Short for “near field communication”, NFC allows devices in close proximity to wirelessly transfer data back and forth. The technology is very similar to Bluetooth, but NFC uses far less power and works over much shorter distances.
In the world of commerce, merchants and consumers use NFC technology to initiate contactless payments via credit cards or mobile devices. Rather than physically swipe plastic, consumers simply wave their preferred payment delivery device across an NFC reader to authorize transactions.
Saving money, reducing debt, accounts receivable, and DSO (Days Sales Outstanding) are just a few of your responsibilities as CFO. Many businesses choose to accept electronic payments to improve cash flow and reduce DSO, but do you know what to expect and look for when setting up a merchant account? If your company has decided to accept credit card and eCheck/ACH payments, or if you are considering a switch to a new provider, choosing an all-in-one payment processor that can offer all of the following features would be an extreme asset to your business.
With every passing year, depositing checks becomes easier. Self-service ATMs removed the need to visit banks during normal business hours. And with the rise of mobile deposits, customers don't have to leave their homes at all. They simply scan checks with their smartphones or tablets and deposit the money directly into bank accounts, prepaid cards, mobile wallets, or any other accounts of their choosing.