Garage door industry magazine for garage door dealers, garage door manufacturers, garage door distributors, garage door installers, loading docks, garage door operators and openers, gates, and tools for the door industry.
Issue link: https://idoi.epubxp.com/i/78039
SALES&MARKETING; Which is right for your business? Credit Card Terminal Options: By Erica N. Baker "Simply put, there are fi ve basic terminal options: Dial up, IP, Gateway, Wireless, and Mobile. Each has its benefi ts, so let's discuss the options so you are ready to make the best choice." Great! You worked hard and you got the big contract. They're ready to make their fi rst payment and you're ready to get started on the job right away. The problem is, you need to accept their credit card information, and you need to be prepared to do it in a way that is convenient for that ever-elusive big client. Surely we can all use a vacation, but when you are working so hard that you forget about accepting payments, it's time to take a step back. You could spend your precious time trying to sort out available credit card processing op- tions and decoding all of the associated jargon and model numbers, but you're busy. Let's get you ready to decide right now, in just a few minutes. Simply put, there are fi ve basic terminal options: Dial up, IP, Gateway, Wireless, and Mobile. Each has its benefi ts, so let's discuss the options so you are ready to make the best choice. Dial up and IP options are the ones you're used to seeing at various retail- ers. They take your card, swipe it and sign a receipt or key your pin. Some of these terminals use phone lines. In other words, they're dial up terminals. Others use a high speed internet connection, and therefore, are IP terminals. You are probably familiar with Gateway terminals as well. When you order some- thing online and key in your credit card number, you are using a gateway terminal. These are generally associated with more risk than dial-up and IP terminals, because the transaction does not happen face-to- face. What do higher risk transactions mean for you? They generally come with higher rates. Selling on line can increase sales which justify the extra investment. Wireless terminals are just that. They are terminals that look like traditional dial up and IP terminals, but they work wirelessly. They communicate like cell phones, but are a little more reliable, so you can take your business on the go. The downfall here is that wireless terminals are pricey when you compare them to other mobile payment options. They are for businesses that do not use any other wireless devices (i.e. smart phones or tablets). However, all things considered, if you chose another mobile option, you would save enough to buy the mobile devices you want. So, unless you have a strong reason behind avoiding smart phones or tablets, you probably won't opt for a wireless terminal. Finally there is a mobile option that allows you to use your smart phone or tablet to get paid. You simple attach a card reader to your device. Generally, you can also key in transactions using that same device as well as your PC. This means you can receive payments in or out of your offi ce or store no matter what. So, for very competitive rates, you can be ready to go mobile at the drop of a hat. The drawback to this option is that you have to be selective about your provider. You will see some big box companies that of- fer free card readers or set ups. Beware of offers that seem too good to be true and use your best judgment. It is very easy to be tempted with a "free" start up, but as you probably already know, you will pay for that in the long run. Now that we know the various types of terminals, let's discuss how to decide which is right for your business. Take a moment and think about your credit card needs. Some small businesses simply need to accept credit cards in their own Continued on page 62 VOLUME 45 ISSUE 4 2012 63