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4 Available Credit Card Processing Solutions

April 2, 2010 | Business Administration, Business Analysis, Finance

There are four available credit card processing solutions for your business. Choose the most suitable for you from among these choices: Internet, mail order – telephone order (MOTO), retail, and wireless.

There are ways to process credit card transactions. You can process through the Internet, a point-of-sale terminal, a telephone, a wireless apparatus, and a computer software. It is helpful to fully distinguish which is the appropriate solution for your business in processing credit card transactions. Check out which one is the most suitable for you:

Internet

Oftentimes, it is one’s desire to be able have a process solution that functions real-time with a secure payment gateway. A real-time solution is capable of automatically processing credit card transactions without you having to intervene. This feature allows you to do more important things. If you are searching for a shopping cart solution, ask from the vendor as to which payment gateway they are supporting and find out too if it is a secured one. A virtual terminal, which is another kind of Internet processing solution, permits you to do credit card processing manually. The good thing about this is that you don’t need any computer software to be installed since this is a Web based solution.

Mail order – telephone order (MOTO)

This solution involves the use of computer software which should be installed onto your computer. Although, a MOTO merchant is given a choice to use a virtual terminal that does not need any installation. And, also you need not worry should your computer crashes since you can absolutely use another computer.

Retail

If your business involves a physical store, wherein you get to conduct your business by seeing customers face to face, then you need a swipe terminal. Rates for a retail solution is much lesser as compared to that of an Internet or MOTO processing. There are several choices of terminals. You can have a newer version of terminals which have pin pads that are built-in. Moreover, there are new ones that can process not only credit card payments, but also debit cards, check guarantee, loyalty processing of cards.

Wireless

A wireless solution needs swipe terminals for credit cards. And, this is good for merchants focusing on mobile processing. Using a cellphone, you can simply type pertinent data such as a credit card number and its expiration date. Also, there is no need for any additional equipment other that a cellphone. But, because this solution does not use the swipe system, the rates are expected to be higher than credit card swipe rates. You will be needing a manual imprinter to transfer credit card details onto a paper. The paper imprinted with the credit card should be done in two copies. One for your business and the other copy for your customer.

Whichever you will have from among the four choices, you are assured that you can perform an efficient credit card processing of credit card payment transactions.