Choosing Credit Card Terminals

The ability to accept credit cards for business is critical for companies

, retailers and restaurants to grow in today's economy, especially with the increasing use of credit and debit cards for both small and large purchases alike. Businesses that process card-present point-of-sale (POS) transactions must invest in a credit card terminal to complete each transaction efficiently and securely. However, when faced with a wide variety of credit card terminals, each with its own set of advanced features, choosing which machine is right for your business can be overwhelming. Below, find a brief overview of the basics of credit card terminals, as well as the types and features, in order to help you narrow down your choices.

Credit Card Terminal Basics:

Most credit cards have a magnetic stripe that contains encoded data regarding the cardholder's account, including the credit card number, expiration date, country code, credit card limit and card usage. The magnetic stripe is swiped through a credit card terminal, which then reads and processes the data. Credit card terminals work to send credit card information from the POS transaction to the acquirer, which verifies the cardholder's account and either accepts or declines the transaction.

Types of Processing Equipment:

The basic types of processing equipment from which you can choose include traditional, wireless or virtual terminals.

Traditional Terminals:

Traditional terminals are simple, with a magnetic stripe reader to process and send card information, a keypad used to enter prices and data, and a small screen to display information. These features vary according to each business' needs: some displays are larger, some keypads can be more item-specific. Traditional credit card terminals can come with a built-in printer, an internal Pinpad and check processing capabilities.

Wireless Terminals:

Wireless terminals are often beneficial to professionals who constantly take their business to various locations, such as taxi cab drivers and service repair workers. To eliminate carrying around cumbersome equipment, printers are often built into the wireless terminal. They should also be lightweight, have a long battery life, and be durable enough to withstand travel.

Virtual Terminals:

Virtual terminals are software-based terminals that do not require a physical machine to process credit cards. Virtual terminals are necessary if you do most of your business over the phone or through the Internet. The merchant enters in the credit card number, and the software takes care of the authorization process.

Where to Buy:

You can purchase credit card terminals directly from your merchant account service provider. Your merchant account provider will already understand your business' needs and can help you find the correct equipment to best match your other services and software.

by: Julie Henaghan

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