The Uses of a Credit Card Terminal

The Uses of a Credit Card Terminal

The Uses of a Credit Card Terminal

A credit card terminal is the device responsible for processing credit and debit card transactions. In a way, it serves as a merchant's connection to the payment gateway. In short, it's the device that allows credit card processing. For instance, in a retail store, a card has to be swiped into the terminal first before the transaction can be completed, but the terminal actually has other uses.

Of course, the main use of a credit card terminal is to accept credit cards and debit cards, along with other similar cards. Cards under Visa and MasterCard, American Express and Diners Club are accepted by most (if not all) terminals. Besides physical credit card acceptance, a card terminal also allows for key entry transactions. With key entry, a merchant can honor credit card payments over the phone or through mail. The merchant simply has to punch in the credit card information in the terminal. This is done by those with mail order-telephone only merchant accounts and Internet merchant accounts.

A credit card terminal also allows the merchant to charge the tip of a customer on his or her card. This way, a consumer who dined in a restaurant simply can pay for both the meal and the tip (which is a significant amount, at 10 to 15 percent of the total value of the meal) using the credit card. A card terminal also makes refunds easier since the customer does not have to go to the bank to ask for it. With the terminal, the customer will have to wait for weeks before the bank can process the refund request. It is also convenient for the merchant since he doesn't have to do the processing of the refund. This works the same for payment adjustments as well.

The use of a credit card terminal also increase security measures by allowing authorization through terminal code input rather than the use of signatures. Signatures can be forged and can take time to be verified and identified as a fraud. But by using the card terminal for verification, the process is faster and more secure.

Needless to say, the credit card terminal makes customer transaction easier.

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