Payment Processing with Near Field Communication (NFC)

Payment processing with near field communication (NFC) is digital payment processing using a near field communication reader, otherwise known as an NFC reader. Payment processing with NFC establishes a connection between a customer’s smartphone and a merchant’s terminal. It is a form of payment processing for digital wallets and is among the newest forms of payment processing.

Contactless Payments Using NFC Readers

NFC readers complete contactless payments using NFC chips. To complete a contactless payment, shoppers simply wave their device across the dedicated NFC reader. Compatible devices can include a smartphone, smartwatch, bank card, and more. They work with any device that contains an NFC chip.

How NFC Readers Work

NFC readers contain an NFC chip. This chip communicates with the customer’s device that contains its own NFC chip. The two chips communicate to process the customer’s transaction.

Two devices each containing an NFC chip are all that’s needed to complete payment processing with NFC. One device acts as the NFC reader, and the other device shares the payment information. This payment processing communication is performed by simply having the device several inches near the NFC reader.

Payment processing with near field communication (NFC).

Payment Processing with NFC is Quick and Safe

Payment processing with NFC is processed quicker and safer than other older forms of payment processing. NFC readers wirelessly process transactions using bank-related digital channels such as Apple Pay and Google Wallet.

Payment processing with NFC can only occur when two NFC-enabled devices are within inches of each other, which greatly lowers chances of any financial data being stolen, yet offer added convenience and speed during the payment acceptance process. Financial data on an NFC-enabled device can also be more quickly frozen and secured if the device were lost or stolen, as opposed to any other payment method.

Payment Processing with NFC at TransNet

TransNet offers a variety of cutting-edge online payment processing solutions, including NFC payment processing. With TransNet, you can get quicker payment processing, savings on processing fees, consolidated statements, outstanding support services, and more. Contact us today for more information!