Disadvantages
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There are some disadvantages to Apple Pay. A purchase limit of $100 CAD caps certain transactions (Carter, 2015), and for certain businesses that have high value transactions, Apple Pay isn’t an option. Recently, there have been situations in which credit card information was stolen and then entered into an iPhone to use Apple Pay. This increased fraud could tarnish a business’s reputation and anger customers Sacco, 2015; Nield, 2015). Further, businesses must have or obtain a contactless payment-capable POS terminal. To consider Apple Pay, businesses must be able to accept tap payments. Finally, training staff for Apple Pay would require time, and a platform to practice transactions (Carter, 2015). A new iPhone or Apple Watch is not necessarily something a business would have on hand, and therefore raise training expenses exponentially.
Image source: http://www.bidnessetc.com/36180-apple-inc-aapl-pay-marred-by-credit-card-fraud/
Image source: http://www.bidnessetc.com/36180-apple-inc-aapl-pay-marred-by-credit-card-fraud/
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