Key functionality of a Credit Card Terminal.
The credit card terminal of today has multiple facets. Depending on the needs of the merchant and the type of transactions processed by the card issuing bank, key operations and functions include:
- Acceptance of credit, debit and charge cards (both domestic and international)
Key Entry (mail and telephone order)
- Visa and MasterCard
- American Express
- Diners Club
- China UnionPay CUP
- Process transactions using card details given over the phone, by mail or email.
Refunds and Adjustments
- Tipping the staff is a widely accepted practice in European and American countries although is far less commonplace in Australia. A terminal has functionaity to make this easier for customers paying via card.
Settlement (including Automatic)
- Situations will arise where the ability to reverse or refund a transaction is vital. Without this functionality, the refund would need to requested from the bank, meaning the customer could potentially wait weeks for the funds to be redeposited into their account. Being able to swiftly handle a refund or make an adjustment to the transaction will give your customers peace of mind and avoid a potentially negative experience.
- Settling accounts at the end of the day need not be an arduous process with automatic settlement, or in depth and easy to read settlement reports.
Remote Initialisation and Software update
- Sometimes there is a need to verify that the customer has the credit to pay for a transaction but the full amount isn't known. Pre-authorisation protects businesses against theft or bad credit by making sure the card has the required amount available.
- The terminal's firmware can be updated remotely with latest software and features from the bank.
- Most modern point of sale cash register can communicate transaction status and totals directly with your terminal, eliminating human error and speeding up transactions.
Pen or PIN
- Process transactions for multiple businesses through one terminal.
- The identity of the credit card holder used to be verified only by signature. This opened the door to fraud by means of forged signatures being used with stolen credit cards. It is good practice for retailers to educate their employees to this danger and, when in doubt, request additional forms of identification, such as a driver's licence or other form of photo ID, although this depends largely on the vigilence of the cashier at the point of sale. Having the option to verify a credit card payment with an unique PIN (Personal Identification Number) provides a more robust layer of protection against such fraudulent activities.
Secure Password Operation
- The ability to pass a set cost of processing payments on to customers.
- Make sure only authorised employees use the terminal by securing it with a password.