Near Field Communication (NFC) is a revolutionary innovation that is changing the way people move through the world and pay for goods and services. With it, cash and even credit cards are becoming optional, replaced by the ubiquitous smartphone and by wearable devices such as the Apple Watch. NFC is not just the latest trendy fad that will soon fade into obscurity; it benefits businesses and customers alike.
What is NFC?
This form of communication takes place between two wireless devices. They need not come into direct physical contact; the dialogue takes place even if a few centimeters separate them. Through the dialogue, data can be exchanged via what is known as a peer-to-peer network. For example, passengers can use NFC to pay for a subway ride, and merchants can pair it with a NFC card reader to enable seamless digital processing of customer payments.
Safety and Efficiency for Your Business
Whenever an NFC transaction takes place, information from a customer’s pre-set digital wallet in his or her phone is used to make the payment. At no time does the merchant have access to the person’s sensitive credit card data, thus protecting both parties from fraud or the possibility of an unscrupulous person hacking into the account. Customers can breathe easier knowing that their information is safe while merchants will find a marked reduction in chargebacks.
NFC also facilitates efficiency in business. Imagine using it to keep track of your employees who can check in and out and record their hours using it. With NFC, you can know where your staff is at all times and adjust schedules and presence on the sales floor accordingly.
What’s more, your customers will quickly appreciate the advantages. By placing NFC tags on specific items, you can ensure that consumers learn relevant details about the products you carry. Furthermore, you can use NFC and your POS software to set up coupon and customer loyalty programs. No longer will people need to carry cards or clippings from newspapers if they want one of your deals; the information will all be stored in their smartphones. Finally, payments can be made more quickly in many cases much more quickly than with EMV chip card transactions leading to a positive experience at the register for customers.
As more and more consumers of all ages join the smartphone revolution, NFC stands to become increasingly popular. Take some time to look into how this technology can bring your restaurant or retail store to the next level. You will be amazed at how much more securely and efficiently you will operate.