Near field communication is the technology which allows customers and clients to use their smartphones or NFC-enabled credit and debit cards for contactless payments. Most credit card issuers, like Capital One and American Express, are issuing credit cards which are contactless enabled. Contactless credit cards allow your customers to tap or waive their card within an inch or two of the payments terminal to complete the payment transaction.
NFC payments are growing every day and reporting suggests the global contactless payments market size was valued at USD 8.3 Billion in 2019, and is projected to reach USD 19.3 Billion by 2026. That’s a lot of people switching to contactless payments. But does this kind of technology really help your business?
Here are three benefits to contactless payments and why you’ll want NFC payment acceptance for your business’ payment transactions.
NFC is Fast
Nobody enjoys waiting in long lines. NFC technology makes it easier than ever to accept payments quickly. Customers tap their NFC enabled credit card on your payment device and that’s it. International Bancard features Point of Sales systems and credit card terminals which are automatically embedded with NFC Contactless technology. Less time at the register results in happier customers who are more likely to give you repeat business.
NFC is Safe
As mentioned, NFC is a contactless payment option. You won’t have to hand over your card even if you use it to pay for your products or services. Simply tap your card or phone on the payment device, and the transaction is complete. Digital wallets, like Google Pay, Apple Pay and Samsung Pay are becoming more popular every day. Your customers don’t even have to reach for their credit cards anymore. The payment info is stored on their smart phone. They simply waive their phone above your payments device and that transaction is complete. Limiting customer contact means reducing the spread of germs, which can be especially critical during cold and flu season.
NFC is Secure
All this talk about how easy it is to use NFC payments, brings up the question of security. How secure is this type of payment? Because the technology only works when the card or phone is within about an inch of the NFC device, it can’t be hacked from any distance. Not to mention, smartphones have their own security layer which goes a step further in offering payment protections.
Interested in Learning More?
Are you curious about NFC and how it could benefit your business? We would love to chat with you! Contact us at International Bancard to learn more about our payment solutions. We look forward to working with you to choose the best option for your business structure.