2 Types of Credit Card Processing That May Increase Your SmallBiz SalesJune 13th, 2011 | Online & Small Business Resources,Small Business Tips | No Comments »
Tired of seeing a sale walk away because they didn’t have the cash in their pocket for your product? Tired of hearing disgruntled customers complain and leave because you do not accept credit cards as a way of payment? Tired of making large, time consuming cash deposits into your business’ account? Well North American Bancard (NAB) may be the solution for you. With a multitude of payment processing options available, companies like NAB can help find a good option for you. Credit card processing has not always been the affordable option for small and/or start up business’; but recently more businesses are going down this path to get a cost efficient way to escalate your sales while maintaining a low processing cost.
Traditional Swipe Terminals
If you run a “bricks and mortar” storefront, then you are going to want a credit card processing machine at your cash register. Customers will be given the pleasure of making an easy payment with the swipe of their debit or credit cards. The funds will enter a network of complex transactions before they are finally deposited in your business’ bank account within a few days of the purchase. No need to worry about this process as your merchant account will handle it.
Like people, every business is different and has different needs, which is why there is a variety of retail swipe terminals available. For some, you just swipe the card and the payment is accepted; no signature or PIN number is necessary. Others, customers sign on a screen, punch in their PIN, or the machine prints out a paper receipt to be signed. Connect with your merchant account provider to find out what type of terminal is the fit for you.
Some retailers are discouraged by these swipe terminals because they fear the processing fees that will come along with them. However, little to their knowledge, processing fees on these physical terminals are the cheapest in the business. Providers know that the chances of credit card fraud are the lowest during a physical transaction, and that low threat allows them to decrease the processing fees.
Wireless Credit Card Terminals
Whether you are a small business who is accepting credit card processing as a form of payment for the first time or an established business looking for a batter way to process credit cards, a wireless credit card terminal is the perfect way to improve your current payment system. The VeriFone Vx 670 looks like it may be simple to use and can be handed to your customers or can be stored when not in use. Due to its relatively small size, along with its features like Wifi, Bluetooth wireless technology, and GPRS, this portable terminal could be ideal for those vendors who work in stadiums, those who accept payments in restaurant and bars, and those in delivery operations.