“No Thanks” to Apple Pay

It’s not just CVS and Rite Aid who are saying “No Thanks” to the newest mobile wallet solution, Apple Pay. Small business don’t seem to be fans of the service either, according to reports.

Out of the 1000 small biz owners surveyed, 93% of small business owners say that have no plans to upgrade to new POS terminals capable of supporting NFC.

It appears that many smaller business owners don’t understand it or the importance of supporting it as of right now.

Newton CEO Barry Sloane says “it’s nothing personal to Apple or Google but these small retailers think it’s an expensive hassle too upgrade their systems.”

But small retailers may be forced to upgrade their systems anyway next year to accept credit cards with chips. Ultimately, if retailers refuse, they will most likely face the burden of fraudulent charges, which will then shift from credit card companies like Visa and MasterCard, to the retailers.