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Utilizing Credit Card Terminals for Your Business

Should You Utilize Credit Card Terminals For Your Business?

Credit card terminals are becoming more commonplace as less people are actually carrying around large amounts of cash and using plastic to make purchases.  These machines are in almost every restaurant and retail store.  They let businesses process credit card transactions instantly and securely.

Here are some tips to keep in mind when purchasing new credit card terminals for your business

There are three basic types of credit card terminals that provide the flexibility and needs for your business, stationary, wireless, and virtual credit card terminals. 

 Stationary
The stationary or the traditional terminals work with most businesses with a physical location such as restaurants and retail stores.  They provide printer services and can accept debit card swipes as well.  Some models have extra printing capabilities built in and some can print with the purchase of additional accessories.  It may be slightly easier to use one piece of gear instead of two as far as printing goes, but the overall affect on your business will be minimal.

Most stationary models also come with built in keypads which makes it easier to accept debit card and to give vendor and business owners the flexibility of accepting multiple forms of payment. 

Wireless
The wireless credit card terminals would be best for businesses on the go such as taxi drivers, lock smiths, and those that provide various other mobile services.  There is also the additional option of having printers with your wireless terminals and most come with keypads as well giving you the option of processing credit and debit cards. 

Virtual
The third is the virtual terminal which is helpful for those appealing to the online and global markets.  These work best for business that are online and have no physical location. 

You will have to check with your merchant provider when deciding which credit card terminal will be right for you.  If you do not have a merchant provider, you will have to find one before you can start looking at different terminals.

Pros / Cons
Merchant providers usually take a percentage of each transaction or a percentage of all of your transactions as a whole.  Utilizing credit card terminals does give your business security by providing a way to not have large amounts of cash on hand. 

It is simply more convenient to swipe a card rather than carry around cash.  More people are inclined to impulse buy, especially with credit cards which provide high credit limits.   Having the additional option of being able to take credit cards can increase your profits. 

If you aren’t accepting credit cards, you run the risk of losing hundreds of potential customers who are not willing to pay in cash or do not have other means to make their payments.  People like the fact that they do not have to carry large amounts of cash when they shop or they like the security of a credit card no fraud guarantee and reward points.  So if customers are provided with additional payment options, they are more likely to make more purchases, which mean more profits for you.