A credit card processing device is arguably the most used and under-appreciated machine in any retail business today. One of the most critical and essential credit card processing machines is the credit card terminal. The credit card terminal is among the simplest and the most cost-effective ways of accepting card-present transactions in a retail environment. In short, this’s a situation where the customer hands over their card for payment to be processed.
In this article, we’ll show you how to choose the right credit card terminal for your retail business. Keep reading!
What’s the Connection Type?
This’s a very crucial question when choosing the best credit card processing terminal. Consider the kind of method used for communication between the terminal and your processor. Although you’ll get some terminals that still use a modem, and transmit transaction information using the analog phone lines, this method is no longer preferred.
Settle for one that uses hardwire internet connection because of speed and reliability provided. Alternatively, you can also choose a terminal that wireless technology like cellular service or WiFi.
What are the Costs?
You’ll find some companies imposing higher credit card processing fees than others. You should find out if the company charges interchange fees, application fees, monthly minimum fees, early termination fees, and monthly statement fees. If the company doesn’t provide you with a detailed and clear explanation, kindly look for another company. However, the company should also offer you quality service apart from being pocket-friendly.
What are the Additional Transaction Types?
Apart from processing debit and credit transactions, a proper credit card terminal should also incorporate additional payment methods such as:
- EBT (electronic benefit transfer) which refers to benefits like food stamps and SNAP offered by the state. This method is commonly accepted in grocery stores.
- Gift Card which is an electronic stored-value card containing a predetermined value at a given business. Gift cards will come in handy when building customer loyalty and attracting new clients.
- Electronic Check which is a program that converts a paper check into an electronic format. This will protect you from those bounced checks.
Is it Secure?
For any business that accepts credit card payments, security sensitive data is very critical. Both small and big companies have to maintain high-level security standards. You are solely responsible for ensuring the processing company you choose has prospered security standards as well as compliance in place.
These standards should include SSL (Secure Sockets Layer) protocol, End-to-End Encryption (E2EE), the CVV2 (three-digit Card Verification Value) and the PCI (Payment Card Industry). Therefore, your top priority should be the machine’s security because a single breach can compromise your whole security system.
Does it Have Automatic Updates?
The terminal’s ability to automatically download and install the latest software update without any user intervention is also important. Apart from being convenient, this will limit the amount of time spent talking to customer support on the phone.
Accepting credit card payments might be the key to success. Although there’re many factors to be considered when choosing a credit card terminal for your business, these five points should be at the top of your list. All in all, carry out proper research on the service provider to avoid any future disappointments.