Miscellaneous Business Musings…Banks Give Apple a Break on Mobile Transaction Fees, Warren Buffet and ART OF WAR

Banks Give Apple a Break on Mobile Transaction Fees

When Apple officially unveiled Apple Pay at its launch of the iPhone 6 smartphone,the mobile payment system, it revealed at that time iPhone 6 users would be able to make payments by holding their phone within range of the Near Field Communication sensor at the point of sale. This news was informative on several fronts. NFC is being used in everyday news articles making it more relevant to the business owner instead of some tech talk that doesn’t translate to the bottom line. It also is showed you how Apple Pay, Google wallet. etc.. ,are making serious efforts to join you in your business.

Ok small business owner, so what? Right? I know most of you aren’t very excited about Apple getting breaks on anything really, right? No, you would be incorrect this time. Ok, tell us how it benefits us.

#1. Your transactions involving Apple pay will be automatically processed as a card present transaction. This get’s you the lowest level of rates instead of the higher rates that involve a card not being present and either keyed, or done with NFC technology.

#2. You will be getting a strong advertising effort from Apple to make sure their customers know about Apple Pay and all the positive uses for the customers that Apple Pay provides.

#3. You might even get better deals on your discount rates involving NFC transactions because of Apple negotiating lower rates from the Merchant Banks. That’s just a guess, but it’s possible.

So, you are in effect getting lower rates through card present transactions, free piggy back marketing with Apple customers with Apple pushing Apple pay and possibly getting a better deal on rates involving NFC payments. Not Bad all in all.

I mentioned Warren Buffet in my title to this article: He has a few bucks, and I’m guessing he likes this article because it promotes small business.

Image result for art of war quotes

My Sun Tzu reference is encouragement to take advantage of some of these services that I am blogging about. The more services you offer your customers the easier their lives become making your business the one they frequent the most: Customer loyalty equals you winning the battles and ultimately the war with your competition.

Let me show you how I can set you up for success by taking advantage of these offerings for your business. Contact me at cvann@capitalbankcard.com, or craiglvann@gmail. You can also take a look at my web sight at http://www.capitalbankcardcentralalabama.com/