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 There
are three different credit card processing options. Your
choices depend on whether you want to sell on the internet,
through mail/phone order or retail.
- Hardware Solutions (Terminal processing): for
retail merchants (face to face transactions)
- Internet Solutions (Internet Processing): for
online business
- Software Solutions (PC Processing): for mail
and phone order business
Whether the card is present or not at the time of sale, you
may process it through a point-of-sale terminal. Printers
are optional or integrated. Most terminals require AC power
and a phone line, although battery-powered wireless terminals
that transmit over mobile data networks are available. Address
Verification is possible on most terminals. The benefits of
a point-of-sale terminal include the integration of all necessary
hardware components -- card reader, keyboard, display and
modem -- in one small, easy-to-use and affordable package.
Terminals are generally limited to authorizing one sale at
a time, and handling one or two merchant accounts. Systems
cost from $250 for a basic terminal to $1,350 for a wireless
terminal with integrated printer. Manufacturers include Verifone,
Hypercom and Lipman.
- All-in-one credit card terminal with a built-in receipt
printer
- Stand alone external receipt printer
- Wireless terminal
For more information, go to Terminal
Solutions page.
Whether stand-alone or integrated with an order-entry system,
electronic cash register or website, credit card processing
software generally offers more functionality and flexibility
than a point-of-sale terminal. It also can efficiently handle
batch processing of transactions generated offline. Software
is available for use on most operating systems. Most authorization
vendors have developed proprietary software that works only
on their systems. In addition, independent developers have
created software that works on numerous so-called authorization
and data capture ¡°platforms.¡± Enhanced
capabilities include network functionality and the ability
to process on numerous merchant accounts, authorize and capture
numerous transactions at once, import and export data, and
maintain customer databases for recurring and installment
billing. Programs start at around $300. Developers include
most major processors, as well as IC Verify, PC Authorize,
PC Charge and others.
For more information, go to Software
Processing page.
Internet processing solutions are best for online businesses.
You may use so-called "payment gateways"
such as Authorizenet, Verisign, and Cybercash, which act as
intermediaries between your website and the authorization
and settlement processor.
Internet processing solutions offer two options:
- Real-time processing: a method of authorizing and/or
settling transactions automatically when transactions
are initiated through a website, and
- Virtual terminal processing: a method of manually entering
transactions and reviewing sales data through an internet
browser. Ideal for low volume web business, weekend craft,
antiques and swap meet vendors
For more information, go to Internet-based
Processing Solutions page.
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