A substantial body of research shows that small “nudges” may have a positive impact on forward-looking financial and nonfinancial behaviors. This is especially true of digital wage payments.

A microentrepreneur’s access to transaction accounts can increase her participation in e-commerce, improve her interactions with clients and vendors, and reduce the cost of her business operations.
NFC

The technology is based on near-field communication (NFC) which uses an electromagnetic field to wirelessly transmit data between devices that are within close proximity. Using NFC, devices can communicate with each other and share information such as contacts, links or data. This information can also be used to complete a transaction, such as making a payment or downloading an app.

NFC is a powerful tool that can streamline your life. But like any technology, it has its downsides. It is important to understand how NFC works and the security risks associated with it. But you can take precautions to protect yourself from cybercrime and digital pickpocketing.

If you are using an NFC-enabled device, keep it on a password-protected lock screen and use 128-bit encryption or higher. Make sure your phone or tablet is up to date with software updates and has two-factor authentication enabled. Also, make sure to turn off NFC on your smartphone or tablet when not in use. This will help prevent it from draining your battery or transmitting personal information to another device.

In addition to mobile payments, NFC technology can be used for a variety of other applications. For example, NFC is integrated into transit systems globally, making it easy for passengers to tap-and-go. It can even simplify fare collection and reduce the number of turnstiles needed.

Another area where NFC is gaining traction is in healthcare, with hospitals using it to provide patients with access to information and services. NFC can be used to access test results, schedule appointments, pay for medical care and even store and retrieve patient records.

POS terminals with NFC chips can also be used to communicate with consumers and drive brand engagement. For example, real estate agents can tag homes or other properties with NFC tags that can open an application that provides photos, floor plans and other information a consumer might want to see.

As the adoption of NFC continues to grow, small businesses need to be ready to offer this convenient and secure payment method for their customers. If not, they may find themselves missing out on a significant opportunity to improve the customer experience and differentiate their business from competitors that do not offer contactless payments.
Tap on Phone

During the pandemic, consumers used their cards and mobile wallets to make contactless payments at stores and other points of sale. That shift has accelerated, and it will be the norm in the future.소액결제 현금화

The new normal will be tap on phone, which is a way for businesses to accept contactless payments using only their smartphones. Tap on Phone solutions use near-field communication (NFC) to allow a merchant’s smartphone to act much like a payment terminal. The mobile device’s NFC antenna – usually located on the upper back of the iPhone or on the bottom of Android devices – reads the data on a card or digital wallet when it’s within a few centimeters of the handset.

Most small businesses and micro-merchants have a smartphone in their pocket or purse, so they don’t need to purchase and lease expensive payment hardware. Instead, they can simply download a software-based solution that makes their smartphone or tablet into a fully functional point of sale (POS) terminal.

These apps, known as SoftPOS or Tap on Phone, run on Android phones, and they allow business owners to accept contactless card and mobile wallet payments. They can also support other business functions, such as e-commerce and inventory management, as well as mine a wealth of valuable transaction data for analytics and reporting.

The cost of a tap on phone solution is minimal and often included in the fee the acquirer charges for processing transactions. In addition, there are no additional costs for purchasing, leasing, or maintaining clunky payment hardware.

As the contactless payment trend continues to grow, tap on phone will provide a simple, cost-effective way for any merchant to increase their customer base and grow sales. Small and micro-merchants will be able to attract customers through the convenience that tap on phone offers. And with PCI providing security standards for contactless payments on COTS devices, and card brands supporting this technology, it’s likely that tap on phone will be a mainstream solution in the near future. This will enable new and existing merchants to capture more sales in the store, at the counter, or out in the field.
Mobile Point of Sale

A mobile point of sale (mPOS) gives you the freedom to ring up customers on the go. No more being tethered to a register, which means that lines move faster, and you can even get rid of registers altogether. In addition to enabling a quick checkout experience, mobile POS can reduce inventory tracking costs and help you offer more customer-friendly promotions.

Unlike traditional POS systems that require expensive hardware, such as desktop computers, mPOS technology is available on smartphones and tablets for a fraction of the price. Whether your business uses a third-party payment processor or an in-house solution, you can get up and running for around $99, including the mobile hardware. The only additional cost is the monthly fee to process credit card payments.

One of the biggest benefits of an mPOS is that it creates a data trail for your sales and operations that you can integrate with other critical platforms, such as staffing management software, online ordering and delivery, and cost management software. This helps streamline accounting, which is a major headache for many small-business owners due to federal and state regulations requiring monthly bookkeeping and annual financial and tax recording.

In addition to reducing paperwork, mobile POS also makes it easier for service-based businesses such as personal trainers and nutritionists to take card payments at the time of service, instead of waiting to issue an invoice afterward. That way, they can focus on generating new clients, and their clients can get back to their lives.

As a bonus, mobile mPOS is an excellent choice for retailers or restaurants that take their products to nontraditional sales venues such as farmers' markets and trunk exhibitions. It's also great for companies that want to set up shop at a local event to drive brand awareness and generate buzz on social media.

The best part is that you can use any smartphone or tablet with a compatible mPOS application, which connects to a debit/credit card reader via the audio jack of the device. A mPOS app can also include a barcode scanner and the ability to create customized loyalty programs. Some mPOS providers also support biometrics, such as fingerprint and facial recognition, to verify identity during payment.
Contactless Payments

Contactless payments allow consumers to use their bank card without needing to swipe or insert it into a terminal. They can be made with tap-to-pay credit cards, mobile wallets (such as Google Pay and Apple Pay) and even wearable devices like watches and wristbands. These touchless transactions use near-field communication (NFC) or radio frequency identification (RFID) technology to communicate with payment terminals.

When it comes to NFC and other mobile payments, consumer preferences have changed dramatically. While cashless payments have always been popular, COVID-19 catapulted the popularity of touchless options. In fact, NFC-enabled transactions are now more popular than traditional card swipes in the U.S. For small businesses, offering alternative forms of payment is more important than ever.

Embracing contactless payments is a great way to meet customer demand and demonstrate that you’re a forward-thinking business. It also aligns with the broader societal trend toward digital transactional experiences and positions your business as a leader in your market.

As a bonus, accepting contactless payments can help you gain valuable insights into your customers’ spending habits and purchasing behaviors. You can then use this information to improve your marketing strategies and create targeted messages that resonate with your target audience.

For example, you can develop campaigns that highlight the security features of contactless transactions, such as the requirement to enter a PIN to complete them. This messaging can reinforce the trust your customers place in your brand and reassure them that their data is secure with you.

Another benefit of contactless payments is that they offer a faster checkout than traditional card swipes. Customers can skip the line at the counter, which may save them time and hassle. Additionally, contactless payments are typically accepted in more places than traditional cards, which may be a significant selling point for your business. For instance, many gas stations and restaurants are now equipped with NFC terminals for quick and easy payments. For many consumers, this is a more convenient and cost-effective option than driving to a bank to withdraw cash. The ability to make a payment from anywhere is particularly appealing for busy people on the go.