November 13th, 2015 by Elma Jane
It’s important for merchants to understand the basic of how a credit card terminal works. It is the channel through which the process flows and the merchants can choose the right one for their processing needs, whether they use a point-of-sale (POS) countertop model, a cardreader that attaches to a smartphone or mobile device, a sleek handheld version for wireless processing or a virtual terminal for e-commerce transactions.
A credit card terminal’s function is to retrieve the account data stored on the payment card’s EMV microchip or a magnetic stripe and pass it along to the payment processing company (also known as merchant account provider).
For card-not-present (CNP) – mail order, telephone order and online transactions – the merchant enters the information manually using a keypad on the terminal, or the e-commerce shopper enters it on the website’s payment page. The back half of the process remains the same.
The actual data transmission goes from the terminal through a phoneline or Internet connection to a Payment Processing Company, which routes it to the bank that issued the credit card for authorization.
In card-present transactions where the card and cardholder are physically present, the card is connected to the reader housed in the POS terminal. The data is captured and transmitted electronically to the merchant account provider, who handles the authorization process with the issuing bank and credit card networks.
A POS retail terminal with a phone or Internet connection works best in a traditional retail setting that deals exclusively in card present transactions. For a business with a mobile sales, a mobile credit card processing option like Virtual Merchant Converge Mobile relies on a downloadable app to transform a smartphone or tablet into a credit card terminal equipped with a USB cardreader.
Wireless Terminals are compact, allowing you to accept credit cards in the field without relying on a phone connection. If you process debit cards, you’ll need a PIN pad in addition to your terminal so cardholders can enter their personal identification number to complete the sale.
Selecting the right terminal for your credit card processing needs depends largely on the type of business you run and the sorts of transactions you process. Terminals are highly specialized and provide different services. At National Transaction we offer a broad range of terminals with NFC (near field communication) Capability to accept Apple Pay, Android Pay and other NFC/Contactless payment transactions at your business. An informed business decision benefits your bottom line. Start accepting credit cards today with National Transaction.
Posted in Best Practices for Merchants, Credit card Processing, e-commerce & m-commerce, EMV EuroPay MasterCard Visa, Mobile Point of Sale, Point of Sale Tagged with: Android Pay, Apple Pay, card-not-present, card-present transactions, cardholder, cardreader, cnp, contactless payment, Converge Mobile, credit card, credit card networks, credit card terminal, debit cards, e-commerce, EMV, magnetic stripe, mail order, merchant account provider, merchants, microchip, mobile credit card processing, mobile device, Near Field Communication, nfc, online transactions, payment processing company, PIN pad, point of sale, POS, POS terminal, smartphone, telephone order, virtual merchant, virtual terminal, wireless processing
October 19th, 2015 by Elma Jane
If you’re a merchant accepting credit cards, you’re probably aware that things are changing. As of October 1st, 2015, merchants are now liable for any fraudulent activity that occurs as a result of non-EMV-compliant. For those Merchants who haven’t yet updated their POS terminal, you need to talk with your processor to get a new equipment.
Things Merchant should know to be EMV ready:
What is EMV Chip Cards? Chip Cards are standard bank cards that are embedded with a micro-computer chip. Some may require a PIN instead of a signature to complete the transaction process. The new cards will still have magnetic stripes, at least for the time being, so you technically can continue to process payments with the same old equipment you’ve been using for years. But by refusing to upgrade your hardware, you are taking on responsibility for any fraud that might have otherwise been prevented with the new technology.
How does EMV Chip Cards Work? Instead of swiping your card, you are going to do what is called card dipping, which means inserting your card into a terminal slot and waiting for it to process.
When a Chip Card or EMV Card is dipped, data flows between the card chip and the issuing financial institution to verify the card’s legitimacy and create the unique transaction data.
This process isn’t as quick as a magnetic-stripe swipe. It will take a little longer for that transmission of data.
What Must a Merchant Do? For merchants and financial institutions, the switch to EMV chip cards means adding new in-store technology and internal processing systems, and complying with new liability rules. Merchants who have not yet purchased new POS Terminal may be held liable for fraud as of October 1st, 2015. Implementing EMV technology isn’t an option, it’s a necessity. If you are one of those in the retail business or retailers using mobile payment devices who missed the Oct. 1st deadline, you are already at risk. Upgrading should be a top priority.
Posted in Best Practices for Merchants, Credit Card Reader Terminal, Credit Card Security, EMV EuroPay MasterCard Visa, Point of Sale Tagged with: bank cards, chip cards, credit cards, data, EMV, financial institutions, magnetic stripes, merchant, mobile payment, PIN, POS terminal, processor, retail business, terminal slot
September 24th, 2015 by Elma Jane
If you accept credit cards and don’t know what EMV is here is what you need to know.
