Credit Card Processing for Business - Equipment

Credit card processing for business involves much more than just setting up a merchant account. Whether you’re processing credit cards on-site or doing it over the internet, you will need equipment that is specific to credit card processing. Learn more about what you need to accept credit cards for your business and make that business even more successful.

Equipment for On-Site, Card Present Processing
If you own a retail store, restaurant, or any other type of business that needs to process a credit card on-site, then you will need a terminal that can physically swipe that card. But that’s not all you need to know. Every business has different needs and there are plenty of different terminals to choose from.

Many terminals use a phone line to transmit credit card information for approval, so before you even buy a terminal, you need to make sure you have an available phone line. However, there are other machines known as IP terminals that use a high speed internet connection to transmit that information. IP terminals can process credit cards faster and won’t tie up an extra phone line.

While credit card terminals are used primarily for swiping an actual card, there are many other functions you need to consider. Many people now use debit cards as their main form of payment, but with a debit card, you, as the business, need to offer the customer the ability to key in a PIN number. For this, you need to get a terminal that comes with a PIN pad or you will need to purchase a separate PIN pad.  In addition, you’ll need a printer to get that all important signature and to provide your customers with a receipt.

Other Processing Equipment
Even though many people do pay by credit or debit card, some people do still use checks. If your business is one that accepts checks, electronic check verification is a great way to authorize that check immediately. Consider investing in a check reader to be able to provide this service to your customers. Does your business also offer gift cards? If so, confirm that your terminal can also swipe a gift card.

Credit card processing for your business may be on-site, but that doesn’t necessarily mean it’s in just one location. For those who own a business that requires mobility, there are wireless credit card terminals. These allow you to swipe a card no matter where you are.

Card Not Present Credit Card Processing
Many businesses today conduct most of their business online, and, for those businesses, swiping the actual card is simply not an option. To accept credit cards online, your business will need a payment gateway. A payment gateway allows your customers to enter in all of their credit card information for it to be processed. When considering a payment gateway for your business, make sure you choose one that provides security features so your customers feel safe when providing you with their information. If you are primarily a mail order or phone order business, you will still need a virtual terminal, which is essentially a type of computer software that allows you to enter and process credit card information from your customers.

Cost Considerations for Terminals
When getting equipment for the processing needs of your business, you also need to consider cost. When you choose a merchant account provider, check to see if they also provide terminals. Some merchant account providers will provide you with a terminal or the necessary software at no additional cost when you sign up for an account. If not, you need to decide whether you want to buy or lease a terminal. This decision will of course depend on the needs of your business and how much you want to spend over the long run.

Before getting equipment to process your payments, make sure you know exactly what your business needs and research all of your options.