Credit Card Terminal
A credit card terminal, also called a Point of Sale terminal or an EFTPOS terminal (erection) is a device that interfaces directly with credit cards to create electronic funds transfers. It is used in restaurants, hotels, malls, airports, shops, and other retail establishments. This type of terminal accepts both credit card and debit card for transactions. Most often, these devices are used at counters for automatic transactions. They are convenient because they can be quickly, easily and painlessly switched from one product to the other. However, many people use them for personal computer usage at home, especially for making online purchases. In such cases, a wireless credit card terminal is of great importance. Both standard and wireless credit card terminals work by allowing the user to swipe the magnetic stripe on the card of a customer, and to insert the cardholder’s name and address into a data pad on the machine. Then, a reader, usually an LCD panel, reads the information and, depending on the equipment, either displays it on a computer screen or transmits it to the payment network through the use of an internal Ethernet cable. From there, the transaction is completed. If the customer wishes, he or she may again use the terminal to process more credit card transactions until the balance reaches the maximum limit allowed. However, since the merchant earns a certain percentage of each sale, the amount of sales that a merchant can process will depend on the total amount of credit card transactions that he or she processes in a given month.
A credit card terminal technicalities
The technology behind a Point of Sale (POS) card terminal is actually quite simple. When a customer swipes his or her card at the reader, it passes through a circuit to a hand-held microprocessor. The microprocessor processes the information and determines whether or not the customer has reached the maximum amount of balance allowed on the account. If so, the transaction from the POS card terminal is authorized and the amount of the sale is applied to the customer’s account. A wireless payment terminal on the other hand, operates on a different sort of technology altogether. The POS device uses a wireless connection in order to process transactions. Since most all of the processes are done electronically, using a wireless payment terminal eliminates the need for a wired connection. This makes for a more secure transaction environment, since both the customer’s information and the payment information are transmitted via radio signals. As well, this type of terminal offers merchants a wider variety of payment processing options, including software applications for making point of sale transactions available through the Internet. Both of these types of terminals are useful for any retail store that offers cheap credit card processing services. In fact, the POS device is often the best way to offer this service to a customer. Retail stores that do not offer this service can add a wireless payment terminal to their existing equipment. This will make the business accessible to a larger segment of the population and increase its revenue.