EMV stands for Europay, MasterCard and Visa. A credit card that had a chip embedded in it is an EMV. EMV Cards have been standard in Europe for more than 10 years because they’re more secure than magnetic stripe cards. Magnetic stripe cards doesn’t change, it has static data, which makes them easy to clone. The chip embedded card makes it more difficult and costly to counterfeit because the data that is transmitted changes each time the card is read. This means less fraud.
Questions to ask to help you decide about terminal upgrade.
- Calculate your risk – Consider the cost of replacing your point-of-sale (POS) terminal vs. potential risk. Whether you replace it now or at a later time, eventually all businesses will have to replace their POS terminals.
- Educate your staff – Educated employees translate to better-educated customers. Merchants can help customers better understand this change and what it means for them.
- Upgrade your POS system – Consider using an EMV compliant credit-card reader on a wireless device for an ultra-secure mobile solution. This is also a chance to upgrade other options, such as near field communication NFC technology, which lets consumers use their mobile devices to make payments at the point of sale.
Posted in Best Practices for Merchants, Credit Card Reader Terminal, Credit Card Security, EMV EuroPay MasterCard Visa, Mobile Point of Sale, Near Field Communication, Point of Sale Tagged with: chip, credit card reader, credit cards, data, EMV, emv cards, EuroPay, magnetic stripe cards, MasterCard, merchants, Mobile Devices, Near Field Communication, nfc, payments, point of sale, POS terminal, visa
September 11th, 2015 by Elma Jane
National Transaction Terminals with NFC (near field communication) Capability
To accept Apple Pay transactions at your business, you will need to adopt point-of-sale devices with NFC/contactless readers.
National Transaction offer a range of options to suite your specific needs:
Tablet solutions: Talech with iCMP device and NCR Silver.
Short-range wireless terminals for pay at the table: Bring the point-of-sale to your customers. Ideal for table-service restaurants, curbside pick-up, salons and more.
These terminals are all-in-one solutions with an integrated PIN Pad and printer. The short range terminals use secure, encrypted Bluetooth technology, allowing only the base and terminal to talk to each other, while also monitoring channels to prevent interference from other devices.
The Bluetooth terminals we offer are: VeriFone VX680B and Ingenico iWL220B. (Both Bluetooth Wireless)
Long-range wireless (cellular/mobile) terminals: Have a long-life battery and compact design, which allows you to process transactions anywhere your customers are ideal for deliveries, kiosks and more.
These terminals are all-in-one solutions with an integrated PIN Pad and printer. Phone lines and internet connections are not required to take advantage of our mobile payment solutions.
The GPRS wireless terminals we offer are: VeriFone VX680G and Ingenico iWL250G. (Both GPRS Wireless)
Countertop terminals:
Ingenico iCT250 – has a “magic box” cable management system that prevents cable tangle and clutter. The terminal boasts a color display for improved readability and ease of use.
Verifone VX520 – has a built-in secure software authentication process which prevents unauthorized software applications from being downloaded.
Ingenico iCT220 with iPP320 external PIN pad – has a “magic box” cable management system that prevents cable tangle and clutter, along with a black and white screen for crisp visual clarity. Combine with an iPP320 for a consumer- facing solution to support contactless payments. (Note: the iCT220 device only supports contactless transactions when connected to this external PIN pad).
Whether you need a stand-alone POS terminal, want to take advantage of your existing tablet or PC, or require a wireless or mobile solution, National Transaction Corp., offers numerous user-friendly options. No matter how your customer wants to pay, NTC will help you enable quick and easy transactions from Traditional credit and debit cards, gift cards, smart cards (or EMV), mobile or digital wallets like Apple Pay and eCommerce or MOTO transactions.
Start growing your business quickly by accepting all kinds of credit card payments and debit cards. Choose a state-of-the-art solution so you can accept payment in store or on your mobile device. With transparent pricing, live customer support, no cancellation fees and a secure platform, you’ll be confident you made the right partner for your business with National Transaction Corp.
Learn how easy it can be to accept any contactless or Apple Pay transactions.
Click here for more information about Apple Pay.
For Merchant Account Setup give us a call at 888-996-2273 or visit our website www.nationaltransaction.com
Posted in Best Practices for Merchants, e-commerce & m-commerce, Mail Order Telephone Order, Mobile Point of Sale, Near Field Communication, Point of Sale Tagged with: Apple Pay transactions, contactless readers, Countertop terminals, credit card, debit cards, Digital wallets, ecommerce, Gift Cards, mobile payment, moto, Near Field Communication, nfc, PIN pad, point of sale, POS terminal, smart cards, wireless terminals
October 30th, 2014 by Elma Jane
A partial authorization request enables an issuer to approve an amount that is lower than the total transaction amount in cases when the available card balance is not sufficient to cover the full transaction amount. It can also approve a $1500 authorization for a $15.00, and if the merchant does not look closely and pay attention to the details they may lose a lot.
