Moneris, the payment processor joint venture between RBC and BMO, wants its merchants to know their current point-of-sale terminals are ready for contactless mobile payments such as Apple Pay.
A new post by the company offers tips and suggestions for small and medium-sized businesses on how to prepare for what many believe is the inevitable arrival of Apple Pay, rumoured for launch as early as November, according to the Wall Street Journal.
The company explains approximately 85 per cent of Moneris terminals in use in Canada are ready to accept Apple Pay and other contactless payments. When asked about the exact number of active terminals in Canada, Moneris explained via email the majority of their 350,000 merchant locations were Canadian. The company holds roughly one-third market share in Canada, we’re told.
Moneris suggests businesses should check out their existing payment terminal technology, train retail staff, call their payment provider, acquire Apple Pay in-store signage (only possible once Canada is supported) and also promote Apple Pay through their communication channels.
The company explained in an email to iPhone in Canada “there is definitely customer interest” for Apple Pay and noted “we’re talking to our large and small accounts about the technology and what it could mean for their business.”
Once Apple Pay launches in Canada, Moneris says “we can simply turn on contactless and make it possible for merchants to accept Apple Pay,” along with other similar services such as Google Wallet and Samsung Pay in the future.
Apple Pay launched outside the U.S. for the first time last month, when the mobile payment debuted in the United Kingdom. Canada is more than ready for Apple Pay and it’s only a matter of time the service will debut here (that is if our big banks allow it).