If you run a small business, investing in a credit card processing system provides a convenient and easy way for customers to pay for goods or services. Many people regularly rely on credit cards, and you don't want to lose clientele due to limited payment options. If you're considering updating your business to allow this payment method, you likely have questions about the process. Below are answers to several common inquiries to help you make an informed decision.

A Guide to Credit Card Processing

How do business credit card machines work?

Generally, your credit card machine will connect to either an internet or phone line. This allows the machine to collect data from the customer's card and transmit it securely to the credit card processing provider. Then, they will transfer funds from the customer's account and into yours, providing an easy, convenient way to pay for services.

What types of machines are available?

Brick-and-mortar shops generally opt for a countertop or mobile terminal. A countertop terminal requires a wired connection, while a mobile terminal can operate wirelessly. The type that you pick depends on your business. For example, a boutique shop might be fine with a single countertop model. On the other hand, a restaurant will benefit from multiple mobile devices so that each waiter can bring one to the table for customers to use.

How much does a credit card machine cost?

The cost of the equipment depends on the provider. You can buy, lease, or borrow a credit card terminal, with the price varying depending on your choice. Additionally, you must factor in the cost of the credit card processing. Generally, each credit card company offers different rates. While accepting multiple types of cards may cost more in the short-term, you open the business to more potential customers. Before signing a contract with a processing provider, review their fee structure and how they plan to charge you.

What payments can I accept?

With a basic credit card processing system, the terminal can accept regular magnetic stripe cards, virtual wallets, and EMV chip cards. The latter option is a credit card with a chip in it that creates a secure transaction code for each purchase. Depending on your business and clientele, you may also want to accommodate phone and online payments.

When you want to help your business save money on credit card processing, contact Man in Green in Gibsonville, NC. Instead of splurging big bucks to buy or lease a terminal, this provider allows you to borrow one at no cost. If you decide you don't need the terminal, you can cancel and send it back—or upgrade to a different model. Call (919) 760-5476 if you have any questions.