| Credit card terminals |
| Written by Henry Johnson | |
They offer ease, but be aware of security concernsCredit card terminal s are the vital link that's making our increasingly cashless society possible. The ease and convenience of this technology has helped increase consumer spending and borrowing, thus driving the economy.Credit cards were devised in America in the 1920s, and were largely used to purchase gasoline. By the late 1930s, several companies began allowing customers to use one another's cards to purchase goods and services. The credit card evolved again, when Ralph Schneider and Frank McNamara created the Diners Club, which allowed clients to pay multiple merchants using a single credit card. Before then customers, for the most part, had to pay each business by using a credit card issued by that business. The concept rapidly took off, and over the next decades credit card companies sprung up as the concept began penetrating markets throughout the United States and world. The digital revolution came at an opportune time for credit card companies. The use of computerized terminals allowed for instantaneous processing of credit card purchases, whereas in the past paper receipts of sale had to be gathered and sent off to card companies. The terminals and the convenience they provide allowed for the quick rise in popularity of the credit card, and today more than half of all Americans no longer carry cash, choosing to make their purchases solely with credit cards and bank cards instead. When buying a credit card machine for your business, there are a variety of options. Consider each carefully, and make the choice that best suits your business and security needs. There's three basic types of credit card terminals, the standard stationary terminal that plugs into the wall, wireless terminals offer increased portability and virtual terminals, which allow users to enter information and process payments over the Internet. All meet security standards, but the stationary terminal is likely the most secure from external hackers, while the wireless version has some vulnerabilities. When choosing a credit card terminal, you'll also want to select a device that's easy to use and isn't subject to frequent freezes. Before buying a credit card terminal, check out the keypad and screen and make sure the system has an intuitive interface. A printer is also good to allow you to keep hard copy paper receipts of your transactions. Other good features to have are an external PIN pad for customers to use and a Flash memory option, which makes storing data and obtaining updates much easier. With new technology comes new challenges, and recently security has recently become a big concern for merchants who use credit card terminals. Federal law requires that all store-owners who have credit card terminals must meet industry security standards for handling data, known as the payment card industry data security standards, or PCI DSS, for short. Unfortunately, these standards may not even be enough as some of the biggest data breaches last year involved companies that were known to be up to PCI DSS. In fact, the standards themselves have recently come under fire in a Department of Homeland Security hearing as nothing more than lip service paid by retailers to consumers' security concerns. There's also concerns that merchants with good intentions simply do not have the technical sophistication to keep up with hackers, who are continually updating their methods and abilities. Two good, secure credit card terminals are the Verifone Vx570 Dial Mode and the Exadigm XD2100SP. Both models come from established, well-respected companies, and boast many features, not the least of which being that they exceed industry standards regarding credit card terminal safety measures. Adding a credit card terminal isn't just an option for business these days, it's a requirement if the business is going to compete in the modern age. Selecting a terminal that's easy to use and secure is imperative, so be informed and aware of what your needs are, and what's out there to meet them. |
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