What is a Credit Card Machine?
Both online and offline merchants can speed up the credit card transaction process by using a credit card machine or terminal. These machines allow merchants to accept major credit cards, debit cards and, in some cases, checks. Credit card machines are available in a variety of styles, sizes and with varying levels of functionality.
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Significance
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Retailers and merchants who want to accept Visa, MasterCard and debit transactions use credit card machines for efficiency and security. Instead of making carbon copies of credit cards and sending sensitive data to a credit card company, merchants can process a credit card transaction over the Internet by swiping a card into an encrypted card reader device.
Types
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Credit card machines are portable devices that may be attached to a point of sale (POS) system, but can also be wireless terminals or simple PIN pads that can be used to process a variety of credit and debit card transactions. Wireless credit card terminals, check readers and IP terminals are some different types of credit card machines available. Leading manufacturers of credit card processing systems include: Verifone, Hyperco, Magtek, Way Systems, Ingenico and Nurit.
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Function
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Credit card machines are available in a variety of sizes and allow merchants to accept many types of credit card payments. The machines work by capturing encrypted data from the credit card magnetic strip and entering this information into the computer. The data is sent to the credit card company or bank to authorize the transaction, and a receipt of the transaction is produced shortly after the communication is complete.
Features
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Credit card machines may be designed with a number of features including: large LCD display; drop-in receipt paper loading system; large alphanumeric keypad; bidirectional card readers; fixed thermal printer heads; ports for smart-card readers, bar-code wands or PIN pad attachments; check readers; and internal modems. Wireless credit card terminals may have additional functionality that allow for mobile credit card processing. Card readers are typically located somewhere on the machine, but may also be purchased separately and connected to a data port.
Benefits
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The machines may be integrated into an existing payment processing solution so that merchants can keep track of all payments, produce reports and maintain security of credit card transactions with ease. Credit card machines and processing units save time by coordinating the credit card transaction within seconds. Wireless units may be used by sales people at trade shows, servers at restaurants, and other individuals who need to process a transaction without entering it into a point of sale terminal.
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