If you want your business to have the ability to accept clients’ credit cards as a valid form of payment, you are going to want to explore all of the options available to you. The main choices you face include: finding the right merchant account provider, choosing a payment gateway, and setting yourself up with the right type of credit card machine or terminal.
The merchant account provider is essentially a bank or another financial institution that becomes responsible for accepting payments your customers make. Then, in order for money to actually change hands after a charge is made, a payment gateway service gets involved. They handle the specific “interchange” of money from one party to the other.
However, once you set up your new merchant account, all of this will be transparent to you. What will matter to you on a day to day basis are the discount rate and other fees you pay, as well as the type of card machine you use.
It is a good idea to understand the various types of credit card machine options available to you as you make these important decisions about accepting credit card payments.
If you want to start accepting credit cards, here is a comparison of credit card machine types:
1. Traditional Terminal:
The traditional terminal is the type you have probably seen for decades each time you have visited a merchant. Sure, the machines have evolved over time: many of them now are equipped with keypads so that the merchant can accept debit cards. But, essentially, they are about the same they always have been.
These machines consist of a magnetic strip reader, a keypad for entering pricing information, and a small LED readout. The machines require a printer, which can be built in or an independent unit.
In terms of the display, there are different styles and sizes. Look for a model that sports a backlit display, especially if you will be using the machine in low light situations.
Keypads also vary in size and in the number of available keys. Having more keys gives you the option of assigning certain functions a dedicated key, while larger keypads are easier to use.
2. Wireless Terminal:
If your business requires you to move around a lot (a taxi service is an excellent example of such a business), a wireless credit card machine may be the type for you. The benefits of going wireless for these types of “on the go” businesses are obvious.
However, these devices are also more expensive to operate. If you do not require using a wireless service, consider getting a traditional terminal and save yourself the additional fees.
When it comes to printers, wireless terminals have built in terminals, since having to carry around a separate terminal is not convenient. Other factors to consider when looking at different wireless models include: battery life, weight, wireless range, and shock absorbance.
3. Virtual Terminal:
For those businesses that operate exclusively online, a virtual terminal is the wisest choice. Since you will not be handling customers’ cards directly, you can just obtain their credit card numbers and enter them directly into the system.
Consider each of these 3 types of credit card machines as you compare which one is right for your business.
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