Humanity has moved from the barter system to coins, paper currency and checks before making credit and debit cards the preferred method of payment. With the meteoric rise of mobile technology in the past decade, we have now reached a new frontier — NFC (near-field communication), commonly known as “contactless payments.” Small businesses that are looking to attract more customers can especially benefit from the newest element of credit card processing. Here’s how:
The way NFC payments work is by facilitating the transfer of all the required data from the customer’s mobile device directly to the merchant’s NFC-enabled payment solution via a radio wave, meaning that the two entities never make a physical contact. The convenience for the consumer comes from the lack of need to carry a physical card and go though extra steps at the checkout. It’s a great tool for growing customer satisfaction at your small business.
It’s a bird! It’s a plane! It’s NFC payments! They are seriously fast, with the average transaction taking just a few seconds to complete. This edges out traditional magnetic stripe and newer chip card technology, while leaving cash and check payment in the dust. If your business is looking to speed up the checkout process and reduce lines at the counter, this is the credit card processing solution for you.
Next Level Security
NFC payments display superior speed without skimping on security. How exactly do they manage to accomplish both, you ask? Well, it’s all thanks to tokenization, a tool that generates a unique “token” containing encrypted cardholder data used during the transaction. It’s the latest security measure that’s utilized by other types of mobile payments and EMV chip cards.
The Way of the Future
We can’t tell what lies ahead, but we can do our best to prepare for it. Payment industry experts agree that NFC will only continue to grow in the near future, so why not make the move now? Contact TransNational Payments for mobile credit card processing solutions that can help your small business grow.