To quote Vince Vaughn from Wedding Crashers…. It’s wedding season! Wedding season equals lots of planning and also spending (and hopefully not crashing weddings). The bride and groom, as well as the wedding party, are purchasing items such as the dress, gifts, bridal accessories, flowers, the cake, and of course – the wedding rings.
Technology is making it easier to make all of these purchases, and near field communications, also known as NFC, is leading the way. The technology allows for two devices that are placed in close proximity to one another to exchange information via a NFC chip. In particular, this is useful for payments because instead of a credit card number being exchanged, a random number is generated and used only once when making the payment. This allows for transactions to be more secure and protects credit card numbers from data thieves.
NFC – the future of payments
In the very near future, NFC could be the most dominant way of paying for all of those wedding expenses and most other purchases as well. The reason for this is because the technology can be implemented using mobile phone or smartwatch applications. A large majority of the population now has smartphones, and all of the major platforms have their own payment solutions that work with NFC. Apple has implemented Apple Pay with its Passport application, the Android platform has Android Pay and even Samsung has gotten in on the act with Samsung Pay. Each of these solutions works in conjunction with a mobile wallet to allow the user to make contactless payments.
In addition, smartwatches, a device in the “wearable technology” sector will be used with NFC to make payments. Both Visa and MasterCard have begun partnerships with various companies specifically to work on bringing payment technologies to wearables. Smartwatches are just the beginning. Visa’s partnership states its Visa Ready program, which utilizes its Visa Token Services for NFC payment processing, will work with companies that manufacture not only wearables, but cars, appliances and other devices that can be connected using NFC technology. MasterCard, not to be left out of the NFC game, also has a partnership with WISEkey, a company that has developed security software for luxury watches. If you’re buying your betrothed a Bulgari or other designer watch fitted with this software, you’ll make his or her life easier when it comes to making purchases!
The technology of NFC Payments
As discussed earlier, NFC technology provides a benefit in the way payment card information is transmitted. Rather than transmit a sixteen digit card number, there is a “secure element” which generates a random one time use code in place of the customer’s credit card or debit card number. The secure element is a big part of NFC technology and is designed in such a way as to prevent attacks on the device and the platform. It is a chip that has extra security mechanisms to protect both both hardware and software and is very difficult for hackers to penetrate.
How to get started with NFC payment processing.
So, you’re a merchant who is excited about NFC and wants to get started using it in your business? It is not difficult to begin using these new payment methods. Payment processors now have terminals available that will accept contactless payments as well as accept traditional payment methods such as swiping. By accepting credit cards in a variety of ways, you could increase sales significantly and also make customers’ lives easier.
If you’re looking for a reliable and cost effective payment processor who can help you accept NFC payments, contact Bankcard Brokers. They offer Apple Pay, Samsung Pay, Android Pay (or any other NFC Payment enabled device) ready terminals, Electronic Transaction Association Certified Payment Professional staff, and the best prices anywhere for credit card processing services.
Give Bankcard Brokers a call today for the best in payment processing solutions OR use the orange Get Started button below to get world class service, guaranteed low rates, and a Free NFC/EMV terminal!