Offering convenient ways for customers to pay for goods or services from your business is essential. That should extend beyond accepting credit and debit cards. Consumers love apps and the ability to conveniently pay, which is where Google Pay and Apple Pay come in. They don’t want hassles and they also enjoy not handling money right now due to COVID-19.
Both Apple Pay and Google Pay are common ones people use all the time. It is fast for them, convenient, and they can easily track their spending. Plus, they like the security and the protection offered with Google Pay. Accepting this type of payment will help you gain the trust of more consumers. It isn’t hard to set up and it shows consumers you are doing what you can to make payment convenient for them.
What is Google Pay?
As a business owner, it is smart to keep up with payment options consumers like to use. Google Pay is one of them, and it is more than a passing trend. It offers a digital platform for consumers to use. They can rely on the app to just tap and pay for what they wish to purchase. It speeds up the checkout process for them. They don’t have to worry about giving someone an actual credit or debit card number either. They can buy in person or online with additional layers of security.
Why Accept Google Pay?
For many consumers, Google Pay is the only way they wish to pay for items now, it is contactless. They love what it offers and keeping all of the purchases in that one virtual wallet system. When you accept Google Pay, it tells consumers you are on top of technology and give them the freedom to use this payment method. You don’t want to lose business to your competitors because they accept Google Pay and you don’t.
There are no fees when you accept this type of payment up to 50,000 payments every single month. If you get more payments than that there is a small fee for them. Those fees are less than credit card processing fees, so setting it up can save you money! This payment method is secure, helping to reduce the risk of customer information being compromised by hackers.
Google Pay Shield is in place to protect both customers and retailers. Experts can help you around the clock with any concerns you may have. This security continues to monitor for red flags regarding fraud, prevention of hacking, and requires customers to verify their identity before they can complete a payment using the platform.
The funds you receive through Google Pay go immediately to your bank account daily. This can improve your cash flow situation. There is no waiting time like there can be with credit card processing. When you have to wait for your money, it can cause a bottleneck concern with your cash flow, especially for small businesses. This payment option gives you access to the funds faster.
The Setup Process
It doesn’t take long to set up Google Pay for your business. Once it is set up, make sure you let customers know it is one of the payment options you accept. Your business needs a UPI to set up Google Pay. UPI stands for Unified Payment Interface. If you don’t have one, get in touch with your merchant account provider and they can get you one.
Complete the application for Google Pay for Business online. You will need to provide information about your business. This includes the name of it, the address, the phone number, and a few other details. There are some questions about the type of business, the types of goods or services you offer, and a few other details. It only takes a few minutes to complete the application process.
If you don’t have a Google account specifically for your business, you need to create one. The Google Pay account needs to have an email and it is best to use one only associated with your business. Avoid setting it up with a personal Google account you have for your own emails and private information.
As you go through the application, you will need to enter this Google account information for the business. Next, you will be asked to provide your UPI details. This takes you to a screen where you link that to your virtual payment interface. It will take a few days for Google to review your information. If everything is in order, they will approve it and ask you to verify your bank account details. That is where you will transfer funds from Google Pay to your own account.
If there is an issue with the application, Google will let you know what they need to get it approved. They may need some additional information to verify the business, especially if it is brand new. Once you provide the additional details they need the account can be approved.
Upon approval go through the test process to ensure the payment is set up and working correctly. It is best to do this before you advertise to customers you accept Google Pay. If there are any issues, Google support can help you to resolve them. Most businesses can set it up quickly and easily using step-by-step instructions. There is no software you have to install and no monthly cost to accept this form of payment from your customers.
Google Pay can help you Connect with Consumers
The decision to accept Google Pay is a step in the right direction for your business. It doesn’t matter if you are a new business or established. It doesn’t matter what you sell or the size of the business. When you allow consumers to pay with a method they are familiar with and they like to use, it helps build a connection with them.
Not everyone has a credit card and they don’t always feel comfortable using a debit card for payment. Google Pay gives them an alternative that is safe to use, helps them manage their spending, and they look for businesses that accept Google Pay. When you do so, it will help you increase your sales.