Swipe Right: Credit Card Machines and Which One You Need

If it has been a while since you’ve used cash, you’re not alone. Carrying cash in the US has decreased as more people adopt a cashless lifestyle. In 2022, 41% of Americans didn’t make any cash purchases in any given week. In 2018, this number was 29%, and by 2025, 51.6% of people will lead a cash-free lifestyle.

As a business owner, not providing cashless payment options to your customers means you are losing money. 

Let’s take a look at the credit card machines and cashless payment options available to you, and how this world will soon be a cashless society.

Credit Card Machines: Where It Started, How It’s Going

The story of credit card machines began with the first payment card, Diners Club, appearing in the United States in 1950. American Express then introduced its payment card in 1958. In those early days, merchants used manual imprinters to record important card details. A  huge improvement came with the introduction of phone authorization, which greatly improved credit card machines, making transactions smoother and more secure.

Currently, there are a few types of credit card machines:

• Standalone credit card terminals: These basic and traditional devices solely focus on credit card payments. They’re placed at counters for customers to swipe, insert, or tap their cards. You see them a lot in stores and restaurants. They can handle different ways of paying, like using a chip, entering a PIN, swiping the card, or tapping for contactless payments.
• POS terminal (Point of Sale Terminal): A POS terminal is a more comprehensive system. Besides accepting payments, POS terminals can handle tasks like inventory management, employee tracking, customer loyalty programs, etc.
  They’re commonly used in retail stores, restaurants, and businesses that require integrated functions beyond basic payment processing.
• Wireless credit card machines: Similar to wired terminals, wireless machines enable the acceptance of credit card payments but offer the flexibility to operate in non-traditional locations. Ideal for businesses that require mobility, such as food trucks, outdoor events, or businesses with dynamic payment needs.
• Virtual credit card terminals: Virtual terminals are software applications that enable merchants to accept credit card payments without the physical presence of the card. Merchants can process payments online, over the phone, or via email using these terminals, making them suitable for remote transactions. Particularly useful for e-commerce businesses, service providers, and businesses that operate remotely.
• Mobile Point of Sale (POS) Systems: Mobile POS systems are software and portable hardware solutions that transform smartphones, tablets, or dedicated devices into payment terminals.
  These systems function as cash registers or electronic POS systems, allowing businesses to process transactions on-the-go. Suitable for businesses with limited space, pop-up shops, or those just looking to enhance customer service through mobile payment capabilities. They offer flexibility, convenience, and efficiency in processing transactions, making them popular among small businesses and retailers.

How to Choose Credit Card Machine for Small Business

When picking a credit card machine for your small business, think about what you need based on how many transactions you have and what kinds of payments you take. This will help you choose the right service. 

• Traditional card terminals are good for in-person sales but don’t have all the fancy features of a POS terminal. 
• Wireless machines are handy for taking payments on the move, but they need a good wireless connection. 
• Virtual terminals work well for online businesses, and mobile systems help with both payments and managing stock.

In the current dynamics, even a small business might need more than one option to cater to different types of transactions and payment methods.

If your business is considered “high risk”, like guns or travel, choosing the right credit card machine is even more important. Apply for special high risk merchant accounts that are made for businesses like yours. They offer extra security, protection against chargebacks, and help with industries that have more fraud risks.

High risk merchants should focus on security features like encryption and tools to prevent fraud when checking out credit card machines. It’s also smart to choose providers such as Electronic Transfer Inc. (ETI)  that understands the high risk industry well. 

Take Credit Card Machine with a Brain

Whatever POS system you choose you might think twice about its brain capacity. Here’s where Point of Sale software comes into play. You need a POS software that integrates with your existing systems.

ETI’s Point of Sale software doesn’t just handle transactions and different payment choices; it’s also clever enough to provide detailed analytics for business choices and help you with keeping track of your inventory. It tracks stock levels, warns you about low amounts, and can reorder items automatically to avoid running out of stock. It can even manage numerous product options and customizations. All this comes in an easy-to-use interface, so you can start using it effectively right away without needing to be a tech expert.

Go Out and Become Mobile-Centric

Even though you have an old credit card machine that still works fine, the future is mobile-centric. This means that you can transform your smartphone or tablet into a secure portable payment terminal.

Furthermore, doing business in today’s world often means you need to be more mobile than ever before. You often have to set up pop-up events, visit trade shows, etc., and this is where being able to accept payments on the go becomes handy.

Electronic Transfer Inc.’s mobile credit card processing allows you to accept payments anywhere. We offer the easiest-to-use tech that can transform your smartphone into a portable payment terminal instantly. It supports credit and debit cards as well as contactless payment. You’ll receive instant notification for successful transactions, send digital receipts via email or SMS, and stay always informed about your financial activity. Plus, we offer inventory management to track your products or services through integrated features. 

Open an Online Shop Now and Enjoy Easy and Secure Credit Card Processing

Remember the pandemic when almost everything was closed and many businesses went bankrupt? That was the moment e-commerce received a huge boost in popularity as people realized that online shops are opportunities not to be missed. 

ETI can help you with your online payments by providing ways to safely receive money from anywhere, fast. Our software is easy to set up. You can manage payments with our simple interface. The platform works great on mobile, so your customers can buy things easily on their phones. You can see transactions and trends in real time to help you make smart business choices.

Wrap Up 

Credit card machines help customers pay easily and safely, and business owners have to keep up with changes in technology and what customers want – cashless payment. Having more alternatives to offer can help your business compete, make sure you meet your customers’ needs and thrive in a fast-changing market.