What's the Difference Between EMV and NFC Payments?

Did you know counting cash and change is safer than paying by credit card?

It's true! Paying with cash is safer than paying by credit card.

Why? Because every time you use a credit card, fraudsters have an opportunity to access your information.

In 2019, credit card fraud was the most common type of identity theft in the United States. Not to mention, in 2018, 24.26 billion dollars were lost due to payment card fraud worldwide.

It’s time to face the hard truth. While paying by credit card is convenient, it can put you at risk for payment card fraud.

As a consumer, you must protect yourself when paying at a store, restaurant, or gas station. And if you are a business owner, you have an essential responsibility to protect your customers’ information.

So, how can you protect yourself from fraud risk as a business owner or consumer? Thankfully, there are safer ways to complete or accept payments than traditional credit cards.

In the bar, restaurant, and nightclub industry, these more secure ways of processing payments are called NFC and EMV.

Get on board now to benefit from the convenience and security the NFC and EMV payment options offer you.

Here are six ways the benefits, uses, and differences between NCF and EMV credit card processing technologies help you serve your customers:

1. You’ve probably already seen NFC (near-field communication). If you stood in line at a store and watched someone hold their smartphone near the payment terminal, then walk away without opening their wallet, you've witnessed the magic of NFC.
2. Have you noticed the small rectangular chip on your credit card? That chip represents the technology involved with EMV . EMV is a standard in the credit card industry for integrated circuit cards, point of sale terminals, and ATMs. Almost every single payment card issued today is an EMV card. That means all you have to do is make sure you have a point of sale system that is EMV-compatible, and you'll take an essential step towards protecting your customers.
3. What are the benefits? 1) NFC is the most convenient way to pay - customers don't have to dig out their wallets or purses. 2) EMV transactions are secure and authenticated, reducing the risk of fraud and your liability. Read about all the benefits of TotalTouchPOS.com .
4. Are there disadvantages to NFC & EMV payments? 1) NFC only works within short distances (devices must be 3 inches or less apart); 2) Merchants (bars, restaurants, and nightclubs) need to coordinate with their acquirer to support both message types while they continue to accept both EMV and magnetic stripe cards.
5. Are NFC and EMV secure? Yes! The data involved in EMV & NFC transactions are encrypted.
6. The good news: Can EMV and NFC help you be more profitable? Yes! Accepting NFC and EMV payments increases your payment acceptance options. And remember, just because you have a POS system that supports NFC and EMV doesn't mean you can't accept cash.?

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Are you hungry for more information about the differences, benefits, and uses of EMV & NFC payment options for your bar, restaurant, or nightclub?

Read the full article, EMV & NFC: The Differences, Benefits, and Uses from the team at Total Touch POS, the restaurant POS solution your business needs for efficiency, profitability, and higher customer satisfaction.