Are you starting a business, or expanding one? These days, most people pay for their purchases using credit cards, and it will benefit your operations to obtain and utilize credit card terminals.
During these times, many customers opt to pay for their purchases with credit cards and they usually make their purchases online and online shops that do not have credit card payment facilities tend to lose their customers, and of course, sales. Besides the fact that the ability to accept credit card payments gives a more professional look to any business, it is safe and secure and it guarantees the best customer service.
In the market today, there are quite a few credit card terminals available and these are also called point of sale or POS terminals. The types and styles of the terminal usually depend on the kind of business and the method of credit card processing the owners use, and of course, the price varies depending on the style, technology and functions the terminal possesses.
Different Types of Credit Card Terminals
One of the most basic forms of POS is the card readers that have small keypads and display – and this is the one that is most reasonably priced. The credit card processing terminal will first check the customer’s card information and then it withdraws money for the purchase from his or her account and transfers it directly to the merchant’s account.
Terminals that are without printers are what most merchants prefer while terminals with integrated paper are what retail merchants usually go for. Machines that are wireless are also available but they are definitely more expensive. However, the cost is already supported by the processing volume. These wireless terminals are widely used by businesses that often move from one location to another such as door-to-door salesmen, cab drivers and even the seasonal shop owners.
Benefits of Automated Credit Card Processing
It is quite a difficult task to process manual credit card payments and it is also time consuming. If possible, it would be better if you would be able to automate your credit card processing machines for faster and more efficient transactions. Generally, credit card processing machines use software packages that offer instant processing and encrypted secure socket layer or SSL to make deals or transactions safe. Any leaks or losses of personal information will surely damage the credibility of the business.
Another alternative choice for credit card terminals that is available to merchants is the IVR service or the interactive voice response. It is a payment platform system that automates the transaction interactions with the merchants and it works by using pre-recorded voice prompts and menus to present information and options to the business. The business will be able to respond to the voice prompts by using touch tone phones to enter the correct information as requested by the IVR.
Overall, it is a great investment for businesses to get a terminal to process credit card payments. Aside from some of the wonderful features and functions mentioned above, most credit card terminals can also support internet-based services like email, electronic signature, interactive electronic coupons, onscreen advertising, cash management reporting and e-commerce. All these can make transactions way faster thus making it even more convenient and accurate which will benefit both the consumer and the merchants.