A credit card terminal, also known as a payment device or electronic fund transfer (EFT) device, is a point of sale (POS) terminal that a merchant can use to perform transactions through a credit/debit card.
Though there are variety of credit card payment terminals available in the market to retailers, most of them have similar functions. These devices allow merchants to insert/swipe, or manually enter the required card details, to transmit the payment information to merchant service provider for authorization and transfer funds to the merchant’s account. The card readers also provide receipts for the payment made using an inbuilt printer.
Most models, not only process debit and credit cards, but also can handle cheques, gift cards, and so on. Majority of the POS terminals can send and receive data through a standard telephone line or a secured Internet connection.
Advantages of POS payment terminals
Credit and debit cards have become indispensable these days to consumers around the world. Shoppers value the ease, convenience and flexibility that cashless payment modes offer to them. Some of the advantages for the shop owners using POS payment terminals are - high customer satisfaction, give competitive edge over rivals, easy handling and transparent transaction, guaranteed payment, time efficient and improved security and protection. It is also worth noted that though technology has made all such cashless transactions safe and secure, still data stealing and fraudulent transactions are happening through card payments.
Industries using POS payment terminals
POS payment terminals have a wide range of applications in different business environments. Some of the sectors where the card payment terminals are used are healthcare, logistics, entertainment, micro-finance, enforcement and banking with applications ranging from billing, field sale automation and E-challan to mobile banking and online payment
Though restricted to a few applications ideal for small and medium shop owners, POS payment terminals are generally not preferred where large transactions are involved like in super markets and hyper markets where integrated POS products such as touch screen, barcode scanner, card scanner, cash drawers and printers are generally preferred.
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