Customers today expect to have the option to pay for goods and services by debit or credit card, regardless of where the business is trading from. It’s all about convenience. Although similar, each kind of device varies when it comes to how payments are taken. Each method also has its own inherent advantages and disadvantages, depending on the kind of business using the device. The following information will help you make an educated decision regarding the right credit card terminal to use for your business.
Chip & Pin and Contactless
Chip and PIN solutions make it possible for people to pay for small value items, like coffee, snacks and newspapers, by holding their credit or debit card about an inch away from the terminal. There’s no need to insert the card or key in a PIN. This type of system speeds up the payment process and is available on all of card terminal models.
Contactless payment options perform with the exact same payment structure used to transmit conventional debit and credit card payments, however, they provide enhanced security features. Each contactless card includes a ‘key’ that produces a unique verification value for every transaction, that can’t be used again. Additionally, not all of the customer’s details are transmitted during the payment transaction, providing a high level of security. These special features can also protect businesses from having to deal with frustrating chargebacks.
Smart Card Readers
A smart card reader is a device that is handheld and it can read information from credit and debit cards. Smart card readers typically link to a computer using a USB connection, however, some of today’s new computers have built-in terminals. The key advantage of smart card readers is the fact that data can be written onto certain smart cards as well as being read from them. As a result, they make a great management device for a wide range of applications, including payment systems, time and attendance record keeping, employee security systems and access control.
Card Terminal Rental Options
Renting a card terminal is a cost-effective way to handle card payments, however, there are some things you should consider before you rent one. The length of time you’ll need the card terminal for will significantly affect the rental price. For example, if you’re already working with a merchant account provider, you might be able to sign a long-term contract that will make it possible for you to rent a terminal for a low monthly rate (in some cases as low as £5 a month). If you only need a card terminal for a one-time event, rental charges could run you about £40 a day.
A virtual terminal is a web version of a physical credit card terminal that also accepts all major credit cards. It’s a software application that’s hosted online, typically on the service provider’s servers, accessed from any web browser. Because a mobile phone, tablet, laptop, or desktop with an Internet connection can be used to process payments, equipment costs aren’t an issue.
There are a variety of credit card terminals to choose from today. We hope that the information provided in this article will help you make the right choice for your business, based on your specific credit card processing needs.