Today, almost every technology can be made wireless. From our phones to our Internet connection, we have more easy access to technology than ever before. Depending on the type of business you run, wireless credit card processing could be a beneficial tool for operation. If you’re not particularly tech-savvy, it’s understandable why you’d be cautious about using this new technology. Here’s a quick and easy guide on wireless credit card processing that will help you understand it better.
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How does wireless credit card processing work?
The way wireless credit card processing works is that a payment terminal is connected to a payment processor wirelessly. This connection allows a merchant to complete a transaction without a landline connection. You swipe a customer’s credit card through a credit card terminal, and the terminal connects to the payment processor wirelessly to fulfill the payment. Transactions can be completed instantly anywhere that has an Internet connection.
How is it different from traditional and mobile processing?
Before noting the difference, the credit card terminals used for all methods are similar. Wireless credit card terminals have keypads, magnetic stripe readers, and sometimes receipt printers, the same way mobile and traditional credit card terminals do. The difference is how these payments are processed. Traditional credit card processing requires a terminal to be located at the business location. The terminal is connected through a cord to a phone line and power source, or to the Internet, to complete the transaction. The traditional method is mostly used for face-to-face transactions.
Mobile credit card processing tends to get confused with wireless processing. While both don’t require a connection to a landline, mobile credit card processing is done through the merchant’s cell phone. The app of the business provider is downloaded on their phone for the transaction to be processed. The transaction is processed by entering credit card information on the phone or using a magnetic stripe reader.
What’s the benefit of choosing wireless credit card processing?
Based on the needs of your business, you may benefit more from wireless credit card processing over the other two methods of processing. The disadvantage of traditional credit card processing is that all transactions are processed at one location. Wireless credit card processing will give you the ability to get transactions from customers outside of where your business is located. While mobile credit card processing also allows you to get transactions from anywhere, the disadvantage is it requires a smartphone. For larger organizations, supplying all of their staff with smartphones can be expensive, which makes wireless credit card processing a more affordable alternative. Businesses that may benefit most from wireless processing include home sales, home services such as childcare, and delivery services.
This guide is a short and simple understanding of what you should know about wireless credit card processing. Companies are striving every day to process payments in ways that are most convenient for their customers. It was found that 83% of adults in the U.S. between ages 30 to 49 owned a credit card. Given more consumers are paying with cards rather than cash, it’s worth considering whether wireless credit card processing may be right for your business or not. You can find more information related to credit card transactions at PaymentCloud.