What Is NFC Payment And Processing ?
Near field communication (NFC) is a wireless payment form and the technology behind it lets consumers use their smart phones to pay for purchases. With smartphones now totaling in the hundreds of millions, millions of users are already using NFC payments like Apple Pay, Samsung Pay, Google Wallet, PayPal, and others. Additional businesses and consumers are expected to join the digital wallet age very soon.
How Does It Work?
Once a bank account is linked to a digital wallet, a consumer is ready to start making NFC payments – it’s as simple as that! With a simple wave of a smart phone, a consumer can pay for items quickly and securely. NFC technology is a secure wireless communication type that transmits payment info quickly and efficiently.
Is It Safe?
With NFC payments, payment is verified by the customer via password, thumbprint, or other biometric The request to charge a cardholder for goods or services. Authorization must be settled in order to post the authorization to the cardholder’s account. If not processed within a certain time frame authorizations will be cancelled. The time period is usually from 3-7 days.... so there is no exchange of a physical card between the customer and A business that accepts credit cards for goods or services.. This ultimately limits liability and exposure to fraud. NFC adds an extra layer of protection making it harder for fraudsters to steal sensitive account data. In actuality, making payments easy has never been so safe!
NFC Payment Benefits And Additional Information For Merchants:
- The likelihood of fraud is significantly reduced with increased security and privacy for your customers.
- Merchants are able to accept payments from millions of consumers that own smartphones.
- The free equipment NMA offers is both EMV (chip card) and NFC compliant, so not only can you accept mobile payments, you’ll be up to code when it comes to EMV security standards.
- New technology like NFC goes a long way to ensure loyal customers.
The Bottom Line
Accepting NFC payments will be crucial for businesses going forward. Fortunately, National Merchants Association makes it easy for merchants of all types to get set up with terminals and The time and place a sale takes place. Also refers to the devices used to transmit the credit card transaction. systems capable of accepting NFC payments. NMA’s payment solutions include processing for Apple Pay, Google Wallet, Android Pay, and other near-field communications and digital wallet payments. NMA works to keep the costs associated with accepting these payments as low as possible.