subject: Choosing The Right Terminal For Your Business [print this page] Choosing The Right Terminal For Your Business
Admittedly trying to choose the right credit card terminal for your business can be a daunting task. Do you need a stand alone terminal, a virtual terminal, a POS? There are more options than ever before when trying to decide which terminal is best for you.
The first thing that any business owner has to determine is how their customers are going to be paying. Are they going to be face-to-face, over the phone, or on-line? The general rule is that if you are face-to-face with your customer more than 50% of the time you will need a terminal in your business. You will want to consider if you're going to accept PIN debit, gift cards, or if more than one merchant will be on the terminal. You want to ensure that the terminal you buy will do everything that you want it to. Another thing to consider, especially if buying a used terminal, is whether or not your processor will support it, and if it meets the security requirements for PCI Compliance.
If you're running your entire business from a computer, or if you want to streamline your business, a Point Of Sale system may be the right option for you. The right POS will be able to track hours, inventory, sales, as well as process your credit/debit and gift card transactions. This is a good way to streamline all aspects of running a business.
If you are a business that is considered "mobile" such as a delivery service, taxi service, or repairs, you may want to consider a wireless device. A wireless terminal runs on GPRS in most cases and gives you the benefits of being able to accept credit cards in the field, and knowing that transactions were approved right away. While some people think that "store and forward" is a viable option, you do run the risk of a card being declined after services have been rendered. Another option for the mobile merchant is the emerging cell phone applications. When paired with a swiper that attaches to your phone you're able to still get the best rates while utilizing your existing cell phone. While it's still a new way of processing, I really think this is the way a lot of mobile merchants will accept credit cards in the future.
If a majority of your business is done over the phone you may want to consider a virtual terminal. This option allows you to manually enter the card information and then transmit it securely to your processor. You would use your computer as your terminal, log into a secure web site, and enter the card holder information. In many cases virtual terminals will also offer a recurring billing option. This is great if you're running any business where people are paying a pre-determined monthly fee.
If you're a web store you will need a payment gateway and shopping cart to integrate into your website. There are several options, and depending on your level of knowledge you may want one that comes with a cart already attached, or you may be comfortable with adding a cart on your own. The one consideration that you have to be aware of if you're adding the cart on your own is making sure that the cart you choose is compatible with your gateway.
Whichever method you choose a little research will go a long way in ensuring that you get the right terminal for your business. Don't be afraid to ask questions about what you're purchasing. It can be a large investment for your business and you definitely want to make sure that it's your best choice!
