Many customers have come to expect speed and convenience when making payments in today’s fast-paced world. So, you may miss out on a significant amount of business if you can’t keep up with the needs of your customer base, which means you should always stay up to date on the latest advancements in payment processing technology.
Mobile payments are the newest trend in the industry that can help you process transactions quickly with less friction. Here is a closer look at this contactless payment technology and what you need to know.
Near-field communication (NFC) is a technology that allows you to make secure transactions with a simple tap of an electronic device. These kinds of payments allow users to make secure transactions by storing their credit or debit card information on their mobile phone, then completing a transaction by tapping it against a POS system or another device.
NFC mobile payments make payment processing fast and efficient because customers don’t have to dig through their wallets of purses looking for a credit card or swipe endlessly due to a worn-out strip. Contactless payment options are becoming the new norm when it comes to retail shopping, and mobile payments make it simple to conduct secure transactions with a simple tap of a phone or other compatible device.
Contactless payment technology offers many benefits to your business, including increased speed, security, and efficiency. Although the name may sound intimidating, it’s actually a straightforward technology that is simpler than swiping a debit card or manually entering a customer’s data in many ways.
Some of the main benefits of contactless payment technology include:
Contactless payment options are far more convenient for customers than most other payment methods. Over 6.8 billion people worldwide own a smartphone, and most of us take it with us everywhere we go. Rather than carrying around a bulky wallet full of credit cards that can be cumbersome and often impractical, customers can simply keep their debit card data safely stored on their phones. The checkout process is also more convenient because all you have to do is tap instead of inserting a chip or swiping your card at the terminal. Customers who know you offer contactless payment technology may be more inclined to visit your establishment due to the added convenience.
Contactless payments are not only more convenient for customers, they also allow you to process transactions faster than traditional methods. NFC technology allows you to process payments in just a few seconds. Doing so helps you keep the line moving if you’re busy or get customers in and out faster so you can focus on other important aspects of running your business. Even if you save 10 seconds per customer by offering contactless payment options, that time can quickly add up and increase operational efficiency in the long run.
NFC mobile payments also offer an added layer of security because it’s more difficult for the customer to lose their card or fall victim to hackers. Anyone who’s misplaced a debit or credit card knows how disruptive it can be to cancel the card and dispute any unauthorized payments. NFC mobile payments reduce this risk because there is no physical card to lose. Plus, contactless payment technology includes robust security features such as encryption and tokenization that make them hard to hack. So contactless payment options not only make checkout more efficient, they provide customers peace of mind knowing their data is secure.
Many credit card readers today are set up to accept NFC mobile payments, so all you have to do is create a digital wallet, and you are good to go. However, if you’re using an older system, you may need to upgrade your technology to enable contactless payment options. But, once you’re set up with the right POS system and software, you simply need to make the card reader accessible to clients and allow them to tap.
If you need help selecting a quality POS system or payment processing software that is equipped to accept NFC mobile payments, Group ISO is happy to help. We provide various merchant services to help you run your business more efficiently. Contact us today to upgrade to contactless payment technology!