Choosing the Right Payment Terminal for Your Business
There are so many different types of payment terminals these days that picking the right machine can streamline your business while picking the wrong one can leave your customers disgruntled. This leaves many merchants wondering which one is right for their business. We have broken done a few pros and cons for the most common payment terminals in the marketplace today.
Desktop Payment Terminal These terminals stay on your desktop tethered to the point-of-sale (POS) system. The newer ones can process a variety of payments including swipe, chip, and tap. They are great for retail or service based businesses who process payments at a countertop. Pros:
Do not have to charge battery
Swipe, chip, and tap capabilities
Processes debit and credit cards
Only need one for each payment station
Cons:
Non-mobile
Most do not easily integrate with value-add payment apps, such as customer loyalty
Higher price tag
Portable Terminals Not to be confused with internet mobile terminals, portable terminals can be portable anywhere within the business. Some are starting to get 3G capabilities, but most still link to a business’s Wi-Fi connection or base. They can process the full range or payment types including swipe, chip, and tap. Portable terminals can be found heavily in the restaurant industry and are great for business who want to bring the payment to the customers. Pros:
Mobility
Swipe, chip, and tap capabilities
Processes debit and credit cards
Multiple machines can decrease wait time
Cons:
Have to charge battery
Most do not easily integrate with value-add payment apps, such as customer loyalty
Might have to “hunt down” the terminal
Higher price tag
Mobile Swiper – Headphone Jack Terminal Instead of having to spend hundreds of dollars for a payment terminal, merchants can plug a small device into a phone or tablet headphone jack and start accepting credit cards. By using the data or Wi-Fi from a phone or tablet merchants can process payments anywhere. Pros:
Completely mobile
Lower price tag
Quick set-up
Can integrate apps depending on point of sale
Cons:
Only processes credit cards
Not suitable for high volume customers
Only can read the magnetic stripe on the card
Can use cellular data
Liability on merchant for fraud without EMV processing capabilities
Mobile EMV – Bluetooth Terminal The popularity of the mobile swiper and recent liability shift created the foundation for the mobile EMV Bluetooth terminal. These smaller payment terminals connect to a mobile phone or tablet that acts as the point-of-sale. Just like their headphone jack predecessor they are completely portable by using data or Wi-Fi from the connected device. These terminals are capable of accepting a range of payment types including swipe, chip and tap. Pros:
Completely mobile
Lower price tag
Quick set-up
Can integrate apps depending on point of sale
Swipe, chip, and tap capabilities
Many process both debit and credit cards
Cons:
Requires an Internet data connection via WiFi or Cellular
Have to charge battery
Picking a device can be cumbersome, and some merchants will stick with their device until they are forced to upgrade. However, this procrastination can lead to dissatisfied customers -- don't make this mistake!
Innovation in mobile payment terminals has come a long way. With the future of payments shifting heavily to EMV and NFC, merchants need to ensure they invest in terminals that can process and adapt to new technologies.
With the countertop and portable terminals, merchants still need to look into the right point-of-sale system. While many mobile terminals have an integrated point of sale app offered for free that seamlessly connects. The right solution for you depends on your business and how you want to handle payments. It pays to work with a professional payment terminal provider, such that your business may be assessed and an optimal solution recommended.
Are you a merchant interested in upgrading your payment terminals? Alternative Business Solutions works closely with our clients to ensure for a stress-free, seamless transition. Contact us at +1 (866) 822-7462 or click here for more information.
