Cash, checks, coupons, swiping, chips, contactless technology, EBT. These are just a few of the ways customers pay for goods in today’s economy.
Now let’s say you own your own business. Why would you refuse to let your customers pay the way they want to? That’s flushing revenue you could be making down the drain!
While most businesses use EMV terminals to accept credit cards, a lot of those businesses have outdated terminals that are not equipped with NFC technology. This is your ‘in,’ your chance to win customers you’d otherwise miss out on. Let me show you how big of a gamechanger NFC technology can – and will – be for your business, among other methods of payment.
What Is NFC? And Why?
NFC, which stands for near-field communication, is another way customers can pay for goods or services. Unlike swiping or chip insertion, NFC allows the customer to pay by scanning their card or phone at checkout.
NFC is a newer technology, and many customers still have yet to adopt it, but you can bet that as time goes on more and more people will rely on NFC. However, even now there’s reason to invest in a terminal that accepts NFC.
As cell phones become even more commonplace, more people’s phones will become their preferred method of payment. In fact, a lot of card issuers are already distributing cards with NFC capabilities (you’ll know if your card has a “wave” icon on it), yet many consumers still aren’t even aware that they’re doing this. Some businesses such as Starbucks use NFC so customers can redeem pay with rewards points.
So how do you keep up with all this new technology?
What You Need to Do
That’s easy: get a terminal that accepts NFC payments.
One of these terminals might cost you a little extra, but it’s a worthy investment if your average customer is a heavy cell phone user. That’s why you want to appeal to younger people; they’re more likely to use their phone for payments. Some processors will even give these terminals away for free as an incentive to sign up for their services.
What about signage/promotion? Here are some tips:
- Make sure people know that they have the option to pay without swiping their credit card.
- Post signs with the Apple and/or Android logo as well as language emphasizing how customers can pay without swiping or inserting their card.
- If you can, display a graphic of someone scanning their card or phone.
- Make sure those signs are on your front window, on your front counter, and/or on social media/online listings.
Finally, make sure your employees understand how NFC works. Again, this technology is still taking shape, and even the people using it might not be completely familiar with how it works. Your cashiers should be able to guide the customer through payment, if necessary.
Other Methods of Payment
A LOT of people choose where to shop by whichever store offers the best deals. Running the right sales could attract customers who’d otherwise never step foot in your store.
Credit comes in many forms. Coupons, for example, allow you to score something for a discount, even for free if the coupon offers you enough of a deal. Some fast food restaurants and eateries are eligible to accept EBT or food stamps from customers, though eligibility is subject to state approval. Gift cards are another form of credit customers can use to purchase goods from a specific retailer.
The lesson from all this? Train your cashiers properly! Show them how to accept these less traditional forms of payment, how to handle multiple different forms of payment (such as half on a card and half in cash), and how to verify that the customer is using a legitimate method of payment.
NFC – The Future of Payments
NFC is much more than just a fancy checkout feature. Checkout becomes instantaneous – even faster than Bluetooth – which allows you to complete transactions faster, see more customers daily, and earn more gross revenue.
Lastly, NFC is an upgrade to your business’s image. Think about it. If you’re using an outdated EMV terminal to process payments, how does that make your business look? Old. Behind the times. Not competitive. Now what if you install a newer POS system equipped with NFC? Your customers will see you as trendy and modern, and they’ll be more likely to buy from you again.
Want to see if NFC is right for you? Click here to find out which of our programs you’re eligible to join!