Credit card process: which type of machine is best for your business?
Accepting credit cards is as easy as accepting cash. As we all know, especially as a new business owner, there isn’t a whole lot of accessible money flying around when you first start a business. As a result, you have to use the most cost-effective methods to make sure you can conduct your business and earn enough to continue to enjoy life, doing the activities you love with family and friends.
One of the main things to consider is; what’s most convenient, yet cost-effective, for you and your business? No one wants to have to beat their head against their business walls on a daily basis just to get a card approved! (Construction repairs for dents made by heads can be expensive.) Who needs a headache, right? You simply want to draw customers in, entice them to make purchases, and be able to run their cards without any problems.
If you aren’t sure what method you will need for accepting cards yet, it’s best to know how each one works before deciding. There are a few different ways credit cards can be accepted but no need to worry; it’s fairly straightforward and user-friendly.
Credit card terminals
These types of terminals are excellent for retail stores, small restaurants, automotive and seasonal businesses. The majority of your transactions are done face-to-face with the option of manually entering the card numbers through the phone or Internet. Most credit card terminals these days allow you to swipe, dip, or tap. This means if you have a card with just a magnetic stripe you can swipe the credit card, and if the customer has an EMV (Europay, MasterCard and Visa) chip card they would dip the card into the machine, which adds transaction verification and security features not offered by the magnetic stripe cards. Lastly, for NFC payments like Apple watches or your smartphone mobile wallet you can tap to pay. Many credit card terminals allow you to have a PIN pad attached so you can process debit and EBT cards. These terminals allow you to print receipts and batch out your transactions at the end of the day.
Mobile and wireless card terminals
In a recent survey, payment processor TSYS asked over 1,000 consumers which payment form they prefer. Forty-four percent chose debit cards, while 33 percent selected credit cards, and only 12 percent specified a preference for using cash. With fewer people paying with cash, mobile and wireless credit card machines are becoming more and more popular. Mobile and wireless terminals are great if you want the flexibility to go wireless and take the terminal wherever you are. Whether in the store or traveling elsewhere you can conduct your business via WiFi or 3G connection. These terminals offer swipe, chip reading, and NFC capability. They are a good choice for restaurants who want the flexibility of having the client pay at the table, for retail stores to allow customers to pay whether they are in the store, or on the go at trade shows, pop-up shops, food trucks, and so much more.
Internet card payments
Companies who use shopping cart software and accept payments on their website, web store, or blog fall under this category. Usually, these payments are done through a payment gateway including a virtual terminal; you can key-in transactions or even process checks. A payment gateway connects your online shopping cart with your merchant account. It facilitates the transaction process between the card issuer’s bank and your own. Setting up your “shopping cart” to be user-friendly is an important aspect of this type of transaction and is crucial to have a clean appearance.
Knowing how you need to accept payments is the first step in selecting the right merchant account for your business. Your provider will be able to supply you will all the information about their services and how best they can help with your card processing. Make sure to do your homework so you have the best setup for your particular business needs! Call us for a free consultation at (888) 510-9871 or visit www.redfynn.com for more information.