It is amazing to see the way transactions have changed over the years. Before the days of computers and credit cards, business was done with cash or trade. Now, a swipe of a pocket-sized card can enable a person to walk out of a store with the goods that they need. Technology is continuing to evolve, allowing for payment options that no longer require the presence of a credit card.
Business owners need to keep up with the trends to ensure that they are supporting the payment preferences of their customers. So, make sure that you are working with an experienced merchant processing company to provide the right payment processing options for your company.
What are NFC Contactless Payments?
Most people are comfortable with digital transactions using a credit card. But, it can be surprising to learn that cards are no longer needed for some transactions. Near Field Communication (NFC), is a wireless technology that allows a customer to wave their smart phone at a terminal to make a payment.
If you are using NFC technology, then it means that you can accept payments instantly, without direct contact with the customer’s credit card. There is nothing to swipe, and you don’t have to worry about a signature on a receipt. The speed of this transaction helps to reduce the time spent at the register and speed up each transaction so that you can serve more customers.
Security of NFC Technology
Before the transaction, the customer will need to setup their smartphone with the payment information. Then, they can authorize the payment at a checkout terminal. This process often involves a biometric thumbprint or a pin number to unlock the payment feature on the phone. The payment reader uses the financial information stored on the phone to complete the transaction.
Even though the financial information is stored on the phone, it is a secure way to protect those details. Customers don’t have to worry about carrying a credit card that could be lost.
Are contactless payments right for your company? Talk to our team to learn more about the transaction options that you should consider. We are here to answer your questions and help you choose the technology that will best serve the needs of your company.