Credit card terminals are becoming more and more vital for every business that aims to be current in the ever-growing retail market. In the past year alone, credit card transactions increased by a staggering 19%. A worrying factor is that along with this massive increase in credit card transactions, credit card fraud has increased. Thus the importance of having a credit card terminal that is efficient and safe is paramount.
The various Choices for Credit Card Terminal
There are a number of credit card terminals to choose from and many factors that play into influencing such a decision. Many credit card terminals promote the safety of their terminals while others push the benefits of having quick transactions. On a more technical level, there are several types of credit card terminals. These include Standard dial-up terminals, which are an extremely popular choice for their simplicity, these terminals connect via a simple phone line.
IP Based Terminals – These are a relatively recent addition and are quite similar to dial-up terminals except for the fact that they provide the additional option of processing payment over the internet rather than solely phone lines.
Wireless Credit Card Terminals – These too operate on a similar system to the standard unit except the data is transmitted wirelessly via networks such as GPRS or CDMA.
Wireless Way System – A wireless credit card terminal that uses a specially designed mobile phone to transmit data and also syncs with a small printer wirelessly.
Fees of Using Credit Card Terminal
All of the above credit card processing technologies involve paper receipts printed. Credit card terminal paper is necessary for this. And finally computer softwares. There are two varieties of this; the older software based credit card terminals that still require a magnetic stripe reader and the more modern online methods. When using online credit card terminals, users simply have to provide their credit card number and a few details and the transaction is billed to them automatically. These virtual credit card terminals are growing in popularity rapidly. In addition these virtual credit card terminals do not use credit card terminal paper and that adds a green aspect to the choice.
The Popular Credit Card Terminals Reviews
Several large corporations cater to providing this rapidly growing industry with the tools it needs to process payments. Companies like Fiserv®® even have a broad variety of the tools required for payment processing. This includes payment processing peripherals, integrated POS systems and virtual terminals. The advantage of a company that provides a wide array of services is that it makes integration of credit card terminals easier as the corporations themselves have the expertise necessary. A major relief for small business merchant account owners who are just setting up with little expertise in such matters.
All in all, the selection of credit card terminals is a process that can be a dangerous one if not treated with caution. Research is vital to understand the various options available and to aid one in making the best choice for their business. After all, payment processing systems are vital to a company’s revenue.