Debt and credit

How to Make the Most Out of Your Credit Card Machine

credit card statementIf your business operates with customers making payments in person, having the right credit card machine is critical for two reasons. Firstly, you want to make sure that the machine is secure so that the payment can go from a customer’s account into your account seamlessly. Secondly, you want to make sure the machine is secure so that customers can have a great user experience and feel safe purchasing at your store.

If you are looking at making the most out of your credit card machine, it’s important to know what purchasing from the right payment provider looks like and you should know in detail how a credit card machine really works. Here we are going to discuss both of these topics in great detail…

Purchasing From the Right Payment Provider

Half the battle of choosing the right credit card machine is the payment provider you choose to work with. It’s important that the company you decide to work with is up to date on their services and don’t overcharge you. Customer service is also a critical aspect to take into consideration. What if your credit machine fails while a customer is making a purchase? Who are you going to call? Making sure you choose the right payment provider that has a great customer service support team is critical. In order to choose a company that will give you the support you want, check their company reviews through Google My Business or Yelp, see if their support team is located in-house or if it is outsourced, and check out their website to see how you will be able to contact them.

When you choose to work with the right payment provider, you will be opting to use technology that will let your business work more and allow you to work less. Your payment system should work with your business to help make processes easier. If you are looking to get the most of your credit card machine, work with a payment provider who can sell you payment options that offer processing software to give details about your customers. (Ex. where your customers live)

Knowing How a Credit Card Machine Works

Understanding how a credit card machine works will help you make the most out of it as you will be able to efficiently and effectively use it. If you are new to purchasing a credit card machine, it’s important to conduct your research beforehand so that you can understand what goes on behind the scenes of a transaction. The process starts when a cardholder makes a purchase and swipes their card, then credit card processing happens, and most times the purchase is then approved. You should know that within this process there are several parties involved. This includes the cardholder, merchant, the acquiring bank, the issuing bank, and the card network. Cardholders don’t have to know how it all works, but a business should know. Here is some more information:

  • Cardholder – The customer who swipes or inserts their card to make a purchase
  • Merchant – Any store or seller that has provided the goods or services. The merchant will be providing the credit card machine and pay processing fees to the card company or bank
  • Acquiring Bank– Also known as the Merchant bank, where the funds from the transaction are received
  • Card Network– Makes the connection between the acquiring bank and issuing bank. This could be Visa or MasterCard for example
  • Issuing Bank– This is the bank that has issued the credit card to the cardholder. They provide the monthly statement and authorizes the card details

As you go to purchase a credit card machine, you might hear the term Point Of Sale Terminal. This simply means that in order for a transaction to be completed, all you need is a card reader and a pin pad. The internet is also used in order to process the purchase but a phone line, computer, or mobile device can also be utilized to complete this transaction. Security is also a huge component to getting the most out of your machine. Security in most cases is enabled with PCI compliance or with an EMV chip to ensure that all transactions are secure. It’s important to always ensure that your customer’s financial information is kept protected from unauthorized parties.

Make Your Purchase

Following the provided tips, now you will be able to make the most out of your credit card machine and the next step is making the purchase. When looking to hire a payment solutions company, choose the company with a qualified technician that will securely set up the system for you and that will answer all of your questions. With a majority of sales coming from credit cards in today’s market, it’s important to select the right team that will help you get the most out of your credit card machine.

A post by PayeexPaymentProcessing (1 Posts)

PayeexPaymentProcessing is author at LeraBlog. The author's views are entirely their own and may not reflect the views and opinions of LeraBlog staff.