What’s all the hype about Apple Pay and mobile wallets these days? The industry is buzzing with opportunities to simplify the payments process, and contactless/NFC is the newest kid on the block. Actually, it feels new to the American scene, but contactless payments have been extremely popular in different international markets for a few years now. The U.S. isn’t far behind, though, and it’s a good idea to get up to speed on the newest technology so your business can keep up with customer trends. We recently wrote an article on what Contactless/NFC technology is, which you can read here. Now, here’s a handful of reasons why we think it’s a good idea for merchants to embrace this technology in their business model.
The Industry is Moving Forward, and So Should You
The payments industry is taking massive innovative strides in order to develop technology that’s fast and convenient for all users. From this ongoing innovation was birthed the brilliant use of contactless/NFC payments which we all identify within platforms such as Apple Pay and mobile wallets. If this technology was introduced for customer’s convenience and a business’s benefit, why not jump on the bandwagon? It’s important to stay ahead of the curve, and to implement the latest technology to best serve your customers as well as groom your reputation as a business that values quality and efficient processes. Your customers need to know they are a priority, which includes providing industry leading resources they would expect from their preferred companies.
A Better Customer Experience
In tandem with staying up to date with industry trends, customer satisfaction is a big motivator. Society has primed customers to expect the fastest, most convenient check out process no matter where they shop. What’s top of mind for your customers every day? Their cell phones. They’ll walk out of the house without their wallets, purses or credit cards, but rarely will you find anyone without their phone. You can cater to their own minimalistic habits by offering contactless payments for those days they forget their wallet. Customers will be impressed when given advanced methods to use but could be frustrated if they’re limited by old alternatives.
It may seem far fetched that cell phone payments could be more secure than using a physical card, but the technology proves itself. Why? Because it’s built on the use of tokenization, which encrypts customer’s credit card information into a token rather than using their card numbers. This token is protected by password or touch ID, making it nearly impossible for hackers to track down the card number. Because this payment method is growing in popularity, service providers have gone to great lengths to ensure the tightest security measures are used in order to protect valuable customer information.
No Additional Cost to Use
Using contactless payments is essentially free for your business, other than upgrading your terminal to one that’s NFC compatible. Neither the business nor the customer pays any extra fees for using contactless payments such as Apple Pay, Samsung Pay, Google Pay, or mobile wallets. The card issuers, like Chase or Bank of America, take on the 0.15% cost on every transaction, which is a smoking deal for you. If someone told you there was an easy way to generate more business, satisfy customers, and increase your security measures with a new technology at no additional cost to you, would you take it? That’s contactless payments, and in our opinion is a no brainer.
Maybe you hesitate to adopt new technology and are concerned it will disrupt your current business flow. No worries, we’d love to talk with you about your concerns and answer questions you have related to the topic of NFC and contactless payments. If you’re ready to pull the plug, get in touch with one of our account representatives today and we’ll help you get started!