Yes! Credit card machines may be leased or rented by the day, week, month, or year. They also may be purchased outright. Companies who provide credit card processing services can be very competitive. Informed consumers should shop carefully before leasing or buying any digital equipment and be sure to read the fine print in all service contracts.
As the old saying goes, if you’re a small business owner, you can’t “swing a dead chicken over your head” without hitting a credit card machine vendor. The digital age has brought about many changes in the way merchants do business including online credit cards bringing efficient and affordable credit card services to every kind of business, small or large.
Use the credit card chaser to get rate quotes on credit cards now!
Anyone involved in a business that charges fees or collects money for its goods and services can access fast and efficient credit services. Whether your products are sold in a retail store or on line; whether you operate an entertainment facility or a bar or restaurant; whether you manufacture your own products or sell items made by others, there is a credit card service plan that is right for you!
Has the credit industry changed?
Just a few short years ago, a credit card had to be physically present at the time of a purchase and imprinted by a hand operated machine. Each signature was verified in person and imprinted slips were forwarded to bank processors by regular mail!
In this system, authorizations took a number of days, and if a purchaser had reached his credit limit, or the transaction was declined for some other reason, the vendor was often out of luck. The collection of payments for these transactions became a lengthy and arduous legal process.
Today, from the convenience of your store, office, or dining room table, you can obtain immediate authorization and approval for virtually any credit purchase, for any amount, and at any hour of the day or night!
What is a credit card machine?
A credit card machine is a digital reader and transmitter wired directly to a telephone line. Machines read the magnetic stripe and computer chips contained in modern plastic credit cards. This information is decoded and transmitted to a third-party processor.
How do I get a credit card machine?
There are literally dozens of companies in every city and town, ready, willing, and able to provide you with the latest electronic processing equipment. Purchase and leasing terms vary widely from company to company so a consumer should take care and shop wisely before making any long-term financial commitment.
What are merchant services?
Once you have a machine, you’ll need a merchant services agreement. A merchant services contract connects a vendor of goods and services with a bank credit card processor. These independent, third party processors, usually charges a small fixed fee for each transaction, and a percentage of the total amount charged.
For vendors who traditionally take a large volume of credit transactions, even small differences in processing fees and percentages can have a significant effect on a company’s bottom line. As with many types of services, a larger volume of transactions can often be used to negotiate lower service fees.
What online services are available?
Among the most recent advances in electronic commerce is the “payment gateway,” a service authorizing payments for e-businesses and other fully on-line retail merchants. The gateway has become the virtual equivalent of the old POS or point of sale terminal, physically located at the checkout counter of most retail stores.
The gateway provides two main services, a virtual terminal for secure login and credit card data entry, and a direct real-time link between a shopper’s online cart and the merchant’s website. Once a transaction is complete and approved, authorized funds are forwarded to the vendor’s merchant bank account.
Can I still process credit transactions using the telephone?
Sure! A voice authorization or automated response unit, ARU, allows the user to manually key in credit card information, process the transaction, and receive instant authorization over a landline or cellular telephone. A credit card machine or imprinter would still be used to create a merchant copy of the credit transaction and a customer receipt.
What are the costs for these services?
Fees for credit card services can be numerous and complex. All merchant accounts carry percentage fees ranging from a fraction of a percent to 1.5 or 2%. Effective rates can be higher for smaller businesses with fewer transactions. In addition to percentage fees, a merchant account may charge flat fees on a per transaction basis. Advice on finding the best rates is offered by Inc. Magazine.
Additional fees to watch for are, statement fees, authorization fees, monthly or other periodic maintenance fees, batch fees, customer service fees, nuisance fees and chargeback or early termination fees. Forbes offers advice on how to save money on your processing fees.
For more information about online credit card services in your area, enter your zip code in the box provided!