To make successful transactions via cards, one needs a card swipe machine. The main function of a card swipe machine is to process payments via credit as well as debit cards. Few card swipe machines also have the capability to handle refunds. You can get the details about transactions done on a day with a card swipe machine as well. The swipe machine can also be updated from time to time. Credit card swipe machines greatly help in operating retail stores, restaurants, showrooms and much more.
How Does a Card Swipe Machine Work
Using a card swipe machine is pretty easy. You swipe the card in the machine and voila! In less than 30 seconds you can see the money deducted from a customer’s account and deposited to the merchant’s account. But what actually happens in those few seconds? Let’s find out.
Here are 5 simple steps showing how a card swipe machine works:
Step 1:Card Swiped
For any transaction to take place, the card and the card swipe machine should be in physical contact with one another. A transaction is active only after the magnetic stripe on the debit or credit card is moved or passed through a console at the merchant. There are some other types of swipe cards which just requires tapping it to the card swipe machine.
Step 2:Using Electronic System
Data is transmitted from the card through the EIS or electronic information system. There is a network connection established to verify all the details of the debit or credit card provided. Most of the methods of establishing a connection requires electronic systems with the right programming that reads the information from the card that is swiped. It also needs a network connection with the help of a wireless network of a telephone line.
Step 3: Information Sent
After the swipe card comes in contact with the card swiping machine, the information in the card is actually sent to a system to process the key information regarding the transaction. This step basically confirms if the debit or credit card is active and has enough money to pay for the purchase.
Step 4: Further Verification
Some card might also ask for other additional verification after swiping. This is done to confirm the identity of the user and their authenticity. Cardholders may also be asked to put their personal identification numbers while processing their transactions.
Step 5: Transaction Fees
A few of the cards might also deduct some transaction fees after swiping, in case the customer is using their credit card to pay. This is because a merchant is charged every time you make a transaction with a credit card. Technically, a percentage of 1.6 to 3 is charged to a company. This is in addition to the amount the company has to pay annually by default for getting into the credit card verification criteria. The account holder in a bank might also be charged with some additional fees after the card is swiped. Conclusion
Card swiping machines can make monetary transactions easier than ever. Cashless culture and the ability to move freely without carrying tons of printed notes have given a push to the rise of modern-day card swipe machines. Card swipe machine price depends on the number of features one requires. By choosing the right one, one can make the payment process at their store, restaurant or any B2C business.
Give your business a professional touch by installing a PoS (Point of
Sale) terminal.
call 7505682761
or SMS 7505682761
Benefits of pos terminal for merchant:
Cash handling is avoided.
The customers have tendency to higher purchases/impulsive buying while using the card than cash, thus more sales and higher profits.
The facility can also have provision for customer loyalty points which are widely used to attract the customer to the outlet repeatedly.
Additional revenue stream from value added services such as Cash @ POS, Loyalty program etc.
Set up for success
Seamless integration makes it easy to sell your products and accept payments on any device while automatically updating your inventory, orders, and customer data.
call 7505682761
or SMS 7505682761
ELIGIBILITY:
·The merchant should have a current account with any bank with a
satisfactory account operation.
·The merchant should be in retail/over the counter trade.
·The merchant shall have a fixed landline connection for Normal PSTN
Terminal, Android phone with active internet otherwise they will have to
apply for GPRS based machine.
