Three reasons to accept Samsung Pay
The rise of mobile payments has changed the way consumers pay for goods and services. Today’s customers expect businesses to offer multiple ways to pay. This includes Samsung Pay, a popular payment technology used in Samsung smartphones and wearable devices. So in this article, we’ll talk about three reasons why your business should accept Samsung Pay. First, we’ll give a brief overview of Samsung Pay.
What is Samsung Pay?
Samsung Pay is a popular digital wallet that allows consumers to pay via credit card or debit card while using their mobile device or smartwatch. Digital wallets allow consumers to make purchases instantly, both in-store and online and safely store the physical card data from card networks like Visa, Mastercard, Discover and American Express for more secure transactions. Digital wallets like Samsung Pay, Apple Pay and Google Pay use tokenization. Tokenization switches a customer's secure credit card information for a string of numbers that works as a one time code. Many mobile wallet payments also utilize two-factor authentication using a fingerprint scanner or iris scan to confirm the cardholder's identity.
Samsung Pay uses near-field communication (NFC) for tap-to-pay transactions at contactless terminals. It transfers data from a consumer’s smartphone to the point of sale (POS) system or payment terminal. Also, Samsung Pay uses magnetic secure transmission (MST) to securely transfer data using the magnetic strip of older POS systems. However, the most common use of Samsung Pay today is via contactless NFC payments.
Consumers utilize the Samsung Pay app on their Android Samsung devices to activate the NFC payment function on their Samsung phones. Now that you know more about mobile wallets and Samsung Pay, let’s take a look at three reasons to accept these types of payments at your business.
Reason 1: Convenience
The first reason to accept Samsung Pay is convenience. Mobile payments take less time than traditional payment methods to process. That's because customers almost always have their smartphones on them, so it's a fast and convenient way for them to pay. Getting set up to start accepting mobile payments is also quick and easy. And for your staff, taking mobile payments is simple and intuitive, with software to make it as easy as possible to ensure a safe and accurate transaction. Best of all, your POS terminal or credit card reader is probably already equipped with NFC payment capabilities.
Reason 2: Security
The second reason to accept Samsung Pay is security. Security is a concern when processing payments, and mobile payments add an extra layer of security to transactions. While cash used to be the standard for businesses, technology has made it safer and easier to accept mobile payments like Samsung Pay. That’s because mobile payments are as secure as credit cards, if not safer, thanks to tokenization and proximity. NFC payments only work within a very short range of the payment terminal, so it's nearly impossible for fraudsters to steal customers' credit card information. Your payment processor will also utilize methods that follow PCI compliance to protect your customers and your business.
Reason 3: Customer engagement
The third reason to accept Samsung Pay is that it increases sales and retains customers. That’s because NFC payments like Samsung Pay can provide a seamless checkout experience, including incorporating dedicated apps and coupon acceptance. This elevated customer experience can deepen customers’ relationships with your business. And, when they are dedicated Samsung Pay users, they’ll know that you accept their preferred payment method at your business.
As you’ve seen, Samsung Pay is a great way for customers to pay at your business. As digital payments become more popular, you’ll be able to meet customer demand by accepting Samsung Pay at your business.
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