Near Field Communication (NFC) technology is a way to wirelessly transfer information from compatible devices by simply placing them a few centimeters from each other. This new form of information transfer, popular in Asia and Europe, is quickly picking up in the United States.
The benefits of NFC technology are great for the consumer and businesses. Because information is stored easily from device to device, waiting times decrease and shoppers don’t have to worry about keeping track of various credit cards. Communication also increases with NFC capabilities, along with easier controls of employee activity. According to the NFC website, “By integrating credit cards, subway tickets, and paper coupons all into one device, a customer can board a train, pay for groceries, redeem coupons or store loyalty points, and even exchange contact information all with the wave of a smartphone.”
Companies already on board with NFC include Apple and Google, via Google Wallet and Apple Pay. Many others, such as Visa, are expected to join soon.
So what can you do to be ready?
Understand its security. The biggest push back NFC technology is facing is users not understanding just how secure this is. Fingerprint authentication, newly generated pin numbers, a chip system, and a complex structure using the cloud make NFC extremely difficult to breach.
Update your POS system. In order to successfully use NFC technology, your POS system must be compatible. There are peripheral systems available for purchase to add to your existing POS system, or a complete replacement could occur. For more information on updating your system, or finding out compatibility, speak to one of our representatives today.
Know if it benefits you. NFC technology has more benefits than shorter wait times and increased security. However, if your business frequently runs transactions over 25 dollars, requiring a signature for higher amounts, it might not be the most advantageous upgrade right away. Restaurants, coffee shops, and other smaller purchase-based businesses will receive the maximum amount of reward from NFC technology at this time.
PayProTec is here to assist your business in any POS endeavor. To learn more about NFC compatibility or what we can do to help, chat with one of our customer service representatives.