Credit Card Terminals – Which Terminal Does Your Business Need?
Credit card terminals are the devices used to process credit card or debit card payments. These technologies enable businesses to take card information and send them over to their payment processing partners. The transmission of card information from the use of these terminals can be made over the telephone, the Internet, or satellite networks.
The latest developments available in the payment processing market even allow for the employment of cellular networks for the transmission process and using mobile phones for the card swiping process.
The current state of credit card terminals can be classified into three fundamental
types.
The
following
http://www.ratecreditcardprocessing.com/terminals is a brief guide to help you determine which type of terminal is best for your business processing needs:
Traditional credit card terminals
These are the terminals used by most merchants in their physical business operations. These terminals are often connected to cash registers for manageable payment transactions or synched via a telephone line or internet connection to your merchant account for processing. 1
Your typical terminal will include a printer and most are equipped with the functionality to take debit card payments or credit cards interchangeably.
Wireless credit card terminals
By being wireless, this type of credit card terminal is portable but can perform the same functions as its traditional counterpart. The advantages of a wireless terminal are pretty apparent, but just to review:
1.
A wireless terminal offers merchant flexibility in doing their
business. Because it is portable, it can be taken anywhere where business is possible.
2.
The necessity of a phone line is eliminated especially valuable in
remote located area businesses. This reduces costs of your business operation and allows greater flexibility.
3.
It the full range of features and benefits of a traditional credit card
processing terminal – more sales, more customers, more convenience, more security.
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4.
Its ability to take point of sale swiped credit card information can
mean increased business profit by lowering payment processing rates because of reduced risk assessment.
Virtual credit card terminals
Common to merchants who do business over the internet and over the phone; this type of terminal is possible with software or can be accessed through the web. This is beneficial for example to the outsourcing businesses involving call centers as it allows for virtual management, batch processing and accounting. A few advantages are as follows:
1.
Virtual terminals allow for greater efficiency. The number of
payments that can be processed can be concurrent to the number of purchases made in a given time. Unlike traditional credit card terminals, this type permits for multiple payment authorization processing.
2.
It is highly accessible from a computer with the availability of internet
connection. This can be considered to be an advantage but also could be a disadvantage relating to security of your payment information. Virtual terminals can support mobile management through tablets, phones and laptops that have internet capabilities.
3.
In a stratified business, permission levels can be assigned based on the
individual who uses the terminal. Tracking the card terminal use adds an added benefit to security and remote process management. 3
4.
Because it is compatible with the internet, virtual terminals can be
integrated to smartphones through apps or internet connectivity for an increase in completed sales and ease of management. A number of top merchant account providers now offer helper applications to be installed on smartphones for ease of use.
5.
Virtual payment processing software and applications allow for hassle
free manual credit card information entry on smartphones.
6.
Virtual terminals support full functionality from your credit card
processing service including recurring payments, debt and credit card support and batch processing.
Regardless of the type of terminal you feel is best, make sure that your selected provider provides for:
1.
Domestic and international payment processing for all card networks
and providers. These include common names as VISA, MasterCard, and American Express. This functionality allows for customers overseas shopping online to transact with your business.
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2.
Hassle free key entry which applies to mail, telephone, and online
orders. This functionality allows for order taking flexibility and manual payment entry when needed.
3.
Tip adjustment allowance. For restaurants, tip adjustment options are
vital in the card terminals you are considering.
4.
Refunds or adjustments. Card terminals permit reversal of purchased
transaction for various reasons, make sure the process is made a simple one by your terminal provider.
5.
Credit card terminals have options for automatic settlement and hassle
free batch processing at the end of the day.
6.
Pre-authorization. Similar to verification of funds on a check, this
process ensures that the credit card has available credit to cover the purchase. For debit cards, the authorization process means verifying that the checking account the card is linked to is open and active, permits electronic payment processing, and has available funds.
7.
Remote updates. When changes or product update needs to be done,
the provider of the terminal can introduce them to the device remotely without the employment of an on-site support service. You don’t want to have to replace terminals every time there is a security update.
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8.
Point of Sale integration. Credit card terminals are designed to work
with cash registers in receiving purchase information. This is a convenience that will save your staff time and increase efficiency.
9.
Multi-merchant processing capability. Credit card terminals are
equipped with the ability to accept and process various merchant transactions. This helps avoid unnecessary use of additional terminals.
10.
Pen or PIN verification. To avoid or eliminate fraudulent purchases,
credit card terminals are designed to perform verification by signature and PIN. The option for requesting additional IDs is should still be employed for further verification.
11.
Surcharge function. This means placing some additional processing
costs to customers. This is specific to any transaction that requires additional fees in order to be processed such as tip adjustments, be sure if you need this functionality that your terminal can provide.
12.
Password operation. The security a password offers means that only
authorized individuals can use the credit card terminal for payment processing. This also permits for management of accountability in your business system.
Credit card terminals are not only confined to accepting credit and debit card payments. Some card terminals are able to take gift cards or private-label cards. Some are even able to scan checks allowing efficient funds verification. Receipt6
printing capability is also an available option, the range of credit card processing terminal features offered is vast. You should let the needs of your particular business and industry determine the type of terminal you use.
Discover our top recommended credit card processing companies that offer specialized terminals to help develop your business profits today.
To continue reading the rest of the article and find out our recommendations, please click here: http://www.ratecreditcardprocessing.com
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