Near field communication, or NFC, has been around for almost two decades, but it wasn’t until recently that customers and retailers began using the technology to process payments. In today’s world of instant gratification and a need for increased security, there are many reasons why retailers should invest in an NFC-compatible system.
Entice Customers
Consumers who use some form of NFC payment through their mobile device are instantly attracted to businesses that will accommodate them. You can stand out against your competitors by offering this service. After consulting a POS system provider, such as Clover Merchant Services, be sure to advertise that you accept NFC payments and list the specific types that you can process. There are several apps consumers tend to use:
- Apple Pay
- Google Wallet
- Android Pay
- Samsung Pay
- Lifelock Wallet
- Paypal
Faster Processing
An NFC payment takes significantly less time than a traditional credit card, cash or check transaction. This increased speed allows you to process more customers at a faster rate. Customers who do not currently use NFC can be encouraged to do so when you advertise its benefits of speed and security.
The best way to orchestrate NFC payments is to have a terminal that is easily accessible to the customer. The Clover Station 2018 is one system that offers a terminal like this.
More Secure
NFC works by encrypting communication between the customer’s bank and the retailer. Each transaction is assigned a unique ID number, so that nothing static is stored on the user’s mobile device. This means that nothing about the transaction can be recreated to execute credit card fraud. These payments are also typically initiated by a fingerprint confirmation by the user. If their device is stolen, the thief will be unable to use NFC payment to access the victim’s bank account.
Start the Transition
You can contribute to the commercial acceptance of NFC payments and help protect customer data in the process. Begin the process of implementing near field communication now by contacting Merchant Account Solutions.
