Understanding The Different Types Of Card Payment Machines

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Businesses today accept cashless payments. One of the most common devices that you can find on their checkout counters is card payment machines. This makes transactions fast and easy. It will not only benefit their business but also make their customers happy. This is why if you do not have this yet, then you are missing out on something that can bring a great improvement for your business. Maybe it is time to consider to take card payments soon.

Card Payment Machines – Is It For You?

Accepting card payments can also benefit your business. You are not only making your customers happy, but you also make every transaction fast and easy for you. No matter what type of business you have, whether you have a small, medium, or large business, as long as you take payments from your clients or customers, then you need a card payment machine.

Different Types Of Cards Used For Payment

Nowadays, people use more than just their cash when paying for services or groceries. There are now plenty of ways for a customer to pay at stores, restaurants, and more. Also, there are now different types of cards that a card payment machine can accept. So to give you an idea what type of cards are you going to be handling, here are the different types of cards that people use these days:

  • This payment is done wherein the smartphone or card uses a Near-Field Communication (NFC) or a Radio Frequency Identification (RFID). These two transmit the signal to the card payment machine where the information is transferred. There is no need for a PIN or signature for this payment method.
  • Debit Card. This is one of the first types of cards that are being accepted by the card payment machine. This is issued by the bank and is directly connected to his or her bank account. This is an alternative to cash payments. The debit cards can be swiped or inserted into the card machine terminal. The cardholder needs to punch in the PIN on the keypad for the transaction to push through.
  • Europay-Mastercard-Visa (EMV). This card uses a computer chip that is present in the card. This chip is read by the card payment machine every time the customer ‘dips’ or inserts their card into the payment machine terminal. This chip contains important information needed for the card payment to be approved. It has the card number, expiry date, the cardholders’ credit limit, and a lot more.
  • Keyed-In. This process can be completed without the use of the physical card. The customer just needs the card number, expiration date, and the security code for the transaction to be approved. The process is completed as normal without the need for swiping, tapping, or dipping.
  • This card uses a magnetic strip that has all the important information like the card number, the cards’ expiry date, the cardholders’ credit limit, and a lot more. The card will be swiped to the machine when making a payment.

Cashless payments are more recommended these days. Simply because of the convenience and added security that customers and business can benefit from. With card payments, there’s no more need for customers to carry cash, or for business to have enough bills and coins in-store, where both can increase the chances of theft and robbery.