Credit card terminals are used to complete credit card transactions. There are several types of credit card terminals. In this Credit Card Terminals post we will look at the different types of credit card terminals to help you determine which will best meet the needs of your ecommerce website. If you plan to accept credit cards, debit cards, or charge cards you will have to have a way to process the payment. Some credit card terminals require you to swipe the actual card, another type of processing is MOTO processing which allows you to process cards for Mail Order or Telephone Orders (MOTO).
When using MOTO processing the payment details are sent to the merchant service provider for approval through a telephone line, over the Internet, or wirelessly through a mobile phone or other device. Other credit card terminals have the ability to handle special functions like tips, refunds or other adjustments. The type of credit card terminal you need will be determined by what your business payment processing needs are. If you will be accepting only physical cards at the point-of-sale (POS) with a POS terminal or if you will be accepting phone orders, Internet orders, and if you want it for just one business or multiple businesses, are all things to consider.
Some merchant account providers will offer free credit card terminals with their merchant account services. However, we don’t recommend choosing your merchant account service provider simply for the fact that they provide the credit card terminal for free. Be sure to look at the other charges associated with their service before deciding if it is the right fit for your business. Some things to consider:
- Does the merchant account provider charge a setup free or monthly fee?
- Is there a transaction fee associated with each transaction? Is it percentage based or a flat fee?
- Are there different fees associated with each card (i.e. American Express, Discover, gift cards, etc)?
- Is there an activation fee?
- Do they provide a check guarantee program?
- Is there a separate charge for payment gateway software?
These are all considerations that you will need to find out about before entering into an agreement with any merchant account provider. From our own personal experience we can recommend Merchant Warehouse as one of the best merchant account providers. They guarantee the lowest cost for credit card machines, credit card processing and merchant accounts.