Looking to accept credit card payments but you’re not sure what would be the best for your business? Whether you are a new business or just shopping around for new or updated technology, it can get pretty overwhelming.
A lot of small business owners get frustrated when their sales consultant forces a particular piece of payment equipment upon them. We wanted to simplify things for you by listing common payments solution types (infographic).
Payment Solutions 101
Although the infographic goes more in depth, here is a brief listing of different payment types:
1. EMV Payment Terminal
2. Point-of-sale (POS) System
3. Mobile Payments
4. Virtual Terminal
5. Payment Gateway
Business to Consumer Payment Methods
Business-to-consumer (B2C) transactions are those in which a business sells directly to a consumer. Types of B2C payment methods include:
- EMV payment terminals: These common machines for credit card transactions allow merchants to swipe, dip or key in credit card information to make a transaction.
- Point-of-sale (POS) systems: Similar to a payment terminal, this machine has smart software so that functionality can be tailored to business’ needs. For example, a clothing store POS system would have a pre-loaded clothing list for a speedier checkout process.
- Mobile payments: This umbrella term refers to credit card transactions made from any mobile device, including smartphones and tablets. Mobile payments are made through Near Field Communication (NFC), which allows two devices to communicate wirelessly if placed close enough together, and Card Present transactions, which occur when a credit card is swiped on pocket-sized piece of hardware called a dongle that is plugged into a smartphone.
Business to Business Payment Methods
Business to business payment methods refer to transactions between companies as opposed to between a company and an individual. Types of business to business payment methods include:
- Virtual terminal: These come in the form of either a web-based application or a piece of hardware. They are typically used when transactions are taken via mail order or over the phone and no physical card is present. Virtual terminals can also be used for recurring billing.
- Payment gateway: Payment gateways form a bridge between e-commerce (online shopping cart) and a payment processor that authorizes credit card payments for brick and mortar stores, bricks and clicks, online retailers and e-businesses.
The Best Way to Accept Payments for a Small Business
The best way to accept payments for goods from your small business depends on the type of products and services you offer and your overall business setup. There are many digital payment options, including PayPal, Square, Swipe and more.
At Velocity Merchant Services, we offer Clover POS systems to help you manage your payments and sales. Clover options include:
- Clover station: All-in-one POS station with large display.
- Clover mini: Miniature version of the Clover station.
- Clover go: Small, compact card reader.
- Clover flex: Compact POS device.
One of our Clover specialists will assist you as you search for the right POS system for your company. Once the specialist knows your business goals, they can recommend the right system.
When you buy Clover from other banks, they will ship you the devices and then you will be on your own to figure out how to set them up. But when you buy from Velocity Merchant Services, your Clover specialist will help you with setup to be sure everything is working properly.
Our POS system includes the newest, most secure technology and can handle many payment methods including credit card, debit card, gift cards and EBT. And with more and more people using mobile devices for payment, we also offer mobile and NFC options so you can stay on top of the market.
Contact our team today to learn how our solutions can benefit your business.