As a business owner, it is important to provide customers with their preferred payment method to keep them happy and encourage easy purchases. And as a business owner, you may be wondering how to accept Samsung Pay.
The mobile payment industry is growing as consumers have wanted to use contactless payments more often since the pandemic started. In 2020, 21.5% of all transactions were made using a mobile wallet. Samsung Pay has a market share of 16.3 million users in the United States. As the trend moves toward more digital transactions, businesses will need to add more electronic payment methods to stay competitive. Samsung Pay and other digital wallets provide customers with a convenient payment method that many are starting to prefer.
What Is Samsung Pay?
Samsung Pay is a digital wallet service that enables mobile payments through Samsung devices. The digital wallet can be used to purchase almost anything through a near field communication (NFC) card reader terminalThe device by which a transaction is transmitted to the acquiring bank., making it extremely convenient for customers. Once customers have Samsung Pay on their device, all they have to do to purchase is tap their device on the terminalThe device by which a transaction is transmitted to the acquiring bank.. Since Samsung Pay is also a digital wallet, it stores the user’s card details for future purchases. Once a card is stored, you don’t have to enter card details online.
Merchants can accept Samsung Pay with their current credit card processing terminals, as Samsung Pay is compatible with both older magnetic secure transmission (MST) and EMV-enabled chip cards. Businesses that have not upgraded their credit card equipment to EMV-enabled chip card devices can use their older technology to accept the digital payments from Samsung Pay.
How to Accept Samsung Pay for Customer Purchases
Because Samsung Pay works with older MST technology as well as NFC card readers, you may already be accepting Samsung Pay without knowing it. To determine if you can accept Samsung Pay, you can ask a few of your customers if they have been using it. If some of them do, encourage them to use Samsung Pay on your magnetic-stripe card reader. Test it out to see if the transactionAn act between a seller and a cardholder that results in either a paper or an electronic representation of the cardholder’s promise to pay for goods or services received from the act. The action between a cardholder and a merchant that results in financial activity between the merchant and cardholder’s account.... goes through. If you don’t currently have a payment terminalThe device by which a transaction is transmitted to the acquiring bank., you can purchase an NFC that works with Samsung Pay. Once you have a compatible payment terminalThe device by which a transaction is transmitted to the acquiring bank., you can start accepting it.
What Are the MerchantA business that accepts credit cards for goods or services. Benefits of Samsung Pay?
The biggest benefit of Samsung Pay is that you will offer your customers a preferred method of payment. You won’t lose sales because a customer doesn’t have cash or credit on hand. If they use a digital wallet, they can purchase with their smartphone. This can increase customer loyalty and improve customer satisfaction.
There is also no need to update card readers and registers to process Samsung Pay transactions. It is compatible with the magnetic stripeA stripe on the back of a credit card that contains magnetically encoded cardholder information. The name of the cardholder is stored on Track I. The account number and expiration data are stored on Track II. card readers, so you don’t have to update to the newer POSThe time and place a sale takes place. Also refers to the devices used to transmit the credit card transaction. system to accept payments. For businesses with the newer systems, it is compatible with EMV card chip readers. This allows for fast, contactless payments for in-store customers.
Additionally, payments with Samsung Pay are secure online. Instead of putting the card details in for each transactionAn act between a seller and a cardholder that results in either a paper or an electronic representation of the cardholder’s promise to pay for goods or services received from the act. The action between a cardholder and a merchant that results in financial activity between the merchant and cardholder’s account...., customers can authorize the purchase with their fingerprints. They may also use passcodes and iris scans for authentication.
Offering Samsung Pay won’t cost your business more. There are no additional fees to offering Samsung Pay. You simply need to have a payment terminalThe device by which a transaction is transmitted to the acquiring bank. that will accept NFC or MST payments.
Where Is Samsung Pay Available?
The use of digital wallets is growing worldwide and it is becoming more widely available in more and more countries. Samsung Pay can be used to pay for purchases at businesses that support contactless payments currently in 18 different countries. Consumers can make purchases with Samsung Pay in Australia, Brazil, Canada, the United States, China, Malaysia, Hong Kong, India, Russia, Puerto Rico, the United Arab Emirates, the United Kingdom, South Korea, Spain, Switzerland, Sweden, Singapore, and Thailand. Within these countries, major corporations have started accepting Samsung Pay from customers. Some major retailers that currently accept this form of contactless payment include Office Depot, Old Navy, Applebees, Best Buy and Trader Joe’s. As more retailers accept Samsung Pay, it will be important for your business to accept it to stay competitive in the market.
What Devices Support Samsung Pay
Samsung Pay is only available on Samsung devices. It was initially only available on the flagship smartphones, but access has extended to mid-range devices, including some of the brands’ watches. Most of the Galaxy smartphone series are compatible with Samsung Pay, including Galaxy Note, Galaxy Ultra, and Galaxy Edge. Samsung has made payments even more convenient by putting Samsung Pay on watches. Consumers who forget their payment or smartphone may still have the capability of purchasing if they are wearing their Samsung watch. The wearables that are compatible with Samsung Pay include the Galaxy Watch 3, Galaxy Watch Active 2, Galaxy Watch 4G, and Gear S3.
Why eWallets Are Vital to Your Business
Keeping your customers happy is a top priority. This includes allowing them to pay in the way that they prefer. Whether your business is in-store or online, giving customers alternative payment methods ensures that you don’t lose business because a customer doesn’t have cash or credit on hand. Adding eWallets and Samsung Pay to the accepted payments ensures that your customers can make purchases with a payment method they trust.
More than half of American (51%) consumers now do most of their shopping online, so having an online store with different payment options is crucial. Among online shoppers, mobile wallets and credit cards are the preferred methods of payment with each accounting for 30% of transactions. Merchants need to keep up with the consumer purchasing trends, which include having a strong online presence and accepting mobile wallets. NMA can help your business stay on top of the payment processing technology to help your business succeed. Contact us today to learn more about the latest payment trends!
About NMA
NMA is a merchantA business that accepts credit cards for goods or services. advocacy group dedicated to reducing or eliminating the unnecessary fees associated with accepting credit card payments. Since 2004, NMA’s payment processing solutions have been delivering tailored solutions, best-in-class customer service, and high-quality service offerings for businesses across multiple industries. Whether it’s high-risk or low-risk, brick-and-mortar or e-commerce, NMA will create the best processing experience for your company. For more information, visit us at our legacy.nationalmerchants.com or by calling (866) 509-7199.