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When purchasing and installing new POS payment processing terminals, merchants are presented with a number of different terminal options that offer various functions, levels of convenience, and integration with the current
point of sale system. Although the deluxe models obviously offer the most features and are generally more flexible, that doesn’t mean they are right for every merchant in
Canada. An overview of the general types of payment processing terminals and the merchants they are best for should make choosing the right one easier.
There are two main factors to consider with POS payment processing terminals. First, how portable is the terminal? Second, how does it connect to the payment processor and how fast is the service delivered by that connection? This consideration is primarily relevant for merchants that either absolutely need the fastest processing possible or those in parts of Canada that only have dial-up internet access. The majority of businesses will find the standard processing speed acceptable. Security is not generally an important concern because a reliable payment processor or payment terminal dealer should only offer the most secure terminals available, as the service provider or dealer ends up accountable for hardware security failures. Terminals also differentiate themselves on their processor and printer speed, but that is not a primary factor for most merchants’ decision.
Some level of portability is important for almost every merchant, because many credit and debit cards require customers to type their PIN for payment to be approved. This can be accomplished with a stationary terminal that swivels, with a handheld terminal that connects using a cable – the most common type, or with a wireless handheld terminal. Most traditional storefronts do not need the wireless feature because they don’t need to be able to carry the terminal, though some retail outlets are experimenting with eliminating stationary credit card payment terminals. Retailers that sell their goods in less traditional locations such as merchandise tables and trade shows are on the top of the list for wireless terminals.
All these features must be balanced against the cost of POS payment processing terminals, the fees that the processor charges, and the business’ specific needs. Doing so makes it easier to find the right POS payment terminal.
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