Choosing the Right Credit Card Processing Terminal

Choosing the Right Credit Card Processing Terminal

The point of a credit card processing terminal is to process credit cards through an ATM or POS. They are almost always located in the store, so there are quite a few variables that go into choosing one. For example, is there a transaction limit on your card? How many options does it come with? What is the return policy if you get stuck with less than perfect conditions when an error occurs? Before you make any decision about what credit card processing terminal to use, you should ask yourself if it’s worth the price. If not, find out what else meets your needs and then choose accordingly.

First question to ask yourself: is there a transaction limit on your credit card? If so, how many transactions can I do in a 24-hour period? This should be listed on the back of your card, or you can call and ask the credit card company. Let’s say you have a $10,000 limit on your credit card and you get caught using it to process $2,000 in transactions in one day. Is one final transaction really worth breaking that limit?

Second question to ask yourself: what is the return policy if there’s an error? Not all processors allow for returns at any time. Some have a 1-year trial period, while others allow returns only after they’ve fulfilled the return policy. Some processing terminals have an auto-replenishment feature that goes directly to your account so you can start processing again if you make a mistake. Before you get stuck with a terminal that doesn’t allow returns, consider all of your options.

Third question to ask yourself: what is offered as an add-on feature? Some credit card terminals are basic with no frills or extras. However, others offer additional features that you might need, such as visual verification of transactions or features for generating a receipt. You may want the additional features for managing orders or generating reports; it’s best to have those upfront so that you don’t have to go back and change them later on. One feature is not enough even if it saves you from having to do a lot of work later on.

Fourth question to ask yourself: is this processor a good fit for my business? It’s important to find a credit card terminal that fits your needs; you don’t want something that is too hard to use. If you have any doubts, ask around and check online reviews of the product.

There are many benefits to choosing the right credit card processing terminal. First, you won’t have to worry about taking your business elsewhere if there are issues with the terminal. Second, you’ll be confident knowing that your money remains safe with a reputable processor. Third, you’ll get the additional features that you need. It’s best to weigh the pros and cons and then choose a credit card processing terminal that is a good fit for your needs.

Consumers don't understand why banks aren't giving them free checking accounts:

Well folks, I've been pondering this one for a while...so here are my thoughts:

1) I'm not going to try to talk anyone out of their banking relationship with their current bank (I truly love my reward checking). But I will offer a thought or two on why it makes sense for the consumer.

2) If you are really concerned about your consumer experience, it is imperative that you focus on costs. I think that consumer experience should be the number one consideration when it comes to banking comparisons. But as consumers flock to "free checking" products, banks need to assess whether that is in their best interest since they could be losing customers who switch for more checks...and more fees...and more headaches

3) If you are a bank, do not give away your best product! Photo by jakealley : http://www.flickr.com/photos/jakealley/3824738037/sizes/l

4) Banks are in business to make money, and if you give away your best product for free, you are giving away the biggest money maker in your business.

5) Investors want to see revenues go up...not down. Costs matter. And that's why revenues matter. You need to find a way to grow revenues AND costs simultaneously. Many banks have managed to do this...but don't give away your best product! (like free checking).

6) I have a hard time believing that some of these "free checking" products can be profitable. But I may be wrong. It will be interesting to see how things shake out in the next few years...but I am definitely sold on reward checking!

7) If you give away your best product, you CANNOT go back and take it away from people who signed up for free checking. You also can't raise the fees on free checking customers, because you want them to stay with your bank in order for rewards checking customers to make any money for your bank. And remember, if consumers flock to reward checking accounts, then banks will have no reason to offer free checking...and the consumer will again be the one left out in the cold...and will be more inclined to move to a much less complicated (read "less profitable") banking environment.

8) Banks are constantly looking for new ways to make money...this is not an easy task! But if you can do it (particularly as banks merge with each other), then don't let your customers see it! If you want a happy customer, they might decide to start using other financial services that work in their best interest.

9) Banks are constantly trying to get more deposits and are losing profits hand over fist on deposit products that offer little or no interest. I truly think that banks need to find low-cost deposit products...

Conclusion:

If you aren't giving your customers the best product, then you deserve to lose some of them. And that can definitely happen if clients see free checking accounts for free...or even better...only 1% a month interest!

As I've stated in previous articles and posts, rewards checking is one of the most powerful tools in a bank's arsenal !!!

It is one tactic that banks use to get people to stick around without losing their current customers (to other financial institutions that are not charging punishing fees) and also attracting new customers who are attracted to the idea of being rewarded with no fee account. It is extremely powerful tool used by banks today. Every bank should offer this product/service as a minimum standard.