The Different Types of Credit Card Processing

No matter what the industry, you need a fast, convenient way to accept credit card payments. These days, almost everyone carries a credit or debit card, and whether you’re working online or you have a brick and mortar location, customers expect the ability to pay with their cards.

Businesses that don’t accept cads lose a huge chunk of the market. Nearly half of all transactions last year involved a card, and those are sales numbers you don’t want to ignore.

For example, Visa has done studies where they conclude a merchant will experience a 30-40% sales increase merely by accepting cards as payment. When it comes to credit card processing, though, what are your options?

Take a look:
– A Standard Terminal:  This is the type of credit card processing almost everyone considers. It’s typically a cash register with a credit card machine build into it. The payments industry refers to this as the Card Present environment. This is the best option for business owners who have a physical location and do plenty of credit card sales each day. Most of them are equipped with swipe and chip capabilities. This means additional payment options for customers. The technology can be an expensive investment, but it can also be worth it if you know you’re going to have customers who need your services and products, and you know they’re coming to you to get it.
– A Mobile POS System:  Mobile phone technology has been nothing short of amazing for business owners, and it’s developed to the point where you can now use your phone to process payments. If you have a smaller business, or you do quite a bit of trade show business, this is the best option for your company. It’s small, inexpensive, and you can literally turn any of your devices into a credit card processor instantly.
–  E-Commerce Processing:  Doing quite a bit of business online? You’ll still need to accept credit cards, but you’ll need to do it virtually instead of swiping the card. E-commerce is a great way to reach customers who can’t make it to your location, but they’re still interested in your goods and services. Here the industry identifies this as Card-Not-Present (CNP) since your sales staff does not make visual contact with the cardholder. As one would expect, CNP fees are more expensive than their Card Present cousins. The best credit card processor will often help you navigate the murky waters of privacy legislation, even if you’re accepting cards online.

No matter what type of credit card processing you want to do, we can help. Contact us today to learn more about our merchant services and payment Conduit.

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