When shopping for a credit terminal, you should consider the different types of credit card processing you may need for your business and purchase or lease the equipment that will allow all of those types of processing. If you’re not sure what types of processing you’ll need, see the information here.
- Point-of-Sale Processing: This is credit card processing that takes place in person, at the location of the sale, at the point of sale. Point of Sale is often abbreviated as POS. It usually requires the presence of a credit card processing team and the presence of the person who owns the credit card.
- Online Processing – This type of processing actually requires software on your computer, with a merchant account and a payment gateway. Online processing does not require the presence of a credit terminal. Obviously, this isn’t typically used for POS; it can actually be used this way as well. Often, you will have the ability to process POS with equipment, and also the ability to accept online processing, as an added bonus. Online processing is available to customers, but it’s also possible to use online software to process cards yourself, without the customer, which brings us to phone and mail order processing.
- Phone and Mail Order Processing: This is for orders that are taken over the phone or by mail. Obviously, in both cases, the actual credit card is not present and neither is the owner of the card. Not all merchant accounts will allow this type of processing; however, where your merchant account allows it, you will typically perform this type of processing using computer software. Special rules always apply when the credit card is not present, and you should discuss this with your merchant account service.
- Mobile Processing: Mobile Processing is any Processing that you perform outside of your usual place of work. For mobile processing, you need a mobile credit terminal. Mobile processing is required at trade shows, expos, and many other instances where you can conduct business outside of the office or store. There are numerous devices available for mobile processing. These devices are usually very small and do not weigh much, making them quite portable.
- Swipe Options: Different devices have different swipe options: you’ll swipe the card for the customer, the customer will swipe themselves, or you’ll enter credit card numbers using a keyboard. If customers will swipe the cards themselves, in most cases you will need an external swipe device with a keypad.
Once again, make sure you get the credit terminal that will allow the type or types of credit card processing your business needs. Your best bet for money is to find physical terminals that also give you the option of using software for online transactions, so you can serve customers locally and globally.