NFC Contactless Payments
With a growing number of smartphone users who want to pay with their phone, your business needs to find a way to fit into the new processing landscape or risk being left behind. Never miss an opportunity by accepting NFC contactless payments anytime and anywhere. Before you can accept mobile payments like Android Pay, Apple Pay, and Samsung Pay, you’ll need to be equipped with an NFC-enabled terminal.
So, what is NFC?
NFC stands for near field communication and is the technology that allows a smartphone and a payments terminal to receive data from each other when in close range.
How NFC Contactless Payments Work
Most mobile payment methods rely on NFC-enabled terminals in order to accept credit or debit card transactions. When there are two NFC-enabled devices in range of each other, they can transfer payment information from one to the other. It’s similar to how Bluetooth works, except NFC technology works over shorter distances and uses less power. In this case, in order to accept mobile payments from your customers, you’ll need to be equipped with a terminal that is enabled with a NFC reader.
Common Questions about NFC Contactless Payments
What are the benefits of NFC contactless payments?
Consumers are increasingly using their mobile devices to help manage our day-to-day lives like email, fitness tracking, connecting on social media, budgeting, and more. So, it’s not uncommon that your customers would want to start paying with their smartphone, too. In fact, it’s estimated by 2020 that 90 percent of smartphone users will be using their device to make a payment. Even more, by the end of 2017, there will be $60 billion in mobile payment sales.
So, stay ahead of the trend or risk being left behind. Find out how Gravity can help equip your business with NFC contactless payments.
How secure are NFC contactless payments?
NFC technology comes equipped with a few levels of defense that help protect credit card data. This includes:
- Proximity protection. NFC works over very short distances, so if someone wanted to steal a customer’s information, it’d be fairly obvious. The data thief would have to be standing uncomfortable close to an NFC-enabled device.
- Activation. To make a payment, the customer must actively initiate the NFC process which requires launching an application to make a connection between their phone and the merchant’s terminal. So, if a thief were to get close, they couldn’t make a transaction in standby mode.
- Tokenization. With NFC technology, a transaction can only go through if it’s validated by the card or mobile device using a secure “chip”. This process is similar to how EMV cards work by assigning a unique “token” to each payment instead of transferring credit card numbers between the two devices.
What equipment do I need to enable NFC contactless payments?
It’s simple! If you’d like to accept mobile payments from your customers, all you’ll need is an NFC-enabled terminal. To find out what options Gravity has for your business, click here.
What businesses would benefit from accepting mobile payments?
Since there is a growing number of people in the world who have a smartphone and want to use it for payments, any business could really benefit from an NFC contactless payment solution. However, these are the types of businesses that typically accept mobile payments:
- Food & Beverage
- Restaurant & Bars
- Coffee Shops
- Food Trucks
- Farmer’s Markets
- Grocery Stores
- Pet Stores
- Fitness Studios & Gyms
- Salons & Spas
- Cinemas & Movie Theaters
- Pharmacy & Drug Stores
- Parking Lots & Garages
Source: manufacturer website