on your phone. This makes taking payments easier than ever and frees you to take your business with you wherever you go–without needing extra tools or accounts.
And, with an automated accounting solution like Bankfeeds, taking payment through Stripe and Apple Pay is even more streamlined. Your transactions will automatically be imported to your accounting software, meaning you can take payments anywhere Apple Pay is offered and have your transactions automatically imported for you.