Regardless of the size of your company, from the biggest to the smallest, or the industry you are in, choosing the processing solution to best meet your specific needs can save your business both time and money, not to mention rid you of all those little inconveniences. Most full service merchant service providers offer everything a business needs to process electronic payments including software, terminal plug-in’s, repayment gateways, secure PCI-compliant technologies and real time account access. With this comes a wide variety of value-added programs. As there are countless companies all claiming to offer the best deals, having an understanding of the different types of credit card processing solutions available should assist you in making the best and most cost-effective decision for your business.
Retail Swipe Terminals - For merchants who see their customers face-to-face, such as storefronts, the retail swipe terminal is a good fit. The fraud risk that is associated with purchases made is lower due to the fact that the card is physically present; therefore, the processing fees are lower. That is why, as a “Retail Merchant”, the retail swipe terminal is the one for you. It provides the lowest merchant account processing fees since the customers’ credit/debit card is swiped through the terminal.
Real-Time Processing - For e-commerce businesses processing orders on the Internet, Real-Time Processing is the best solution as it allows credit/debit card orders to be processed automatically through the merchants account without any physical assistance needed. The entire process is automated, from the order being placed, to the funds being transferred from cardholder to merchant account and deposited into the businesses checking account.
Virtual Terminals - If you are an Internet merchant who also receives orders via telephone, fax or mail then a Virtual Terminal in addition to Real-Time Processing is the solution. The Virtual Terminal is a secure website where the merchant logs in and manually types in the customer credit/debit card information. Once the information is submitted, the order is securely processed and within a little under 72 hours funds are deposited into the merchant account. Real -Time Processing solutions usually come with a Virtual Terminal at little or no additional cost. The Virtual Terminal can be remotely accessed, securely from anywhere you are connected to the Internet. As an added bonus, Virtual Terminals can also double as a mobile processing solution.
The bottom line is, when evaluating which processing solution and equipment best meets your business’ specific needs, it is equally important to choose a merchant service provider with the infrastructure necessary to not only handle your processing needs, but who also provides 24/7 customer service and technical support to ensure you never lose a sale due to technical problems. Beware of those so-called ‘free’ terminal offers as you will more than likely end up paying much more than what the terminal actually costs over time in excessive service charges and hidden fees.
