Different Types of Credit Card Terminals
In case you are suing a merchant account, you need to establish a credit card terminal to accept payments from buyers. The credit card terminals laminate the need for customers to carry cash to make payment for purchases. When meeting customer’s convenience needs, it is necessary to take care of their money security and identity of the users.The prime concerns that you must take into account when searching for a credit card terminal are ease of use, reliability, security and charges. The credit card terminals offered by different companies have the basic functions though they have some differences.
There are about four classifications of credit card terminals for merchant accounts.The standalone credit card terminals are the brick and mortar type. This is the predecessor of all merchant credit card terminals. This is a type of merchant account that is familiar with any person who has been using merchant accounts. Their function is to read debit cards and credit cards. Their main components include the magnetic stripe reader, keypad, printer, pin pad and display screen. They have to be connected to a telephone line or over the internet. The capabilities of EMV and NFC are present in the newer models.
Wireless credit card processing machines are also available. The the difference with the standalone model is that you can use it away from the mortar front end. The virtual credit terminal features as another option. This one allows you to manually enter credit cards and upload transactions from virtual locations You only need to source a computer and internet connecting to get working.
The latest entrant to the world of merchant accounts is the use of mobile credit card processors. The credit card terminal is made by mounting the credit card reader to your phone. It is now ready to use when you set the gadgets when mounted. However, one needs to download the mobile credit card processor app to make it a credit card terminal.The process, however, needs to be completed by downloading and installing a mobile credit card processor app to your phone. This technology is the way to go if your business requires high level of mobility.
You need to factor in the mode of transaction you use before you decide on the terminal to apply. For a business with a high number of clients, the traditional stand-alone terminal is unbeatable. For firms which transact online, they need to have the virtual credit card terminal. Different vendors will charge differently for the installation of the terminal. There are some who will even offer the credit card reader for cell phones and the application at no charge. However, something that is imperative is the transaction fee. What am seem like a small difference in rates will amount to large payments in total. You need to compare the setup costs, the monthly fees and the fees per transaction.