Payment types and it’s categories
The two main category types when it comes to credit card processing are swiped and keyed. Card present or card-not-present.
Swiped or card present transaction – merchants do a face-to-face transaction. A merchant can capture card information by dipping the chip or swiping the card in the terminal or POS. Merchants directly interact with a customer so the risk is low.
Card-Present Sub Categories:
Retail Merchants – conduct transactions face to face in a retail environment.
Face to Face (mobile) – this type of merchant is typically on the go, such as a vendor at a trade show. You can use a service like converge mobile that allows you to take the information in person.
Restaurant – the same as retail merchants, the difference is they may require the ability to add tips to their charges.
Lodging – processes their transactions like retail merchants except they may adjust the settlement amount depending on the customer’s length of stay.
Keyed or card-not-present are high risk, because merchants indirectly collect customers card information, and can process transactions in various ways.
Card-Not-Present Sub categories:
Internet/Ecommerce – conducts business through a web site by utilizing a shopping cart and an Internet payment gateway service. The payment gateway then collects the credit card information and processes it in real time.
Mail & Telephone Order (MOTO) – typically take the customer’s credit card information over the phone, by mail or through the Internet. They then manually process the transaction by keying it into either a credit card machine or through a virtual terminal such as Converge.
Talk to our payment consultant to know the best solution for your business.
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