Credit card software
The use of credit card is so widespread these days that it has become an inseparable part of our lives. It is now almost unimaginable to imagine a business without credit cards, especially in developed countries. Enter a retail store or a restaurant and you are sure to find a credit card terminal there. If, by any chance, you do not possess a credit card then you will face difficulties in renting a car or booking a hotel room.
By credit card is meant a card that can be used to obtain cash, goods or services from a supplier up to a specified credit limit. Subsequently, the credit card company pays the supplier on behalf of the card holder. In due course of time, the amount is then reimbursed by the card holder who will be charged interest at the end of the credit period if the amount is not paid within the stipulated deadline.
Credit card terminals process credit cards competently and securely. They are not too expensive and can be used in conjunction with a credit card merchant account only. Basically, these terminals are of three types: traditional (in some cases inclusive of a printer), wireless and virtual, i.e., software-based. In the traditional version, you can find a magnetic stripe reader, a keypad to enter prices and other information, and a small display. The printer can be either in-built or come can be available as a separate unit. Wireless terminals are useful for mobile businesses, such as cab drivers or seasonal businesses running at temporary locations. Virtual terminal is essential when you carry out your business exclusively over the phone or the Internet. In that case, your merchant account provider will provide the software that handles the transaction. You simply have to type in the credit card number and leave it to the software to handle the authorization.
In any type of business, be it a traditional retail store or a mail/phone order establishment or e-business, credit card processing software is a cost-effective solution that will greatly benefit your business. You can just utilize your computer to process all major credit cards and deposit the transaction amount
into your existing bank account. Through software processing, you can check fraud losses, save time and money. These will provide you with powerful features and performance, including detailed transaction records and reports. Stand alone terminals cannot usually give you these benefits. With an optional credit card swiper, you can use the software package in retail locations instead of a stand alone terminal. As software can be upgraded there is less chance of these becoming obsolete like credit card terminals.
Point of sale terminals
Point of sale terminals come in extremely handy for processing credit cards, debit cards, checks, smart chip cards, electronic benefits transfer (EBT), and other electronically submitted transactions in a traditional retail store. In this face-to-face transaction, the supplier will swipe the customer's credit card through the terminal or key-in payment information and the terminal will do the rest.
Payment gateways
A payment gateway is an intermediary between the merchants' shopping cart and all the financial networks involved with the transaction, including the customers' credit card issuer and your merchant account. It verifies validity, encrypts transaction details, ensures they are sent to the correct destination and then decrypts the responses which are sent back to the shopping cart. A state-of-the-art payment gateway supports all your sales, returns, real-time authorizations, captures, batch settlement processing and refunds. It also screens all your transactions for possible fraud and provides real-time reporting via your Web browser.
Always try to ensure that the payment gateway service is compatible with your shopping cart package. However, a number of shopping cart software companies support other payment gateway services if there is a demand for it, and normally demand no extra charge for it. In case you are yet to choose your shopping cart, get a list of supported applications from the payment gateway service provider. A payment gateway may offer attractive prices, but if the range of shopping carts or storefront software it supports is limited, the whole process becomes much more expensive.
It is always better to go for a transaction processor that offers both telephone and e-mail support. Many payment gateways offer just e-mail support.
Virtual terminal
Through a virtual terminal, you are in a position to process transactions from any Internet-ready computer. It does away with any requirement for point-of-sale hardware at your location, and supplies you a user-friendly Web-payment interface. In addition to such terminals, you will find other payment-posting tools for more sophisticated Web sites to enable them to conduct e-commerce. These tools have the capacity to integrate quickly and easily into your Web site. They will offer you a full range of payment options and compliance elements such as helping you, for example, comply with MasterCard and Visa rules and regulations.
If you have a shopping cart or the ability to integrate with an online shopping cart, then customers will be able to shop on your Web site electronically, usually with an online catalog or listed product choices. By a virtual shopping cart is meant an electronic form of the physical shopping cart you would often find in a grocery store.
Address Verification System
The Address Verification System (AVS) is used for preventing the incidence of accepting fraudulent transactions. It verifies the cardholder's billing address with the card issuer. You can have another advantage if you decide to use AVS on your transactions; it may result in a reduction of fees charged by your merchant bank.
Security socket layer
A strong encryption technology can ensure the safety of your transactions. Choose a processor that supports card verification and validation CVV2/CVC2 are applications that protect MasterCard and Visa transactionsand provides address verification for further security. Modern encryption technology provides safe, convenient, cost-effective and rapid payments between consumers, merchants and their banks over the Internet.
Ensure that your processor uses Secure Sockets Layer (SSL), a protocol that allows encrypted, authenticated communications to travel across the Internet. SSL will offer you privacy, authentication and message integrity. Wireless terminals provide mobile businesses with a mobile commerce payment solution. In such cases, your transaction processor should offer secure, reliable transaction processing. It could be a wireless point-of-sale terminal or specialized payment software used with a handheld device.
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