What is Samsung Pay & How Does it Work?

How much can I spend using Samsung Pay?

Samsung Pay has no limit, as such. One off contactless payments are usually limited to £45, but in terms of daily spending limits - it’s entirely down to who you bank with. Each bank usually has their own restrictions on spending, so it’s best to check with them directly.

So it’s worth checking with them beforehand, just so you’re sure exactly how much you have to spend on payments using your Samsung device.

Is Samsung Pay safe to accept?

Yes - from both the business and the consumer’s point of view, many would argue that Samsung Pay is even more secure than using your card/accepting card payments.

That’s because Samsung Pay doesn’t actually store your personal financial information on the device itself.

This makes it far less vulnerable to fraud and any other financial mistreatment from an unknown party.

What security does it use?

Samsung Pay uses ‘payment tokenisation’ to encrypt your details and conduct transactions in a safe and secure fashion from payment to payment.

This takes the form of a unique identifier, or ‘token’ that’s exchanged via Samsung Pay technology with the merchant’s account to facilitate the payment without jeopardising the customer’s financial information.

This form of payment tokenisation is also known as Knox technology.

What are the benefits of Samsung Pay for my business?

If you own a Samsung device - there are plenty of benefits to setting up Samsung Pay. It makes shopping much easier and more accessible wherever you are.

As mentioned above, you could also argue that it’s much safer than conventional methods of payment - thanks to the Knox technology utilised to complete every transaction.

As far as merchants are concerned - having Samsung Pay in place only strengthens your reputation as a modern day business accommodating a wider range of customers, while giving your existing customer base even more ways to pay.

How to start accepting Samsung Pay

Getting set up as a Samsung Pay merchant is very straightforward. There are plenty of payment processing providers that can equip your business with the tools to start accepting payments through Samsung Pay right away.

Handepay can also help you along the way. The card terminals used across all of the businesses we supply accept Samsung Pay as well as the other comparable contactless payment technologies that we’ve explored in this guide.

If you need any further guidance around Samsung Pay - we’d be glad to help. But in the meantime, we’ve included some of our most frequently asked questions around the topic below.

FAQs

What if I lose my phone or my plastic card?

As a matter of security, make sure you cancel the card at the earliest opportunity. Unfortunately, this means that you’ll need to unlink it from your phone - even if you
can still make payments.

This might seem like an inconvenience, but it’s the most highly recommended route to ensure your financial details aren’t compromised.

On the other hand, if you lose your phone - it’s not as much of an issue. Samsung Pay requires user authentication to enable purchases, so even if your phone falls into the wrong hands, it’s impossible for anybody to access your digital wallet unless they know your pin.

Can I use Samsung Pay even without a data connection?

Yes - but you will be limited to 10 payments only.

In order to do anything else from a functionality perspective, like adding a new card - you will need either Wi-Fi or mobile data connection.

Is there a monthly fee for Samsung Pay?

No - for customers/Samsung device holders, there is no fee for using Samsung Pay.

For businesses who accept Samsung Pay, there might be some processing fees depending on your provider.

Can I accept Samsung Pay transactions using a card machine?

Yes, contactless payments via Samsung Pay can be facilitated by using a card machine.

Nowadays, most NFC card terminals can accept contactless payments - however, it’s important to bear in mind that for most contactless transactions there is a £45 limit in place.

Will my transaction fees increase when accepting Samsung Pay?

Transaction fees will vary from provider to provider. The biggest consideration from a fees perspective is the monthly rental cost of NFC contactless terminals - which is likely to be higher than the cost of renting normal card terminals.

Depending on the type of card readers you use across your business, you may also need to invest in additional software upgrades to cater towards Samsung Pay transactions.

How can Samsung Pay transactions help my business?

Being able to accept Samsung Pay is an asset to any business. Besides from providing your customers with another convenient way to make payments, you can increase revenue by maximising the number of payments you can accept - whether that’s face-to-face or online.