Card Payment Terminals: A Beginner’s FAQ
You know that your business simply must accept credit cards from customers because, as most business owners know, card payment terminals, coupled with merchant accounts, services, and software, will enable your business to sell more, to benefit from impulse buys, and to provide convenience for your customers by allowing them to pay via card payment terminals.
Unquestionably, there is a lot of information out there on the basics of merchant accounts, payment processing, and card payment terminals, so we’ve compiled this brief FAQ for those of you new to the world of payment processing and related issues.
What Do I Need To Get Started With Accepting Credit Cards from My Customers?
Setting up a merchant account, familiarizing yourself with the program, and initializing your new card payment terminals will enable your business to accept card payments. Typically, your terminals – and their necessary accoutrements – can be up and running more quickly than you ever thought possible. When arranging for the use of your new card payment terminals, be sure that you:
- Establish a merchant account to process payments via card payment terminals.
- Install the card payment terminals’ equipment. When using your new equipment, your customers’ cards are either swiped through or fully inserted. Some acquiring banks allow you to rent card payment terminals for a monthly fee.
- Connect your card payment terminals or integrated tills to a phone line, so that transactions will be transferred and processed.
- Address your acquiring bank about specific Payment Card Industry/Data Security Standard (PCI/DSS) guidelines according to the way your card payment terminals will process transactions.
What Kinds of Electronic Payments Will Card Payment Terminals Accept?
Most merchant accounts generally allow your business to accept all major debit and credit cards, including Visa, MasterCard, Maestro, and SOLO. To accept most major cards, however, you need to establish an agreement with the actual charge card company, with which your acquirer should be able to assist you.
How Can I Prepare My Associates to Use The Card Payment Terminals?
Before having associates using card payment terminals, verify that employees are well trained in both using the card payment terminals efficiently and correctly, avoiding fraud, and appropriately responding to any issues – like a card failing to swipe correctly or any of the card payment terminals experiencing technical difficulties.