Any business that want to transact and take payments will benefit from having a chip and pin machine. In the cashless society we are living in today businesses understand they much accept card payments. A card machine allows your business to process payments efficiently and securely in person, on the go or over the telephone.
Chip and pin machines work much like the checkout person at the grocery store: while they handle the customer’s credit card and process the transaction, they don’t hand over the funds to you themselves. Rather, chip and pin machines work by transferring a credit card’s information through a secure network. The issuing bank receives the request for the transfer of funds from the credit card account to the merchant account. The request is then approved (as long as the credit card is active with available funds), the funds are then transferred from the issuing bank to the merchants bank account, via a network that is setup through a merchant account.
Chip and Pin card machines are in very high demand and are a must for any business that want to take payments! Unless a business is using the internet as a means of processing credit card transactions via an online payment gateway a chip and pin machine is needed to handle transactions. Millions of businesses worldwide use chip and pin machines to ensure they never lose out on customers. The top chip and pin machines manufacturers include Verifone, Hypercom and Ingenico. Recently mobile chip and pin machines for small businesses have become popular and are provided by companies such as Izettle, Sumup, Paypal Here and Square.
While most chip and pin readers look alike, not all of them are alike in how they function! The most basic of chip and pin machines simply process credit cards with no fancy features. Higher end chip and pin machines come with plenty of capabilities such as accepting contactless payments, offering customer cash back and refund as well processing gift cards. Today’s chip and pin machines are better than ever, with the ability to run on batteries, connect to wireless networks, transmit information in just a few seconds, and even accept payments with the use of your mobile or tablet device.
If your business plans on accepting credit card payment you will need chip and pin machine. Card machines are cost effective, affordable and durable. Without the use of credit card machine solution, you may turn away valuable sales and customers, and give the impression of cheapness and inconvenience. Today’s consumers seek convenience and efficiency wherever they can find it. Your business should definitely jump on the bandwagon and accept card payments through a chip and pin credit card terminal.