How to get a payment terminal?
Payment terminals have become an essential element for businesses that wish to accept credit or debit card payments. In this article, we will explain how to obtain a payment terminal for your business.
Step 1: Choose a payment terminal provider
The first step to obtaining a payment terminal is to choose a payment terminal provider that suits your business. Payment terminal providers can be banks, payment processing companies, hardware resellers, or companies specializing in online payment services.
Make sure to do your research to find a trustworthy provider that offers payment terminal options suitable for your business and is able to provide reliable technical support.
Step 2: Choose the type of payment terminal
There are several types of payment terminals, each with different features and costs. The most common types of payment terminals are:
Counter terminals: that are placed on your business's counter, connected to a phone line or the Internet, and are often used in retail businesses.
Mobile terminals: that can be taken outside your business and used for events or delivery services.
Virtual terminals: that allow businesses to process payments online, via a secure payment portal on their website.
Select the type of payment terminal that best fits your business based on your transaction volume, activities, budget, and customer requirements.
Step 3: Assess costs
The costs of payment terminals can vary depending on the type of terminal, installation fees, monthly fees, transaction fees, and other charges.
Make sure to understand the costs associated with using a payment terminal before engaging with a provider. Request quotes and compare costs from different providers before making a decision.
When looking for a payment terminal, you should also consider whether you want to buy or rent it. You may also choose to buy a new or used payment terminal.
Renting can offer greater flexibility in terms of initial cost, while buying gives you more control over the device. New terminals offer warranties and more recent security updates, while used terminals may be cheaper but can carry risks related to their condition or obsolescence.
Step 4: Complete the registration documents
Once you have chosen a payment terminal provider and a type of terminal, you will need to fill out the registration documents to open a merchant account and receive your payment terminal.
These documents may include a merchant account application, information about your business, credit checks, and personal identification documents.
Make sure to fill out the documents accurately and provide all the required information to avoid any delays in processing your application.
Step 5: Installation and training
Once you have obtained your payment terminal, you will need to install it and train your staff on its use. Your payment terminal provider should provide technical support to help you install and configure your terminal, and to train your staff on its use.
Make sure you understand how to use the payment terminal and ensure that your employees know how to perform transactions, resolve common issues, and maintain the terminal.
Step 6: Start accepting payments
Once you have installed and configured your payment terminal and cash register, and trained your staff on their use, you can start accepting payments by credit or debit card.
Make sure your customers know that you accept card payments by displaying stickers or signs outside your business. You can also display the accepted payment methods on your cash register to help your customers choose the payment method that works best for them.
Step 7: Ensure security
The security of payment transactions is essential for businesses that accept card payments. Make sure your payment terminal complies with security standards such as the Payment Card Industry Data Security Standard (PCI DSS).
Protect your payment terminal by keeping it in a safe place, securing your Internet connection, and ensuring that your staff does not retain card data after the transaction.
In summary, obtaining a payment terminal may seem like a complex process, but by following these steps, you can acquire a payment terminal that suits your business and begin accepting credit or debit card payments securely and confidently.