The Legal Responsibilities Of Credit Card Processing

In today’s competitive business world, it’s more important than ever to be able to accept credit cards from your customers.

Consumers have realized the convenience and protection of using their debit or credit card when making a purchase – so most people just don’t carry that much cash on them anymore. Also, studies have shown that accepting credit cards from your customers will help increase sales.

It should come as no surprise, therefore, that credit cards are becoming increasingly popular among merchants and consumers alike. To accept credit card payments in retail environments, merchants need to use credit card processing machines to complete the credit card transactions.

Wireless card processing terminals are a recent technological phenomenon. Just like all technology, when wireless credit card machines first broke into the market they were very expensive and wireless coverage was minimal due to lack of demand.

The cost of wireless credit card terminals, machines and service prices have dropped dramatically over the past couple of years, due to more manufacturers and products being brought to the market because of increased demand. Wireless credit card machines have now become a cost effective processing solution – for even your “weekend warriors” selling at craft and trade shows. With their increasing popularity, wireless credit card terminal coverage has improved too.

There are six primary reasons why your business needs a wireless credit card processing machine:

1. Swiped transactions are quicker than keyed transactions:
While most keyed credit card processing services are relatively slow, wireless credit card processing is much faster. Your customers are likely to be happy, as you don’t keep them waiting for a receipt. Saving time at checkout gives you more time to sell and close more deals.

2. Easy to use:
Wireless credit card machines are easy to use. They involve swiping a card through the wireless terminal swiper, after which a receipt is printed for the real time transaction, which you can hand over to the customer. The entire transaction takes approx 3-5 seconds; keyed transactions can take 1-2 minutes and you have to hand write receipts.

3. Instant approval of declines:
Wireless credit card terminals are able to use cell phone technology to authorize your transactions in ‘real time’. This takes the risk out of accepting a bad card, only to find out later that day once you have time to process it.

4. Lower rate:
Visa/MasterCard gives merchants How to Start a Credit Card Processing Company a lower discount rate when they swipe a credit card versus key it in. Not only do you save time by swiping credit cards through a wireless credit card machine but you save money in processing fees as well.

5. Online reporting tools:
Not sure if you charged a customer’s card the correct amount? Do you need to investigate a transaction but can’t wait on a monthly statement from your processor? Most wireless terminals accounts also come with an online reporting tool that you can login and check your wireless credit card machine’s transaction history.

6. Mobile selling facilitated:
As a merchant, you would like to be proactive when you sell. This means that you don’t wait for your customer to come to you. In a competitive market, the more proactive you are, the more likely you are to make a sale. Wireless credit card machines allow you to be a proactive merchant, as they are mobile, allowing you to carry them wherever you intend to sell your wares.

Thus, wireless credit card processing terminals allow ‘mobile’ businesses to accept credit cards (e.g. taxis, sales people, trade shows, flea markets, service industry, etc.). Wireless credit card machines are crucial for those merchants who like to take their business to their customers.