December 30, 2014

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Apple Pay is Here! Learn How To Accept it Today!

By now you’ve likely seen commercials for the new Apple Pay token–it’s being hyped by banks like Bank of America and Chase. We’ve had a lot of customers asking how to accept this new form of payment so we put together a quick FAQ for you. Let us know if we can help set you up on Apple Pay today!

How does Apple Pay work?

The Apple iPhone stores a token for each of the cards in its wallet. This token is read by a Near Field Communication (NFC) capable reader and is passed through the POS systems for payment. The token itself is translated into an actual credit card within the processing network for the purposes of both authorization and payment.

Can I accept Apple Pay through my MICROS system?

Yes. NFC standard protocol has been around for over a decade and is supported in many MICROS products.

What hardware do I need in order to accept Apply Pay and other contactless payments?

Most recent hardware for contactless payments is the ViVOpay 4800.  It is an easy and affordable way for customers to have the ability to accept contactless payment. Ideal for concession stands where lines can get lengthy, as well as stadiums and arenas, the ViVOpay 4800 reduces transaction time and keeps contactless payment media in the hands of the consumer. For customers with a contactless payment card, it is a simple “tap and go” to make a payment.  The VIVOpay 4800 connects to your current MICROS terminals via serial port and is compatible with MICROS RES 3700 v5.1 and higher, Simphony v1.6 and higher and 9700 v3.0 SP6 and higher.  Each device retails for $300, plus installation.

So does this mean I can use Apple Pay today?

Yes, we have customers that are using this successfully in their operations today. Most of the “heavy lifting” to support Apple Pay is associated with the downstream processors being able to map the Apple Pay tokens for authorization and payment.  Be sure to connect with your merchant services provider and have them collaborate with your Copperstate rep before implementing Apple Pay.

Does using Apple Pay cost me any additional fees, provide greater rate discounts and/or change the way settlement and money acquisition occurs?

Today we are unaware of any changes to fees, discount rates or batch settlement when using Apple Pay. Apple Pay transactions remain traditional card payments however are subject to merchant contracts. How the payment is initiated through the consumer’s device is the only operational change that needs to be accounted for with-in the restaurant today.