6 benefits of using Google Pay for business
- No fees
- Business-specific rewards
- Lots of flexibility
- Transaction details
- Wide compatibility
- Highly secure
Today’s consumers are increasingly turning to digital wallets as their payment method of choice, in large part because they’re so easy to use. Google Pay, Apple Pay, PayPal, and Samsung Pay are all popular choices, but it’s important to realize that your customers are likely to have multiple digital wallets — some millennials confess they use as many as nine!
Google Pay is a leading contender because of the many advantages it provides to both businesses and consumers. In this article, we’ll cover the main benefits of Google Pay for merchants and help you determine whether you should add it to your existing payment options — in your store, online, or both.
6 benefits of using Google Pay for business
1. No fees
For merchants, one of the biggest benefits of Google Pay is its lack of fees — you won’t incur charges for Google Pay transactions. That means you can provide your customers with an attractive payment option without sacrificing a percentage of your income. This isn’t the case with some digital wallets (which charge a fee for every transaction) as well as some credit cards.
2. Business-specific rewards
Google Pay offers businesses financial rewards based on the number of transactions they complete during a specified period of time. Similar rewards are also available for consumers. This is a great reason to encourage your customers to choose Google Pay as their preferred payment method — because everybody wins.
According to Amanda Loeffler, owner of Amanda Loeffler Notary Services, this is also a benefit for customers, as they can collect reward and loyalty points at the same time.
3. Lots of flexibility
Businesses can offer Google Pay as an option for online and in-store purchases, making transactions simple and fast.
Online, the customer can just click on the Google Pay option and select the payment method they want to use instead of having to type in all the card details.
In person, a shopper just needs to place their smartphone near your near field communication (NFC) terminal at checkout to complete the transaction through the app. In addition, customers can also pay using a phone number or QR code.
“Google Pay is helping us make our business cashless, which is improving the overall customer experience,” says Rhett Stubbendeck, CEO of LeverageRx, a personal finance and insurance company for healthcare professionals. “People no longer want to handle cash, which is why we use Google Pay for electronic fund transfers.”
4. Transaction details
While digital wallets are highly convenient and quick, it’s still important to have a (virtual) paper trail of all transactions from a business perspective. Google Pay offers enhanced transaction details, so merchants can easily see the information for each transaction as well as how much they’ve earned within a specific time period. This makes bookkeeping processes easier and more transparent.
5. Wide compatibility
Google Pay works on all Android devices and many iOS devices as well, which makes it accessible to a large number of people. Other digital wallets — such as Samsung Pay, for example — may be limited to a certain type of smartphone.
What does this mean from a business perspective? By offering Google Pay as a payment option, you’re likely to have more customers use it — which will lead to more rewards for your business. (Some customers have noted compatibility issues, Stubbendeck notes, so keep that in mind.)
6. Highly secure
When it comes to digital payment methods of any kind, security is a major concern for both businesses and consumers. Google Pay uses a token system, so actual credit or debit card numbers are never actually shared with retailers — businesses only receive the token number. This reduces the chances of identity theft, fraud, or privacy issues if data is stolen or lost.
In addition, Google Pay uses a screen lock that the consumer must open in order to authorize payments and complete the transaction. This process helps prevent fraud.
The benefits of Google Pay are plentiful on the merchant side, and they’re impressive on the consumer side, too — in fact, Google Pay is expected to add more than 10 million users between 2020 and 2025. If you can capture more sales with minimal investment, why wouldn’t you?