If you want to enter the retail world, then you must learn about credit card processing. Its better known as Merchant Payment.
Following, we will give you a brief guide about credit card processing and name the best equipment in the market.
What is a Credit Card Processing Company?
Credit Card Processing Companies or Payment processors are companies (most third-party companies). These are hired by the merchants to take care of transactions from different channels. These changes include credit cards and debit card. Better, they are called front-end and back-end.
The front-end processors are connected to several card associates and supply authorization and settlement services to merchant banks. Back-end processors will accept a settlement from front end process and move the money from issuing bank to merchant bank. These are some other parameters involved as well.
It includes the card’s issuing country, payment history; it gauges the probability of the transaction being approved as the payment processor receives confirmation that the credit card details are verified.
This information is relayed back with the payment gateway to the merchant. The merchant then completes the transaction. If the information is denied by the card association, then the payment process will provide this information to the merchant, who then declines the transaction.
If you want to learn more, enter to read a leaders merchant services review.
How to Choose a Credit Card Processing Company?
. Following, we are going to mention the top things you should consider when choosing a payment processor over others.
Benefits of a Credit Card Processing Company
Increases Revenue: Most consumers have a credit or debit card. People don’t carry a lot of cash today. Therefore, they use these cards to make purchases. So, you need the ability to accept these cards and process payments. It helps to increase sales.
Improves Productivity: Processing credit and debit card payment is faster than processing cash payment. There are no touch terminals; they let the customers make payment themselves. It’s an instant payment solution.
Convenient for Customers: People pay for convenience, not service. So let them control how they spend their money. Give them instant payment solutions and flexibility; they will appreciate it.
Before you enter the payment processing industry, you must understand the difference between a Point of Sale (POS) system and Credit Card Terminal. What makes both different from each other?
Credit Card Processor
This terminal or device doesn’t do much apart from processing credit card payments. It depends on the terminal to connect and check reader to process payment and gift cards. Still, most of these machines only swipe cards, nothing else.
This is a software suite with advanced features. It lets a merchant manage their business instead of only processing sales. These systems are integrated into almost everything and facilitates the following functions of your business:
- Credit Card Processing
- Cash Drawer Management
- Receipt Printing
- Inventory Tracking
- Barcode Scanning
- Time Management for Employees
- Report and Analytics
What Equipment Do You Need?
It’s hard to buy a reliable credit card processing system, there are endless options out there. Don’t worry, we did our research and are going to name cutting edge processors.
- Clover Station POS
- Clover Mini
- Clover Go All-in-One
- Clover Flex
- First Data FD130 DUO DC Terminal and FD35 Pin Pad
- First Data FD130 DC Terminal
- Verifone VX680 Terminal
- Verifone VX805
- PAX300 Retail PIN-Pad
- PAX S80 Countertop Payment Terminal
- Verifone VX520 DC Terminal
- Walker 2.0 EMV Mobile Credit Card Reader
- Magtek Mini-MICR