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Pros and Cons Of Google Pay For Business

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The GoCardless content team comprises a group of subject-matter experts in multiple fields from across GoCardless. The authors and reviewers work in the sales, marketing, legal, and finance departments. All have in-depth knowledge and experience in various aspects of payment scheme technology and the operating rules applicable to each. The team holds expertise in the well-established payment schemes such as UK Direct Debit, the European SEPA scheme, and the US ACH scheme, as well as in schemes operating in Scandinavia, Australia, and New Zealand. See full bio

Last editedMar 20222 min read

What is Google Pay? Formerly known as Android Pay, Google Pay is a mobile payments system developed by Google to rival Apple Pay. The phone and app stores credit and debit card information as well as the likes of loyalty cards within a secure digital wallet on an Android phone. The user can then make payments using the phone instead of their bank card or cash.

Google Pay, often stylised as G Pay, works the same as Apple Pay but is obviously not exclusive to the iPhone range of devices. There can be some confusion as to how it works and how secure it is, especially with so many other payment options around. Here we explain how it works, as well as the pros and cons of Google Pay for business.

How does Google Pay work?

Google Pay can be used with any Android device that supports Near Field Communication (NFC) payments. It is the same kind of wireless technology that allows for contactless payments by chipped bank cards by enabling one device to communicate with another while in close proximity.

Users download the Google Pay app from the official Google app store and then register their credit or debit cards. You can also register cards by simply uploading a picture of them. Once set up, payments can be made by simply holding the phone near the payment terminal in a store.

Payments under £30 are straightforward, although anything above that requires the user to unlock their phone first as an extra security step.

Is Google Pay safe for business?

Security is always a primary concern for any company developing a mobile payment system, and Google is no different. It has a number of security measures that keep all the personal and transactional information safe. Firstly, each registered bank card receives a virtual account number, so the real account details are never shared with retailers.

Google Pay also requires users to implement some kind of screen lock which can then be used to authorise payments. This can be a pin number, password, pattern or fingerprint. All transactions result in a payment confirmation showing where the transaction occurred and the name of the retailer. This makes it easy to spot suspicious activity.

Every user can also find or lock their phone and delete any transaction data remotely through their Google accounts, in case the phone is lost or stolen.

Advantages of Google Pay for business

The pros of Google Pay for business include:

quick and easy payments
compatible with all Android devices, as well as iOS and web
safe and secure mobile payment system

More and more consumers are preferring the cardless and cashless existence and it makes sense for businesses to accommodate this. The compatibility of Google Pay is also very beneficial as it is available for more users. The virtual card number system is an excellent security feature.

Disadvantages of Google Pay for business

The cons of Google Pay for business include:

not compatible with Google Assistant or Siri voice assistants
more Google expansion

Google Pay not working with Google Assistant or Siri shouldn’t hinder too many people from adopting the technology. There are plenty of other ways to authorise transactions, including passwords and fingerprint recognition. There have long been concerns about the breadth of Google’s influence on our lives, although its mobile payment system is good and works well.

We can help

If you’re interested in finding out more about the advantages and disadvantages of Google Pay for business, or any other aspect of your business finances, then get in touch with our financial experts at GoCardless. Find out how GoCardless can help you with ad hoc payments or recurring payments.