How do you keep up with the latest trends and innovations in EMV and NFC for your merchant services?

1 Know the benefits

The first step to keeping up with EMV and NFC is to understand why they are important for your merchant services. Both technologies offer enhanced security, convenience, and customer satisfaction. EMV cards reduce the risk of fraud and counterfeit by generating a unique code for each transaction. NFC payments reduce the physical contact and waiting time by allowing customers to tap their cards, phones, or wearables on the reader. Both technologies also enable you to accept a variety of payment methods, such as credit, debit, prepaid, mobile wallets, and loyalty programs.

2 Follow the standards

The second step to keeping up with EMV and NFC is to follow the standards and regulations that govern them. EMV and NFC are not proprietary technologies, but they are based on global specifications and guidelines that ensure interoperability and compliance. For example, EMV cards must comply with the EMVCo standards, which define the technical and operational requirements for the chip cards and the terminals. NFC payments must comply with the ISO/IEC 14443 standards, which define the communication protocols and the data formats for the contactless cards and the readers. By following the standards, you can ensure that your merchant services are compatible and secure with any EMV or NFC device.

3 Update your equipment

The third step to keeping up with EMV and NFC is to update your equipment and software regularly. EMV and NFC technologies are constantly evolving to improve their performance, functionality, and security. For example, EMV cards can now support dynamic data authentication, which adds an extra layer of protection by verifying the card's authenticity in real time. NFC payments can now support tokenization, which replaces the card's sensitive information with a random number that is valid only for a single transaction. By updating your equipment and software, you can take advantage of these new features and enhancements, as well as fix any bugs or vulnerabilities.

4 Educate your staff and customers

The fourth step to keeping up with EMV and NFC is to educate your staff and customers about how to use them effectively and safely. EMV and NFC technologies may require different procedures and behaviors than the traditional magnetic stripe cards. For example, EMV cards must be inserted or dipped into the terminal and left there until the transaction is complete. NFC payments must be tapped or waved within a few centimeters of the reader and confirmed with a PIN or a biometric authentication. By educating your staff and customers, you can reduce the confusion, errors, and frustration that may arise from using EMV and NFC technologies.

5 Monitor your performance

The fifth step to keeping up with EMV and NFC is to monitor your performance and feedback regularly. EMV and NFC technologies can have a significant impact on your merchant services, such as your sales volume, transaction speed, customer loyalty, and fraud prevention. By monitoring your performance and feedback, you can measure the effectiveness and efficiency of your EMV and NFC solutions, as well as identify any issues or opportunities for improvement. You can use various tools and methods to monitor your performance and feedback, such as analytics, reports, surveys, reviews, and testimonials.

6 Explore new possibilities

The sixth step to keeping up with EMV and NFC is to explore new possibilities and innovations that may enhance your merchant services. EMV and NFC technologies are not static, but they are constantly developing and expanding to meet the changing needs and expectations of the market and the customers. For example, EMV cards can now support biometric authentication, which uses the cardholder's fingerprint or iris scan to verify their identity. NFC payments can now support augmented reality, which uses the camera and the screen of the device to display additional information or offers. By exploring new possibilities and innovations, you can stay ahead of the competition and offer more value and convenience to your customers.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?