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Does Lowe’s Use Apple Pay?

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Does Lowe’s Use Apple Pay?

Many retailers are embracing the use of current technology payment methods for faster and safer checkout. That is why such retailers are installing Near-Field Communications (NFC) terminals within their stores.

However, some, like Lowe’s, are yet to embrace these technology changes. You cannot use Apple Pay at Lowe’s stores because it is not an accepted payment method.

What is Lowe’s?

Lowe’s is a home improvement store in America with chain stores in over 2000 locations. They sell affordable and quality home improvement products, from building materials to décor. So, the store has whatever you need for home repair, maintenance, and decoration.

What is Apple Pay?

Apple Pay is a modern, convenient, safe, and contactless payment method that works with Apple devices. It is usable in stores, on the web, or through apps and eliminates the need for using credit card readers or cash.

Why does Lowe’s not accept Apple Pay?

As much as shoppers enjoy the ease of use and convenience that Apple Pay provides, they cannot enjoy this experience at Lowe’s. Here are a few reasons the store is yet to adopt this technology.

 Lack of NFC terminals

The store does not accept Apple Pay because it is yet to install NFC terminals in its stores and does not have current plans to install them. Unfortunately, this means they do not have a way to support any digital wallet currently. These NFC terminals enable digital wallets like Apple Pay to work as checkout options by scanning a code or signal from a smart device. The terminals then take that scanned information and implement it on the purchase, allowing a safe purchase that doesn’t require physical cards or cash.

Also, installing NFC terminals is expensive. It is a new technology with high costs that Lowe’s is not ready to justify. With their many stores, installing NFC in all or most of them can become pretty costly. Also, they lack the infrastructure that can reduce the cost; therefore, installation of NFC remains too expensive for Lowe’s currently.

Focus on Lowe’s Credit Card

Lowe’s has its credit card. Another reason they may be reluctant to accept Apple Pay is the possibility of this digital wallet drawing customers away from their credit cards. To inhibit this competition, Lowe’s refuses Apple Pay as a payment method.

Apple Pay allows the use of other cards and payment options to the customers’ accounts. This makes signing up for a Lowe’s credit card unnecessary. Lowe’s wouldn’t want to lose out on extra money by allowing the use of Apple Pay. They earn through interest and monthly payments on their credit card. When customers use other cards instead of Lowe’s cards, the store loses considerable revenue

Transaction fees

Lowe’s may not accept Apple Pay because of the fees associated with it. Using Apple Pay will require Lowe’s to pay a certain merchant fee based on the purchases made. In addition, Apple receives a percentage of every purchase to cater for expenses incurred when implementing its services at the store. Some stores find this transaction massive cuts to their profits, especially if other credit card companies work with them.

Some stores let the customers pay the transaction fee by including it in the price of their products, while some choose to bear the cost themselves out of fear of scaring away their customers.

Depending on Lowe’s budget, they may have established a threshold of an acceptable merchant fee amount. However, Apple Pay’s acceptable amount may be beyond Lowe’s amount. Here, they do not accept Apple Pay as it may be pretty expensive for them.

 Lack of Interest

Another reason Lowe’s fails to adopt Apple Pay is its lack of interest. NFC is yet to reach the mainstream, so Lowe’s customer base may still have no interest in it. Instead, they may consider using digital wallets time-consuming or complicated, especially if traditional payment options work seamlessly.

This gives them enough reason to be disinterested in a potential switch to digital wallets. If Lowe’s receives a significant push from its customers, it may finally accept Apple Pay. Without customer initiative for digital wallets, Lowe’s is unlikely to install NFC terminals at their stores. 

Why Should Lowe’s Adopt Apple Pay? 

  •  Draw more customers

Some customers rely on their Apple gadgets for everything. So, if they find a store that accommodates Apple Pay, they become potential long-term customers. The lack of Apple Pay option may discourage them from shopping in certain stores. For survival, businesses need to be adaptable. Lowe’s may end up being static for depending on current customers alone instead of adapting to attract future customers.

  •  Convenient shopping

Digital wallets are undoubtedly far more convenient than other payment options. They minimize the need to carry multiple cards or swipe a card to start a transaction or wait for change. In addition, Apple Pay will make the checkout process easier and faster, as it requires only a form of a biometric scan. If Lowe’s installs Apple Pay, they will provide a convenient payment method for their customers, increasing their loyalty and satisfaction. 

  •  Safe payments

With the rules surrounding the COVID-19 pandemic, Apple Pay is a sanitary way to make payments. It minimizes contact between people, therefore, ensuring the safety of everyone involved. Many customers consider the sanitary condition of a store before engaging. Digital wallets play a significant role when customers are making a purchase decision.

With Apple Pay, touch is minimized, reducing the spread of germs. This makes Lowe’s customers feel safe if the store adopts Apple Pay and other digital wallets as a payment option.

Payment Methods Accepted at Lowe’s

Lowe’s accepts other payment options like:

  • Lowe’s credit cards
  • Lowe’s gift cards
  • Major credit cards like American Express cards, Visa cards, and Mastercard
  • Checks
  • Cash
  • PayPal, but for online purchases

Using their cards accords first users sweet discounts off their first purchase. When using a Lowe’s gift card, you will require a second payment option to pay for the difference if your purchase is greater than the gift card’s value.

It is disheartening that such a store leading in its industry is yet to embrace this latest technology, although adopting Apple Pay could significantly impact customer satisfaction. We can only hope that they will accept Apple Pay and similar payment options in the future.

Vince Dooley

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