Mobile payments have been constantly moving through the fastest growing sectors like fast food, retail, and transportation. Near-field Communication (NFC) is one of the technologies used by many businesses for mobile payments. A lot of them are looking forward to adopting NFC-enabled POS systems to offer this payment option.
According to experts, wireless transactions are going to be the next big things in future payments. According to Taiwanese research and tech firm, TrendForce, mobile payments can easily cross around $620 billion by this year’s end. In this guide, we are going to discuss how NFC works and how it helps in mobile payments by integrating it to POS terminals.
How does NFC work?
NFC enables devices to connect with one another in real-time without any ports or cables. Transfer of photos or links between two different devices is a common example. NFC supports mobile payments or contactless payments in retail environments. When conducting wireless transactions in the checkout process, a digital wallet is used by customers like Apple Pay, Android Pay, or Samsung Pay, which has debit or credit card information of the customer. A customer just has to move his smartphone near the NFC-enabled POS system and payment is transferred in a few inches of the radius.
It is really a very convenient medium and a lot safer than carrying physical cards or hard cash all day. In addition, customers won’t have to give away their card details in the checkout process because all the details are stored securely in the mobile wallet. In addition, a lot of merchants adopt mobile payments in their POS systems and offer incentives like loyalty programs and promotions for new customers.
Providing Completely Digital Experience
You can definitely make your business future-ready by investing in an NFC-enabled POS terminal. Samsung Pay, Apple Pay, or other apps simply give a notification to customers entering your premises that you accept NFC payments. You should invest in an NFC-capable POS terminal for doing that. It can offer a smooth experience to the customers in the checkout process.
With a focus on small companies and restaurants, these systems could be helpful for processing transactions more efficiently and quickly. These systems can be helpful for employees with a focus on small companies and restaurants for processing transactions more precisely. The transaction is automatically recorded after completing the payment in POS. It can be added to rewards programs and in monthly sales reports. Your staff can forward a copy of receipt through email to your customers.
Keep in mind that NFC enabled terminal can work only when you integrate it with your POS system for wireless payments. You can easily manage payments with mobile POS, i.e. by conducting and accepting transactions digitally. The POS system should also have staff and customer management features which are helpful to consolidate or simplify complicated workflows.