You don’t have to be a merchant to feel the buzz that surrounds the newest payment option. Whether Apple Pay, Samsung Pay, or whatever else, NFC, or Near-Field Communication payment technology is causing everybody to rethink their relationship to their wallets. I say newest, but Apple Pay launched as far back as 2014. Since then, a variety of options, most recently Samsung Pay, have thrown their hats into the ring, and even larger merchants like Target and Walmart are trying to put together their own systems. All this makes for a new, vibrant, and somewhat chaotic environment; still, merchants should have no qualms about adopting the payment system. Even if you’re still relatively new to credit card payments, it’s just as easy, if not easier, to get on board with NFC. If you’re looking for the best mobile POS system, make sure it’s one that is equipped to accept NFC payments of all types.
Mobile wallets are all about customer experience. After downloading the necessary app, at the register, the user simply unlocks their phone, holds it near the terminal, and the transaction is processed. Customers overwhelmingly approve of the quickness and ease with which they can complete their checkout.
In most instances, mobile wallets are very secure. Payment information is “tokenized” to eliminate the need to store credit card information, which means your customers’ information stay safe. Add to this additional security measures on the phone, such as touch ID, PIN numbers, or even retinal scans, and both merchants and customers enjoy a safer, more secure transaction, without sacrificing convenience.
Only 17% of individuals are using mobile wallets for their transactions. This slow pick-up rate is undeniably related to the relatively small batch of merchants who are accepting NFC payments: only 35% of U.S. merchants accept it. No doubt NFC Payments are still in their infancy. Thus, it’s hard to know what technology-related shake-ups are in store as more stake holders try to gain an upper hand in the market. Still, most experts agree, the presence of Apple pay, Samsung Pay, and the like are undeniable, and are only set to grow in the coming years as more merchants and users become comfortable with the tech.
With Moolah, there’s nothing holding you back from offering NFC payments to your customers. Still, you may want to get out the word with notices, or even in-store promotions, that show you accept the payment system. Letting them know that you’re on board with the latest payment options sends a message to them; you’re letting your customers know that you’re looking out for them, and that their convenience matters to you.
What’s more, all signs point to mobile wallet payments ballooning exponentially over the next five years. As such, there’s nothing to lose and all to gain in getting on board now. It’s secure, takes nothing on your part to implement, and if you sign up for a dedicated merchant account with Moolah, you’ll be able to get on board with the best mobile POS system, the Poynt Smart Terminal, which comes out of the box ready for NFC payments, as well as any other payment option you can think of. The future is bright, and with Moolah, you’ll be ready for it.