Maverick offers POS equipment as well as PC-based credit, debit and purchasing card Software and Web Browser solutions that offer cost-effective alternatives to traditional POS equipment. Maverick offers terminal leasing, purchase, or re-programming for customers that may already have a terminal, but want upgraded services.
There are a number of terminals on the market today, and selecting the one that is right for you is a simple matter of addressing your specific needs.
In a MOTO or Internet “card not present” situation, you can simply key-in the credit card information at a terminal keypad. Many online businesses prefer to use a terminal in this manner, although it is usually advisable to use Web based applications, or virtual terminals in this type of scenario.
With a virtual terminal, the merchant enters the cardholder’s information manually into the credit card processor’s system
With a payment gateway, used in e-commerce transactions, the customer enters their own data on the merchant’s website. The payment gateway transmits encrypted billing information to the processor. It must be compatible with the e-commerce system, and usually includes a virtual terminal as one of its features. Bundled payment gateways/merchant processors offer an all-in-one service where you get the payment gateway and the merchant processor together. The advantage here is that you do not have to manage two separate accounts.
If you have a business that requires face-to-face contact with your customers, such as a retail shop or a restaurant, a terminal is normally required. Terminals are used in “card present” situations, where a credit card is actually present at the time of the sale.
With a credit card terminal, you simply swipe the credit card through the machine or enter the numbers on the terminal keypad and the transaction is processed. Generally, two receipts will print directly from the terminal. One copy is for the customer to keep, the other copy the customer signs and you, the merchant, keep.
The cost of a physical terminal can range anywhere from $99 to more than $1000. How much you pay for a terminal will depend on the age of the model you are purchasing, what features are offered and whether or not a printer is included.
If you need more than one merchant account in your terminal, there are some terminals that can accommodate this need, with some terminals being able to hold up to 9 merchant accounts. If multiple businesses are sharing one terminal, this type of equipment may be suitable for you.
The majority of terminals, and generally the least expensive, dial out through a phone (POTS) line with a transaction time of about 10 seconds. The line that the terminal dials out through can be a shared line and you can have other devices such as a modem or a fax machine hooked up to the same line. However, it is important that this line does not have call waiting or transactions may become disturbed during processing.
IP terminals useEthernet connections in lieu of phone lines. If your business has DSL or broadband Internet access, it is best to use this type of terminal so you can save money on an extra phone line and reduce your transaction times to an average of 2-3 seconds per transaction.
Some countertop products support a choice of dial or dial + Ethernet connectivity.
If a wireless terminal isn’t a viable option but you still need to be able to accept transactions where a phone or Internet connection isn’t available, a terminal with store and forward capabilities may be your best bet. This will allow you to enter the information into the terminal, but the terminal won’t actually dial out for authorization until later that day when you have access to a phone line or Internet connection.
If you want to accept ATM cards through your terminal, you’ll need a PIN pad. A PIN pad will allow your customers to use their ATM cards to pay for your goods or services.
If you can’t authorize via PIN pad, you’ll still be able to accept debit cards, but you’ll need to run it as a check card.
Near Field Communication (NFC) is used mostly in paying for purchases made in physical stores or transportation services. Businesses that experience a high volume of traffic, or perhaps increased traffic during certain hours such as meal times, can benefit from the increased speed of contactless payments.
A consumer using a special mobile phone equipped with a smartcard waves his/her phone near a reader module. Most transactions do not require authentication, but some require authentication using PIN, before transaction is completed. The payment could be deducted from a pre-paid account or charged to a mobile account or bank account directly. An icon on the homescreen launches the user interface to the mobile wallet. The complete mobile wallet solution consists of both the user interface itself and the secure element chip on the phone where personal data (credit card number, passport ID, shopping history, coupons, etc.) is stored. It can replace bus and train tickets, library cards, door keys and even cash.
The industry is emerging with solutions that encompass all mobile platforms including iPhone , Android, Blackberry and Windows Mobile phones. The scope of features includes:
Typically, customers can choose among an NFC enabled loyalty card, a phone sticker or mobile application as token form factor to collect bonus points. The same applies for gift vouchers representing a defined value. The embedded NFC chip identifies the unique card details.
If a hardwired phone line or Internet connection isn’t available, you may want to opt for a wireless terminal. A wireless credit card machine gives you the widest coverage area possible. By combining CDMA, GPRS and GSM technology, these devices will work in more places than any mobile phone on the market. These terminals communicate via multiple wireless connectivity options including WiFi, CDMA, GSM, GPRS and Bluetooth.. With this type of terminal, you can process your transactions anytime, anywhere, without the need for a land line or an Internet connection. These wireless credit card machines also have rechargeable batteries so there is no need to plug them into a power source.
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