Whether you sell online, in-person or both, no modern company can survive without being able to take credit card payments. In order for that to happen, you’ll need to research to find a smart credit card terminal.
With the right set of features on board, you can look forward to secure payments, efficient transactions, improved analytics and satisfied customers.
Credit card terminals defined.
Before we dive into details about features, let’s get our terminology straight.
A credit card terminal, sometimes also known as a smart credit card terminal, is a piece of hardware or a software application that makes it possible for a retailer to take debit and credit card payments.
Typically, the terminal consists of a keypad for entering details such as PIN numbers, a reader and a display screen that shows details of the payment. The terminal connects, usually wirelessly, to the payment processor in order to facilitate the transfer of money from buyer to seller.
A good terminal does more than simply to take credit or card information and pass it onto the processor. It also contains a robust set of security tools that help to protect both you and your customer from possible fraud.
Feature 1: accepting multiple forms of payment.
Now more than ever, it is crucial that your business establish yourself as a brand that is committed to catering to its customers. In addition to taking steps to personalize the shopping experience with targeted marketing, providing a variety of payment options allows your buyers to use the method with which they feel the most comfortable.
With so many other stores competing for the same shoppers, going the extra mile to make the payment experience as pleasant, client-focused and accessible as possible can mean the difference between a sales conversion and a click away to one of your rivals.
Specifically, your terminal should, of course, take credit and debit cards. In addition, it should also have no difficulty accepting digital transactions like Apple Pay, Google Pay and PayPal as well as contactless payments.
Offering a variety of options increases the chances that your customer will find one they love. It is even possible that they will spend more money.
Feature 2: accepting recurring payments.
You should only partner with a payment processor who can provide you with a terminal that can be configured to accept recurring billing. This model lends itself to virtually all business types, allowing you to schedule withdrawals from a customer’s credit card or bank account in specified amounts, on predetermined dates and for a certain duration.
At one time primarily used by health clubs, day care centers and utility companies, this model is now embraced by retailers of all types. When you offer this enhanced way for customers to resolve their invoices, you make it more comfortable for them to buy larger-ticket items. What’s more, you have numerous additional opportunities to enhance your relationship by means of supplementary communications and promotions.
Feature 3: compatibility.
Your terminal should also work seamlessly with the other software and systems that you are already using in your business. These include components such as the point of sale program that communicates with your payment processor as well as your accounting and customer relationships and employee software. When all of these elements interface without a hitch, you can provide an accurate, secure and effortless payment experience not only for your customers but also for your staff.
Choosing the right credit card terminal for your business.
Now that you have an idea of what qualities to look for in a credit card terminal, it’s time to do some research to learn about the various options available to you. Taking the following factors into consideration will help you to choose among the many companies vying for your business.
Start by assessing your current and future business needs. While it is important to find a terminal that possesses a variety of features, you may not need every bell and whistle if your operation is small.
By the same token, you should keep your goals in mind and opt for a terminal that can grow right along with your store.
Card terminals are available at varying levels of power and speed. Smaller businesses with lower sales volumes may not require the more robust features that also cost more. As we said above, deciding the power of the terminal you choose should be a balancing act between your current needs and your projected future requirements.
Furthermore, examine your customers’ preferences to gauge what types of transactions you wish to accept.
Since you are looking to ensure that your system will accommodate your future as well as your current needs, be sure that your terminal is equipped to accept contactless mobile payment solutions and those that come from digital wallets.
Credit card terminals come in a variety of types. Stand-alone models are usually connected to a telephone line or to the internet. These old-school systems are perfect for stores operating from a set location with moderate to high sales levels.
A modern alternative is the mobile card terminal. These terminals use an app to connect to a smartphone or tablet, making for easy, wireless payments from anywhere that keep security as a high priority.
Finally, virtual terminals lend themselves to online or phone-based businesses.
These software applications act in the place of standard physical devices, allowing payment details to be securely entered by customers on a dedicated web page or, in the case of a telephone order, by you or one of your staff members.
Credit card terminals have come a long way in just a few years.
No longer simple “dumb” machines that take and transmit payment details, they are now able to interface with complex point of sale systems to provide a host of features that streamline employee, customer and inventory management as well as creating actionable reports that can be used to plan future marketing initiatives.
Be careful in selecting the right smart terminal today, and your business will benefit from its scalability and feature set for years to come.
