So I loved it when I was asked what tip I would give to a new business owner just getting ready to accept credit cards.
"Be ready for Contactless Payments."
Merchants transitioning to EMV Chip acceptance is old news, even though an estimated 40 percent of market still process with old, non-compliant equipment that exposes them to data breaches and penalties.
Led by Millennial usage, Contactless Payments (NFC) are trending significantly with the wave-and-go convenience and security at retail and restaurant terminals.
Contactless payment systems are credit cards and debit cards, key fobs, smart cards or other devices, including smartphones and other mobile devices, that use radio-frequency identification (RFID), near field communication (NFC), or Samsung Pay (MST) for making secure payments.
Apple Pay, Google Wallet and new Visa payWave.
Not accepting Contactless Payments, especially under $100 for fast in-and-out purchases, will cost Small Businesses. Be ready.
Have your credit card terminal evaluated and upgraded for NFC and EMV Chip acceptance, as well as PCI Compliance. It protects the Merchant as well as customer data.