Is your business considering accepting Apple Pay? Staying on the cutting edge of mobile payments technology is one of the wisest investments a small business can make. But is your business ready for Apple's new mobile payments service?

Rumored to launch this Fall — Oct. 20, to be exact — Apple Pay is one of the most anticipated technologies for consumers and as well as businesses. Not only will the technology finally let customers pay for purchases with their iPhones, but industry analysts also expect it to change the mobile wallet landscape by pushing widespread adoption of mobile payment systems. And if you're a small business, accepting Apple Pay can give you a competitive edge by giving customers what they are looking for.

To help you prepare for Apple Pay, Jim Salmon, vice president of business services at Navy Federal Credit Union, one of a select few financial institutions and the only credit union to offer Apple Pay, shared the following tips for small businesses planning to adopt Apple Pay. [Apple Pay: Top 3 Features for Small Business Owners

1. Talk to merchant credit card processors

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Apple Pay uses near-field communication (NFC) to process payments. Customers hold their iPhones next to an NFC reader, and the phone will vibrate once checkout is done. If you don't already have an NFC reader and plan to accept Apple Pay, now is the time to discuss it with your POS vendor or credit card processor.

Salmon suggests engaging in an open dialogue with merchant card processors to see what NFC and Apple Pay options they offer. Also ask about potential costs, such as equipment and transaction fees.