Nearly every consumer today prefers to pay for a purchase either by credit or debit card because it is simply more convenient than any other form of payment. Credit transactions allow customers to spend money in advance and make larger purchases they may have not been able to accomplish using cash. Debits provide easier access to existing bank account funds. If your business has not jumped on the bandwagon in this area, you are not earning the profits you could be. Your business must be able to satisfy your customers.
MOTO (Mail Order/Telephone Order) devices provide the ability to process mobile payments by phone or through more traditional methods. Your business can easily accept this form of payment from any location. A conventional card reader is a machine used to read a magnetic strip. Newer technologies have expanded the definition of this device. Proximity readers or mobile phones are now additional options for processing customer payments. A MOTO business card reader can be used to scan important information and store it for later reference. Devices are available to read magnetic strips or stored information on memory cards. There are a large variety of devices for both storing data and processing purchases. Many have mobile capabilities that allow these devices to go where your business goes.
Credit Card Merchant: Choosing a Device to Fit Your Processing Requirements
Readers are essential if you are a credit card merchant who will be performing mobile or in store business. As opposed to online processing, you need a way to read or enter the information. Today’s devices can obtain data through barcodes, chips, magnetic strips, and various other mediums. Some communicate with smart or other types of memory cards, while others read the imprinted strip on the back. The type of technology needed will depend on the types of cards your retail location or mobile business plans to accept. Plastic identification methods may use one or many technologies including:
- Magnetic Strips
- Smart Chips
- Proximity Technology
Barcodes are heavily used for identification mechanisms, while the other technologies are included on plastic for purchases. The most constant technology implemented has been the magnetic strip that requires a specifically designed reader. Smart cards use a chip to store the same information as on the magnetic strip. Proximity cards can be read at a distance. A magnetic strip is often combined with one of these technologies to make it easier for merchants to process the transaction. Even if a more advanced card is provided, you can still process it through the magnetic strip. When you become a credit card merchant, a device will be needed to read each customer’s information.
AVPS can work with you when choosing the best equipment for your business. If you plan to make transactions in a mobile fashion, a wireless device or cell phone terminal will be needed to complete the process. The types of processing and purchase location have a direct affect on device selection. Contact one of our professionals today to learn about MOTO business card readers and other offered equipment.