How to accept Samsung PayProduct Information 7 January 2019
For most customers, price, quality, value and service are really important, but so is convenience.
A quick, easy way to pay is becoming increasingly important. It explains the dramatic rise in online shopping and, more recently, payment methods too.
In 2017, 561 million payments were made using PayPal, Apple Pay, Google Pay and Samsung Pay. And by 2027, according to UK Finance market research, payments are forecast to grow by 56%, to 877 million.
So let’s take a closer look at one of the leading payment options in the market, Samsung Pay.
What is Samsung Pay?
Samsung Pay is a mobile payment and digital wallet service from Apple’s great South Korean-based rival, Samsung Electronics.
Samsung Pay can be used to pay for anything via a contactless Near Field Communication (NFC) card reader terminal simply by tapping on the machine. It works in almost all stores, even those that use older magnetic-stripe point-of-sale terminals. There’s no need to get new software or update your hardware.
In addition, it is also a digital wallet, so-called, because it stores the user’s card details to make online purchases. Once a card is set up, there’s no need to enter card details online.
How does it work?
Samsung Pay uses Near-Field Communication (NFC) technology to make contactless mobile payments. Without getting too technical, “NFC” uses wireless data transmission to enable different devices to communicate with each other.
In addition, Samsung Pay uses a technology known as Magnetic Secure Transmission (MST), which also allows it to be used on older magnetic stripe credit card readers, as well as newer POS systems.
Is it safe to accept Samsung Pay?
With Samsung Pay, user’s details are protected by Knox real-time hacking surveillance and rooting prevention.
In addition, Samsung Pay offers ARM TrustZone, an advanced security technology that protects transaction information from attacks.
Card information, such as the user’s 16-digit account number is replaced with a digital account number (called a token) that is stored as an encrypted one-time use number by their Samsung device.
Because users don’t have to enter and re-enter their card information, there’s less chance of fraud and every chance of a simple, speedy checkout.
Unlike credit cards, which are small and can easily be lost or misappropriated, a smartphone that is stolen is difficult to access if there is an access password, fingerprint check or encrypted keys.
So, from your point of view, it is safe to accept Samsung Pay.
What are the benefits of accepting Samsung Pay for merchants?
- No need to update card readers and registers.
One thing that really sets Samsung Pay apart from other mobile payment companies is that it can be used on older magnetic stripe credit card readers, as well as newer POS systems. This means that you can offer fast, convenient, contactless payment to your in-store customers without having to update your card readers and registers.
- You can reward loyal customers
Samsung Pay users can store any card with a barcode. So, you can offer them vouchers, coupons, or certificates with barcodes. This way, they can earn points even when they don’t have their physical card with them.
- Online Security
Instead of inputting card details for every transaction, Samsung Pay customers can authorise the transaction with their fingerprint. They can also use passcodes or iris scans for the authentication process.
- Give your customers a choice.
Accept Samsung Pay and you’re giving your customers a choice of payment. You might also attract new customers who are loyal to Samsung.
In the UK Brand Loyalty Index 2017, Samsung was ranked as the number one brand UK consumers are most loyal to. Wow! That’s pretty impressive when you realize that they beat Apple, Dyson, Marmite, Amazon, Dove, Sony…
How much does it cost to accept Samsung Pay?
There is no fee to use Samsung Pay.
How to find out if you already accept Samsung Pay?
Android Pay and Apple Pay rely on merchants having Near Field Communication (NFC) technology to make contactless payment.
Samsung Pay on the other hand, uses both NFC (Near Field Communication) and MST (Magnetic Secure Transmission) technology. So, nearly every business – even the smallest – can accept Samsung Pay.
If you use an older POS that requires cards to be swiped, or using a newer EMV-enabled POS, you can already accept credit card and debit card payments using Samsung Pay.
How to process refunds with Samsung Pay?
All purchases made through Samsung Pay can be returned according to our business policy.
To return something ask them for their store receipt.
Then match the information on the receipt to the last four digits of their digital card number in Samsung Pay. Then ask them to swipe their card, simply by holding the back of their phone to the contactless payment terminal. That’s it. Fast and simple.
What is the spending limit?
Normally, the most you can spend is £30, but lots of shops, restaurants & bars accept mobile payments over £30.
Does it work with all bank cards?
Currently, more than 650 banking institutions and credit unions accept Samsung Pay including:
– American Express
– Cornercard UK
– Danske Bank
– First Direct
– John Lewis Finance
– M&S Bank
– Nationwide Building Society
– Starling Bank
– The Co-operative Bank
Although some banks such as NatWest and Barclays have yet to start supporting Samsung Pay, the service is expanding all the time.
The company also has an arrangement with Transport For London that allows Samsung Pay users to set a payment card as a ‘transport card’ to use on all TfL services and most National Rail services in London. They can simply tap their phone against the card reader, without needing to wake it or verify the payment.
How to accept Samsung Pay as a small business.
It couldn’t be easier. Or faster. Why not start with a little research? Ask a few of your customers if they use Samsung Pay. If someone says that they do, try it out – even if you have an older magnetic-stripe credit card reader. And take it from there. You may be pleasantly surprised.