Partial authorizations are used for prepaid and check / debit cards and are now supported by both Associations, as well as their issuers and payment processing companies. They make it possible for merchants to complete a transaction by using the remaining available balance on the prepaid or check card and accepting an additional payment form (e.g. cash, check or another bank card) for the remaining balance. This type of transaction is known as split tender.
Partial authorizations provide you with a way to eliminate decline authorizations due to insufficient funds. You should take advantage of this opportunity and understand how to process them. There are reasons for authorization declines where there is nothing a merchant can do.
Partial Authorization Process
Customer swipes a card with available balance that is lower than the sale’s amount.
Merchant submits an authorization request with a Partial Authorization indicator to the issuer for the entire sale’s amount.
Issuer sends a partial authorization approval back to the merchant.
POS terminal subtracts the partially approved amount from total sale’s amount.
The customer makes a payment for the remaining balance using cash, check or another card.
The sale is now completed and a receipt is printed displaying the split tender amounts.
If the prepaid card used in a split tender transaction is a gift or an incentive card, the remaining balance is automatically sent to the point-of-sale (POS) terminal where it can be displayed to the merchant and printed on the sales receipt.
Posted in Best Practices for Merchants Tagged with: bank card, card balance, cash, check card, debit cards, merchant, partial authorization, payment form, payment processing, point of sale, POS terminal, prepaid and check, transaction
May 9th, 2014 by Elma Jane
Facebook is apparently ready to become a person-to-person (P2P) money transfer network. The clear decision to launch a money transfer service in the region can be seen as a test bed for Facebook’s larger ambitions of becoming a payments hub for its 1 billion user base. Facebook was only weeks away from gaining regulatory approval in Ireland for its remittance platform FT quoted unnamed sources. Facebook’s P2P platform will be geared to facilitating migrant remittances, with the goal of expanding its payment presence in emerging markets such as India. Facebook makes the bulk of its revenue from advertising, but 10 percent of its profits reportedly come from in-game payments for online and mobile games, such as Zynga’s popular FarmVille.
From WhatsApp to what’s next
Facebook’s February 2014 acquisition of mobile messaging service WhatsApp for $19 billion clarified the social network’s strategy. The WhatsApp acquisition and the expected P2P network launch as part of the first phase of Facebook’s deeper immersion into payments.
Tech giants face up to payments
When comparing the payment strategies of tech giants Google Inc., Apple Inc. and Facebook, the latter two competitors as having bigger potential upsides than Google. Facebook and Apple (via iTunes) already have established financial relationships with millions of users who have attached funding mechanisms – debit and credit cards – to their social media accounts. As primarily a search engine, Google is playing catch up to persuade its users to set up Google Wallet accounts.
In May 2013, Google launched its own P2P network by integrating Google Wallet with Gmail accounts, so that wallet users can facilitate money transfers via email. More recently, reports have surfaced indicating Google plans to extend Google Wallet to its wearable technology solution Google Glass. But the success of such ventures rests on users’ confidence with Google as a financial service provider.
Facebook as having a brighter financial services future than Apple. Apple’s reach is limited to consumers who have iPhones and iPads, whereas Facebook is not tied to any branded mobile devices, it is a very ubiquitous offering. It could apply to anybody with any type of phone or tablet.
Eventually, tech companies like Facebook will need to partner with payment businesses in order to expand into the merchant-centric brick-and-mortar world. The mobile POS solution provider, a business unit of global POS terminal manufacturer Ingenico SA, would be an ideal partner for Facebook. If they extend what they do from P2P payments to more of a wallet purchasing capability for their users, then the next step could very easily be an extension of that into servicing the merchant side.
Posted in Financial Services, Mobile Payments, Smartphone Tagged with: Apple Inc.Facebook, consumers, credit cards, debit, device, financial service, financial service provider, Gmail accounts, Google Glass, Google Inc., Google Wallet accounts, ingenico, iPads, iPhones, iTunes, merchant-centric brick-and-mortar, migrant remittances, mobile, Mobile Devices, mobile games, mobile messaging service, mobile pos, mobile POS solution, mobile POS solution provider, money transfer, money transfer network, money transfer service, network, online, p2p, P2P network, P2P payments, P2P platform, payment businesses, payments, payments hub, phone, POS terminal, remittance, remittance platform, search engine, service provider, social media, social media accounts, social networks, tablet, wearable technology
