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 payments anytime and anywhere with Samsung Pay as your mobile payments solution.
How Samsung Pay works
Most mobile payment methods – including Samsung Pay – rely on NFC (near-field communication). When there are two NFC-enabled devices in rage 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 Samsung Pay
What are the benefits of Samsung Pay?
Not only will you be able to take your business on-the-go, but Samsung Pay also allows you to:
- Accept all major credit cards and debit cards.
- Process the transaction without having to use a physical credit or debit card
- Authorize via fingerprint recognition
- Safely and securely accept payments through tokenization.
How secure is it to process mobile payments?
Like all our credit card processing measures, Samsung Pay is just as safe and secure. When you process a mobile payment, your customer’s card data is encrypted, tokenized, and kept it in a secure server. To learn more about tokenization, click here.
How secure are NFC 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 Samsung Pay?
If you’d like to accept Samsung Pay transactions from your customers, you’ll need 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 payment, any business could really benefit from a 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