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Choosing a EMV-NFC Merchant Account Services Terminal

Choosing a EMV – NFC merchant account services terminal for your business is an important point of sale decision. These days, cash (and checks) is no longer king.

Offering your customers secure, efficient credit card processing, whether you have a brick and mortar or online store, is a vital part of customer experience. The right point-of-sale (POS) terminal can also save you money. What are your options?

Stationary Merchant Account Services Terminals

If you have a brick and mortar store, chances are you already have a stationary credit card processing terminal. These machines, which feature a display screen, PIN pad, magnetic strip readers, and printers, are used in face-to-face, card-present transactions. They require an Internet (IP) or phone line connection in order to process credit or debit card transactions.

EMV Compliance

emv terminal chip and pinAs a result of security vulnerabilities associated with magnetic strip cards, EMV (Europay, MasterCard® and Visa®) POS terminals that read data from an integrated circuit (IC) or chip card are replacing magnetic strip terminals (although EMV-compatible terminals will be also be able to read magnetic strip cards, at least for a while).

EMV cards are authenticated either by signature (“chip and sign”) or PIN verification (“chip and PIN”). Chipped EMV cards are more secure, because the embedded chip uniquely encrypts the data differently each time a transaction is transmitted. Skimmed or stolen credit card data is impossible to decipher.

All U.S. merchants will need to have an EMV-compatible terminal by October 2015. TTG is helping businesses in this effort by giving brick-and-mortar store owners a FREE EMV Terminal.

google payNFC Technology

While EMV smart cards use “contact” payment gateways, physical POS transaction terminals are also accommodating a “contactless” exchange of payment information data using NFC (near field communication) technology. Using NFC, a customer simply waves a smartphone or tablet equipped with an NFC chip in front of a merchant’s POS terminal to process a payment (the transaction is approved by scanning your finger or entering a passcode). Apple Pay™ and Google Wallet use NFC technology.

Buy or Lease a Terminal?

You have the option of buying and owning a terminal outright, or renting one. While leasing seems like a cost-effective option, it actually isn’t. When you consider that a terminal typically costs $500 and a lease will cost you around $50 a month for as long as four years, owning your terminal can save you a fortune. Plus, if you own your terminal, you have the flexibility to reprogram it if you want to work with another processor in the future.

Wireless and Virtual Terminals/POS Systems 

Some merchants may prefer, or have a need for, a wireless credit card terminal, a virtual terminal, or a more function-rich POS system. How you conduct business will determine which terminal is best for your company.