Did you know that Google Pay boasts a massive 100 million users worldwide?
The expansion of digital wallets only continues every year. More and more people are leaving home without their wallets. Instead, they plan to use Google Payments to complete their transactions away from home.
Providers in the merchant services industry have taken notice.
Previously, industry leaders expected Google Pay to dominate the online marketplace. But now it is starting to have an impact on point-of-sale processing in stores.
Is your business prepared to meet these changes?
In this article, we will walk you through everything you need to know and how it affects the payment process for the merchant services industry.
What Is Google Pay?
Google Pay (GP) is a contactless method of payment, similar to Apple Pay. This way, users can make payments while away from home on their android mobile, watch, or tablet. It is a unique technology that employs a near-field chip.
The near field chip helps to communicate between the android device and the chip and pin machine. This transaction securely authorizes payments by transferring data from the card user to the machine.
All of these android devices have the near field chip installed already. Any time a customer gets close to the terminal, the request is automatically made.
After a pop-up on the screen, the customer can authorize the payment using their face ID or special code pin for their phone or device.
Is Google Pay The Same Thing As Android Pay?
Google Pay is the newer version of Android Pay. Android Pay was the predecessor, but after a merger with Google Wallet, Google Pay became the result.
There really isn’t much difference between the two, other than the fact that GP is the new alternative. For those who want to avoid the Apple iOS ecosystem, Google Pay provides a digital wallet for high-tech users.
What Does This Mean For The Merchant Services Industry?
There are several changes that merchants may want to consider to their payment systems to allow for flexibility with GP. Here are just a few of the most important considerations.
Accepting Google Pay Payments Online
Google Pay can be great for online e-commerce platforms because it can quickly and securely complete transactions for the end-user. GP stores all the information that would otherwise need to be filled out by the user, streamlining the approach and allowing them to get to the end of the checkout faster.
While Apple Pay is currently dominating this market, more and more merchants are adding GP to their offerings as they get feedback from customers.
Google Pay can authorize payments either on the same device or using two devices.
This means that you can purchase online on a mobile device, and authorize payment on the same device. Alternatively, you can make the purchase on your mobile phone and authorize the payment on another device like a laptop or watch.
This allows for flexibility for the user base and removes barriers from the checkout process.
Special Payment Gateway Pricing
Google does not issue out any additional costs for using its GP service. They want to create widespread adoption from merchants. There is always a card payment fee associated with processing, but no additional costs for adding Google Pay.