The Technology Behind Processing Electronic Payments

The Technology Behind Processing Electronic Payments

For business owners, setting up their payment options is a critical part of opening any location. Among those choices is find the credit card processing machines that fit your needs. Determining how your business functions will also impact the types of machines you should choose. Here are a few of the options currently available.

Traditional Retail

These are point-of-sale terminals, typically used for face to face transactions. These terminals can process credit cards, debit cards, prepaid cards and other electronic transfers. Swiping the card through a reader, the terminal will then contact the processing company and complete the transaction. A PIN pad can be added for debit and EBT transactions. There is also the option to key the information in for phone or mobile orders.

Mobile and Wireless Options

Businesses have moved beyond the typical brick and mortar setting. For these owners on the go, there are a variety of mobile and wireless terminals that can provide secure payment processing. These systems also include app-based processing that can perform transactions through your tablet or smartphone. In some cases, there is a small plug-in swiper to reduce the risk of fraud.

PIN Pads

These pads can be added to a variety of integrated sales system. They allow the customer to enter their PIN to complete any transaction and are required for any business accepting PIN debit and EBT cards. However, this option may not be available for mobile devices.

Credit Card Swiper

This device reads the information electronically stored on a credit or debit card’s magnetic strip. This must be present for any face-to-face transactions. These swipers are typically small and alternatives are available to be used with cell phones and tablets. Using a swiper also reduces the risk of fraud with your transactions.

Receipt Printers

Most credit card processing systems include a receipt printer. This can be integrated with a point-of-sale system. Additionally, newer software options can allow for a receipt to be emailed to the customer’s email address. For a hard copy printer, look for easy paper loading and an auto cutter, along with a quick printing speed.

All of these options may not be necessary for your particular business, depending on how you will be accepting payments. However, by understanding what each of these pieces of technology offer, you can choose the best credit card processing machines for your business.

Merchants Bancard is a credit card processing company that provides a variety of credit card processing machines. They also offer support and additional payment processing expertise for many business types.

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