The payment landscape is constantly evolving. 2015 was an exceptional year for new payment technology. Traditional online payments are more prevalent than ever, new forms of payment emerged and gained significant traction, and new point of sale technology has made it simpler than ever to accept all forms of payment. Consumers are now comfortable using these new forms of payment and are starting to expect their favorite businesses to accept their preferred form of payment. It is important to understand the new technologies available and then determine which ones, or all, your company needs to accept.

Chip cards

October 1^st 2015 was the official date that all merchants became liable for credit card fraud on chipped cards that aren’t dipped into an appropriate EMV reader. This new technology required most business to update to an EMV ready reader or point of sale system. Read more about how to become EMV compliant in our post EMV Compliance Checklist.

Apple Pay

Apple Pay is a new form of payment called NFC. NFC is a radio frequency identification technology that enables smartphones and payment readers to communicate wirelessly. NFC is just as secure as EMV payments but much quicker. Customers can pay with Apple Pay by using their iPhone 6 or Apple Watch. They can save their credit or debit card into their wallet in their phone and just hover their payment device (iPhone 6 or Apple Watch) over the payment reader while they are holding their finger on the Touch ID button on their device. The payment is made when the finger print is scanned and verified on their device. The transaction is quick and very secure due to a unique encryption method developed by Apple so that no credit card information is stored on the device or in your payment reader. You can accept Apple Pay if you have an NFC enabled payment reader.  Learn more about the Apple Pay demand in our post Why Apple Pay is In Demand.

Android Pay

Android Pay is Google’s mobile wallet NFC technology.  You can accept Android pay if you have an NFC enabled payment reader.  To pay with Android Pay customers simply open the password protected app on their Android phone and hold their device over the payment reader.

Samsung Pay

Samsung Pay is also an NFC form of payment. Customers pay with Samsung Pay by opening the app on their Samsung phone (Galaxy S6, Galaxy S6Edge, Galaxy S6 Edge Plus, and Galaxy Note 5) and hold their device over the payment reader. Just as quick and simple as Apple Pay and Android Pay.

As a small business owner, you can start accepting EMV and NFC payment by upgrading your point of sale system today. Marketing 360 Payments has numerous point of sale systems that accept both EMV ( a technology developed by Europay, MasterCard, and Visa) and NFC transactions like Apple Pay, Samsung Pay, and Android Pay. Marketing 360 Payments is happy to help you identify the best point of sale for your business. Contact us today.

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