subject: Access To Plastic Money - Credit Card Terminal [print this page] Credit card terminal is nothing but the point of sales terminal, which makes the processing of the credit cards. Credit card terminal is available to the merchant for easy transactions. What needs to be done is to simply swipe or insert the card. Then for authorization data is transmitted to the merchant service provider and then the transaction is made to the merchants account i.e. the fund is transferred. Earlier instead of swiping, data used to be manually keyed in, but with time the credit card terminals turned smarter and today they also process gift cards, debit cards and even checks. With the coming up of the e-commerce and the internet the home based business owners are now able to accept credit cards without any high fees that generally go along it.
Why to accept credit cards?
Today carrying cash is not easy, as people now shop a lot at a time only, this accounts to a heavy bill and paying that big amount in cash is nowhere a smart option. Also, people are always looking out for convenience today and that is why new technologies keep coming every day. So making card payments helps you to avoid the risk of carrying heavy cash, make mistakes in cash payments and also helps in regulating your budget in a systematic manner as you can keep account of your expenses through the card. So without a credit card terminal, the increasing trend of carrying this plastic money can put hurdles in your business. According to an article published in Forbes magazine one can lose up to 70% of his/her sales to its competitor who accepts credit cards. The non-availability of credit card terminal in online business proves to be drastic.
How to choose a credit card processing provider?
For accepting credit cards you need to have an account with the credit card processing provider. The credit card processing provider will manage the interface between the master/visa network and your shopping cart software or the credit card terminal. The credit card processing provider will be charging a fee for every transaction so you should choose the credit card processing provider very wisely. Companies involved in business like online gaming or adult entertainment do not get the credit card processing provider easily, so if one is in these businesses then he/she should be prepared.
Credit card terminals with credit card reader are more popular as you do not need to key in the data manually but the card reader the magnetic strips or the newer chip cards. Processing chip cards cost less than processing the magnetic cards so the merchants are more opting for credit card terminal processing chip cards.
Features of credit card terminal
A credit card terminal has multiple features. Features surely vary depending upon the type of transaction process and also depending on the need of the merchant.
One can accept credit cards, debit cards and can prevent his/her business from suffering loss due to rise in demand of the credit card. The next is making electronic settlements, refunds and adjustments, pin authorization by user, secure password and many more.
