Near Field Communication – perhaps you’ve heard of this credit card processing solution but you still aren’t exactly sure what it is. Well, if you’ve seen someone use Android Pay or Apple Pay to make a purchase, those are examples of NFC transactions.
Basically, NFC is a wireless communication interface that allows consumers to make purchases by simply holding a smartphone near a POS (point of sale) or mPOS (mobile point of sale) payment device – with no swiping or dipping required. So why does adding NFC transaction acceptance to your merchant account make sense? There are a whole host of reasons, including:
It’s More Convenient – No more swiping or inserting of credit cards. No more fumbling around for change. With NFC transactions, payment is completed with a simple tap of a phone screen. That makes for a quicker, more convenient transaction for both merchant and consumer.
It’s More Secure – NFC transactions are safer than traditional credit card transactions. That’s because NFC transactions rely on microchips that create unique transaction code encryption for each purchase. This encryption helps protect your customers from credit card fraud. Even if a customer loses their phone, their credit card info is still protected by thumbprint security and passwords.
It Makes Your Business Look Good – Customers like to do business with merchants who stay up-to-date on the latest trends in technology. By accepting NFC payments, you’ll look like a highly reputable merchant operating on the forefront of payment acceptance.
It’s Customizable – With NFC enabled digital wallets, you can send loyalty program points and coupons directly to your customers’ smart phones, which again, helps speed up the checkout process.
It’s Where the Payments Industry is Headed – The majority of smartphones are already enabled for NFC and moving forward, that number will continue to rise. In fact, by 2018, there are expected to be 166 million NFC payment users worldwide.
Want to learn more about how Near Field Communication can help you grow your business? Contact PayAnywhere today to learn about our new 3-in-1 reader that accepts NFC, EMV and swiped payments.