Statistics show that the average credit card purchase is $40, over four times more than the average cash purchase. For retail merchants, this signals an opportunity to cash in on what is rightfully dubbed “the age of credit.” But to cash in, they need at least one credit card machine. In the past decade, the technology of payment processing has increased significantly. Today, machines that process credit cards are available in a variety of styles that meet specific needs. Below are five styles of credit card processing machines that help merchants boost their revenue by accepting credit cards.
Retail processors, which contain a card swipe, a keypad, and are wired in place, have been around the longest. But their value to merchants that sell in-store is still strong. Merchants who sell in-store and have a high transaction volume can benefit from retail processors significantly.
IP processors feature the same hardware as retail processors, but they transmit payment information using Ethernet instead of a modem. This results in higher transaction speed, but brings the concern of Ethernet reliability. Merchants who sell in-store, have a high transaction volume, and have reliable Ethernet are ideal candidates for IP processors.
Contactless processors feature a sensor that reads contactless credit cards from a distance of 3-4 inches. Increasing transaction speed by eliminating card swiping, they are ideal for merchants who sell in-store and have a high transaction volume. Research shows that contactless credit card holders use their cards more often than traditional credit card holders.
Wireless processors, which contain a card swipe and a keypad, but are not wired in place, are designed for merchants who sell out of store. Offering the best transaction speed among mobile processors, wireless card processors are ideal for mobile merchants who experience a high transaction volume.
Cell Phone Wireless Processor
Cell phone wireless processors are cell phones that feature built in swiping equipment, or have specially designed card swiping equipment attached. These processors often cost less than the ones above, but their method of operation makes them inefficient for merchants who have a high transaction volume.
Choosing the Right Processing Equipment
Choosing the right processing equipment involves several considerations, particularly:
• Whether a merchant sells in-store or out-of-store
• The merchant’s transaction volume and transaction patterns
• The rate structure of the account a processor is used for
• The payment preferences of the merchant’s customers
• Equipment design and unique features
• Cost of equipment
At AVPS, we examine these considerations and help merchants choose the best card processing terminal for their present and future needs.
For over 25 years, AVPS has serviced merchants and pioneered best practices for Small Business Merchant Accounts. Whether your transaction volume is low, moderate, or high, we will supply an account whose rate structure benefits your transaction volume the most. To learn more about how the right processing account and credit card terminal can revolutionize your revenue, call us today.