Types of Credit Card Processing Services
There are many merchant services that offer different ways to process credit card related transactions. Choosing the correct process for transaction purposes can lead to the efficient and smooth running of the business. The four methods of services which people should be aware of are online, terminals, manual transactions, and mobile terminals.
In this article, we will explain each process in detail to help you understand which method would fit best for your company or business transactions.
Terminals are basically the card readers that are used by retailers where customer’s card gets to slide into their magnetic strip while paying for a product. There are also terminals which can be simply tapped to complete the transaction and they are known as “tap and pay.” Such terminals read cards using Radio Frequency Identification chips inside them.
Irrespective of which terminals you plan to use, these machines are attached to retailer’s cash registers and the transaction is processed using internet connection.
Online processing of credit card payments involves using an online website to sell services and products. We all have experienced and seen the option of shopping cart provided by merchant services which help customers to place the order for goods quite easily.
This method of card payment processing is one of the best choices for those who sell their products through online portals. This type of service is also very convenient for customers for purchasing products online.
Mobile terminals are quite portable and are plugged into mobile phones. In this process credit card is swiped through the mobile terminals and the transaction is processed through mobile internet. There are many merchant services that can also process the payment without the terminals. There are special applications on the phone where the retailer types the card information and the application sends the payment information directly to the merchant services and the payment is further processed. This method is constantly used by the sellers who are involved in door to door selling and constantly travelling.
The manual transactions for card payments are processed without any use of the electronic machine. Merchants use manual imprinter of credit card and create a copy of consumer’s credit card. The manual imprinter machine is placed over the credit card and a special piece of paper is kept on it. The lever of the machine is pulled which reads the raised information including card numbers against the paper.
If the process is done properly, the card information and letters get printed off on the paper. As soon as, the process is complete the information is further manually typed and sent to the merchant services. This method is extremely helpful to those businesses where credit card transactions are less, on daily basis.
To conclude, every type of business looks for efficient method to provide the best payment solution to the customers and to save card fees. To improve and give the best merchant services there are few added services offered by many companies such as high-speed terminals, low processing, backup connection for the emergency, wireless terminals.
Always consult the experts of a service company and discuss the business requirements and accounts. They will guide you in setting up the payment service and also give technical support and backup options in case of any concerns.