This type of card reader often has a built-in receipt printer and keypad for PIN debit transactions. Countertop models connect via dial-up or Ethernet. Wireless models connect via Bluetooth, Wi-Fi, 3G or GPRS. All new models are EMV compliant so that you can accept chip cards, and most have NFC technology to accept mobile payments. Credit card terminals usually cost between $150 and $600.
Payment terminals are the most common type of processing equipment. They would be ideal for your business should your firm need a card reader to connect to or work alongside a POS system, or if you don’t need the credit card processing system to do anything but accept payments.
This is a complete checkout station that typically includes software, a tablet or touchscreen, a card reader, cash drawer and receipt printer. Some systems have built-in card readers, while others connect to or are used alongside a credit card terminal or mobile credit card reader. You can add barcode scanners and other peripherals.
Available for purchase from merchant account providers or POS companies, POS systems’ pricing depends on the type of system you choose. Tablet-based systems that work with third-party hardware are usually the least expensive. These systems are best for your company’s physical location, particularly if you want to connect to other business software. Review our best accounting solutions for software recommendations to consider.
If you want to accept credit cards online – for example, if you sell goods or services through your website or an e-commerce platform – you need a payment gateway. Most credit card processors can set you up with this technology and help you connect it to your site. Some processors have proprietary payment gateways, and others set you up with a third-party gateway like Authorize.Net.
There’s usually an additional monthly fee for this service, and some processors charge a gateway setup fee and another per-transaction fee.