By: Jason Collazo
Life just got a little bit easier for merchants and small businesses using Credit Card Terminal. Up until now, this leading point-of-sale app could only perform keyed transactions. But with the introduction of Credit Card Reader, merchants can perform swiped transactions as well. Just plug the reader into your iPad’s dock and speed up your transactions, while at the same time lowering your chance for errors. Credit Card Terminal is available for your iPhone too.
Arguably the biggest boon to those running a small business, since the advent of ecommerce, Credit Card Terminal has turned your iPhone, or iPad, into a virtual cash register. Setting up your business to accept credit cards can be both complex and costly, especially for the small business owner. There are accounts to be applied for and arranged, fees to open accounts, monthly fees, and transaction fees.
Many merchant accounts can also have a Minimum Processing Fee or Minimum Discount Fee, which requires the merchant to pay a penalty if a certain quota is not met for the month. Credit Card Reader has very little, if any, set up. Most small businesses using iPad for credit card billing will already have Terminal on their iPads, simply plug Credit Card Reader into the iPad’s dock, perform the one time set up, and you are ready to start swiping. Less error-prone than entering the information by hand, it is the speed at which transactions can now be performed that is the big seller: 2-3 seconds on a fast Wi-Fi connection and 10-15 seconds on slower connections. In most cases, you can continue to use your phone for business calls while you are processing a credit card swipe. Your billing is typically deposited into your account within two business days.
You can also collect signatures with the reader, as customers can either sign using their finger or a Pogo Stylus can be purchased for a more familiar feel. Many retailers no longer require a customer’s signature, especially on lower priced charges. However, a signature can come in handy, especially in cases in which customer disputes occur. Reader can process MasterCard, Visa, Discover, and American
Express cards from practically anywhere; although it would be wise to check with your phone provider about area service and out-of-area charges.
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