In order for an online business to maximize its potential for success, it is mandatory that the company is able to accept credit cards as a form of payment. Today, there are many types of credit card terminals and services that can be used conveniently, allowing transactions to be approved and processed in a matter of seconds. However, it is important to know a few things about credit card terminals before investing in one for your business.
Before you can receive funds for credit card purchases, you must have a merchant account provider. Although credit card terminals can be purchased privately, merchant accounts allow the money to be transferred to you. Plus, they often provide the credit card terminals for you. If you are shopping for a specific type of terminal, it is a good idea to choose a merchant account provider who supplies or supports transactions for that specific type of terminal.
With today’s technology, a credit card terminal is no longer limited to being a physical machine that you swipe a card through. The various types of credit card terminals available include standard dial up terminals, IP based terminals, wireless credit card terminals, wireless way systems terminals, and computer software terminals.
Standard dial up card terminals consist of a machine that allows you to swipe the card and run the information through the phone line. They are the most common. IP based terminals are similar. However, they allow you to run the transaction through the internet for faster processing. An example of this is the VeriPhone Vx570 terminal.
Wireless credit card terminals work well for people on the go. They can be used for trade shows, door-to-door sales, and more, for increasing your sales and providing convenience. Operating very similar to standard credit card terminals, the only difference is that transactions occur over a wireless network, such as CDMA or GPRS. Wireless Way System Terminals function in the same manner, but additionally communicate with a small printer.
Software can be used as a credit card terminal for online businesses. These programs are generally provided with an internet merchant account. They allow card information to be entered, verified, and accepted over the computer, while providing security features for fraud prevention.
Many businesses utilize a number of different types of credit card terminals to function efficiently. Talk to your merchant account provider about the types of terminals and services they provide, before signing a service agreement.