Google Pay: What It Is and Why You Should Care
What’s the most convenient way to pay? Cash? Card? Everyone has their own preferred payment method, and as a merchant, it’s important you’re able to accept a variety of payment types. By doing so, you help improve your customer experience by meeting customers’ expectations, as well as ensure you don’t miss out on sales due to being limited in the kinds of payments you’re able to accept.
One popular payment method is Google Pay, a type of mobile wallet. Is your business able to accept this payment type? If it’s not, you may want to reconsider.
What is a mobile wallet?
A mobile wallet is a type of mobile app that allows the user to store credit card information and more on their smartphone. The user can then use the mobile wallet to transfer money to friends, make online purchases, and even make in-store purchases. Some of the more popular mobile wallets include Apple Pay, Samsung Pay, Android Pay and Google Pay. In order to accept payments via Google Pay or any other mobile wallet, merchants must have machines with the proper functionality.
What is Google Pay?
Google Pay is a type of mobile wallet that lets users save cards to their Google Account, allowing users to quickly and simply pay on websites, in apps, and in brick-and-mortar stores. Payment information is protected with multiple layers of security, so users can feel confident that their info is safe. Additionally, Google Pay allows users to send or request money from friends, benefit from rewards programs, and conveniently store tickets. It’s available on Google Play or in the Apple App Store.
How it’s used
First, users add their card information to the app. Users can do this by taking a photo of their card, or entering the information manually. Google Pay will then ask the user to verify the card information. Google Pay works with thousands of payment providers and banks, including American Express, Chase, USAA and more.
Pay online or in an app
When online shopping or making purchases in an app, users can check out using Google Pay. A Google Pay button will appear for the user to click, then prompt the user to select which card they’d like to pay with. Users can also add a new card and save the information for future use.
Send and receive money
Google Pay users can quickly send money to other people, even those who don’t have the Google Pay app. The other person only needs to have an email address or phone number. Google Pay users can also receive money from other people and have the money go directly to their bank account. Plus, Google Pay doesn’t charge the user any fees to send or receive money.
Pay in stores
When making purchases in person, the user simply unlocks their phone and holds it over the payment processing terminal until a check mark appears. The app does not need to be opened first in order to make a payment.
Using Google Pay offers users a variety of benefits, including convenience, security, and rewards.
Using Google Pay – as well as other mobile wallets – is very convenient for the customer. Since the customer can pay using their phone, there’s no need to search through a physical wallet, dig through a purse or take the time to write a check.
Using Google Pay is also secure. During in-store purchases, Google Pay uses an encrypted number rather than the user’s actual card number to help keep data safe. If the customer loses their phone, they can use Find My Device to remotely find, lock and erase their phone to help keep data safe.
Rewards and cash back
With Google Pay, users can continue to earn rewards and cash back as well as get the protections offered by their bank or PayPal. They can also add loyalty programs from places like Walgreens and Panera to continue collecting points.
Why you should accept Google Pay
It’s clear that using Google Pay offers customers a variety of benefits. Similarly, by being able to accept Google Pay as a payment method, you’ll be able to reap benefits as well.
Google Pay is already being accepted by big-name stores, apps, transit authorities, and more. Customers are getting used to being able to pay this way, and it may become even more common. If a customer expects to be able to pay using Google Pay and you’re not able to accept their payment, you’re not meeting your customers’ needs. Alternatively, if you have the proper payment processing equipment to accept Google Pay, you can provide an even better experience for your customers. Being able to accept Google Pay also ensures you don’t miss out on sales just because you can’t accept a certain payment type.
How to accept Google Pay payments
In order to accept Google Pay and other mobile wallet payments, you’ll need to have the proper payment processing equipment. Luckily, there are a variety of options to choose from to meet your needs. The VeriFone VX520, for example, is a retail credit card machine that is equipped with NFC capabilities. (NFC means Near Field Communication. An NFC reader is able to wirelessly communicate with a phone’s mobile wallet.) The Clover is a Point of Sale System that is able to accept Google Pay, along with more traditional forms of payment.
At Merchants Bancard Network, we’re happy to work with you to better understand your business needs and determine the payment processing machine that will be the best fit.
While cash may have once been the payment method of choice, consumers now have a variety of options when it comes to making purchases. Google Pay is one of those options – and a popular one at that. It offers users a variety of conveniences and benefits, and is something you’ll want to be able to accept in your store. Doing so will help you provide an excellent customer experience as well as ensure you’re not needlessly missing out on sales. Let us help you find the right payment processing machine – visit our website to learn more or contact us.