subject: Basic Guide To Credit Card Processing Equipment [print this page] The right credit card processing equipment can play a key role in the growth and success of your business. Accepting credit cards has become crucial for businesses in today's challenging economy, in which budgets are tight, consumers are spending less cash, and the dependence on credit and debit cards is steadily increasing. Before you start swiping credit cards, however, you must choose the merchant account equipment that best matches your business' needs. Read on to learn about the types of credit card processing terminals, various features and options, and the benefits of credit card processing.
Types of Credit Card Processing Equipment and Terminals:
There are three basic types of credit card terminals. Traditional credit card terminals are stationary equipment used for many different businesses, including a majority of retailers, restaurants and other brick-and-mortar establishments. Wireless credit card terminals are often used by taxi drivers, food delivery workers and service repairmen, allowing them to swipe credit cards from different locations. Businesses that perform a majority of transactions over the phone or Internet might consider a virtual credit card terminal, which processes credit cards over the Internet through the merchant account provider.
Features and Options to Consider:
A credit card terminal's basic features include a keypad, display, magnetic stripe reader and printer. These functions allow merchants to collect credit card information by swiping the card or entering numbers manually, and provide receipts for the transaction. Other enhanced features include an external PIN pad so customers can enter their debit PIN numbers privately and efficiently. Check processing offers the ability to scan checks, while some terminals can also process gift and loyalty cards.
Whichever type of credit card processing equipment you choose for your business, be sure the terminal is secure and PCI compliant. Security features such as address verification system (AVS), which prompts cardholders for their address and zip code, and end-to-end encryption (E2EE), which encrypts sensitive data from the point of swipe to transaction completion, protect consumers and businesses from credit card fraud.
Benefits of Merchant Account Equipment:
With the right merchant account equipment for your business, you can accept major credit cards and debit cards safely. Consumers expect flexibility and options when it comes to making purchases, allowing them to choose the best method of payment for their budget. While credit cards allow them to make larger purchases that they can pay off over time, debit cards can be used for smaller purchases that take money directly from existing funds. Limiting the types of payments that your business accepts means you are limiting your customer base. Choose secure credit card processing equipment and start expanding your business with each swipe of the card.
