Importance of Wireless Credit Card Processing in Business
Posted at by ifydcat on category UncategorizedEvery successful business owner understands the importance of having convenient, quick and efficient payment methods made available for their customers at any given time, every day. Customer’s convenience and data security is what makes Credit Card Processing very popular among business owners these days especially when you think about how long and tedious the past credit card payment processes were in the past, what with using telephone lines to complete the transactions. These days however, wireless technology had made the entire process faster and safer, protecting the customer’s credit card information by encrypting the data and completing a payment transaction in under five minutes.
And the working concept of wireless credit Credit Card Processing is really very simple; business owners accept credit card payments for cashless transactions and swipe the card into a wireless terminal or perhaps a computers that gets the credit card number as well as other relevant information pertaining to the purchase. Using wireless signals, the information which is protected by data encryption is sent from the terminal to the processing firm that verifies the information which in turn forwards the withdrawal request to the credit card’s issuing merchant banker. The merchant bank verifies again the card information and authenticates the account balance and subtracts the purchase amount to the customer’s account and then sends back a response to the wireless terminal, thus completing the transaction.
When it comes to benefits to businesses, there is more to wireless credit card payments than just quick and efficient transaction. For one thing, it helps lower overhead costs, which for starting businesses is essential to making it through the rocky first year in business and important for established businesses, to make sure that they stay updated with payment options that would keep their customers happy. The wireless technology makes the portable and lightweight Card Processing very easy for a travelling sales person or a mobile business owner to take from one place to another, thereby not losing any opportunity to make a sale and accept payments anytime. Such wireless technology eliminates entirely the need to keep actual records of your customer’s credit card information which is also a great help to protect your business from any possibility of having someone file a liability complaint against you when their credit card information get lost or stolen and is used to commit fraud. And since the business accepts credit card payments, there is no need for an additional staff to take care of records and book keeping which is a great way to reduce filing and calculation mistakes. And this also helps big companies that deploy sales agents to various locations, since the sales agents can complete the sales transactions themselves there is no need to turn over the processing of the payment to another person or department back at the main office, which causes delays and mistakes in the processing of the order.