8 Questions to Ask Before Choosing A Terminal

New merchants looking to get set up with credit card processing tend to find the experience overwhelming. Aside from the toll of starting a new business, they now have to choose their processor and equipment. Specifically, when it comes to credit card terminals there are hundreds of options.  Merchants require guidance from their VARs and ISVs on which terminal is best suited to their business.

The right terminal is one that maximizes efficiency, is easy to use and provides the level of service required by the merchant in their particular industry and establishment. There are 8 questions that a merchant can ask themselves to help them decide which terminal is the right fit for them.

1. What Kind of Business Do I Operate?

Every business is structured differently. However, most merchants will fall into one of the following categories: retail (in-person sales), ecommerce, mobile or MOTO (mail or telephone orders).

Retail and mobile businesses tend to require credit card terminals, whereas ecommerce and MOTO can utilize an online gateway.

2. How Fast Do I Need To Process Transactions?

Once the business type has been determined, it’s important to understand the industry and nature of the business. Merchants need to assess how quickly customers need to get through checkout. For coffee shops and grocery stores, expediency is a must. Whereas for boutique shops or luxury items, it is not as much of a requirement.

3. What Features Do I Need?

In other words, how are the customers going to be paying? They will most certainly have magstripe cards that swipe, but they will also have chip cards that require EMV compatibility. On top of that, some customers will want to pay with NFC contactless payment methods such as ApplePay and Samsung Pay. It’s important to have functionality for these as well if the customer base is expecting to pay that way.

4. How Secure Is It?

Aside from EMV, the latest security feature is P2PE. This solution encrypts data from the moment it touches the terminal until it reaches the processing bank. It is available through Transarmor or a number of third-party providers, and is included with the purchase of many terminals.

5. Is It Standalone or Peripheral?

Some terminals work alone, and some are the sidekick of a POS system. Be sure that the type of terminal purchased matches the way the business is set up for sales.

6. How Much Does It Cost?

Although many terminals are sleek and come with many features, they may also carry a hefty price tag. Understanding exactly what the businesses’ needs are and sticking to that list will ensure that the outlay matches the returns on investment.

Terminal pricing tends to range from $180-$350.

7. Is It EMV Compatible?

Most new terminals are compatible with EMV technology, and that’s a huge plus for retail merchants. Since last October, the liability for chargebacks rests with merchants unless they are EMV compatible. Retail merchants need to make EMV a priority to ensure that they are protected from chargeback accountability.

8. Is it Compatible with My Gateway & POS System

The last part of the puzzle is checking which terminals are compatible with the merchant’s particular setup, which includes their gateway and POS system. It’s essential that this component is researched before making a final decision, since most will only work with a specific selection of terminals.

The exception is Cardknox. We are the one company that offers full support for virtually every Verifone, Ingenico, and PAX model including the most recent addition of the entire Verifone MX800 series. What’s more, integration can be completed quickly and seamlessly with just a few lines of code.

The Cardknox staff are experts at EMV integration, and assist businesses of all sizes and verticals with custom payment solutions.

Cardknox can assist any merchant with payment processing and acceptance, making it a simple and user-friendly process for both the merchant and customer.

When it comes to knowledge and experience in the payments industry, Cardknox is a one-stop solution for merchants, VARs and ISVs alike.