What do You Need for Accepting Payments?
For equipment
- A payment terminal – the device to take customer card payments via swipe, dip, insert, tap, or manual entry of the card number. Point-of-sale (or POS) terminal, credit card machine, PDQ terminal, or EMV/chip-enabled terminal are also names used to describe these devices.
- An electronic cash register – or till. This register calculates transactions and may print out receipts, but it does not accept customer card payments.
- An integrated payment terminal – a payment terminal and electronic cash register in one (it takes payments, registers and calculates transactions, and prints receipts).
- A merchant bank – financial institution that processes credit and/or debit card payments on behalf of merchants. Acquirer, acquiring a bank, and card or payment processor are also terms for this entity.
For system
- The cardholder data environment (CDE) – the entire process for accepting card payments. The payment system may include a payment terminal, an electronic cash register, other devices or systems connected to a payment terminal, and the connections out to a merchant bank.
- Encryption or cryptography – this makes card data unreadable to people without special information.
When you sell products or services online, you need to understand eCommerce payment system. For this you must have:
- An eCommerce website – these houses and presents your business website and shopping pages to your customers. The website may be hosted and managed by you or by a third party hosting provider.
- Shopping pages – that shows your product or services to your customers, allowing them to browse and select their purchase, and provide you with their personal and delivery details. No payment card data is requested or captured on these pages.
- Payment page – this is the web page or form used to collect your customer’s payment card data after they have decided to purchase your product or services. Handling of card data may be managed exclusively by the merchant, partially managed by the merchant with the support of a third party using a variety of methods, or wholly outsourced to a third party. Using a wholly outsourced third party may be your safest option.
- Payment system – this includes a website with shopping pages and a payment page or form; connected devices or systems (for example Wi-Fi or a PC used for inventory) and connections to the merchant bank (also called a payment service provider or payment gateway). The system is either wh WorldPay(formerly Vantiv) TSYS(Formally Cayan, which was formerly Merchant Warehouolly outsourced to a third party, partially managed by the merchant with support from a third party, or managed exclusively by the merchant.
Credit Card Processing Services
| WorldPay (formerly Vantiv) |
TSYS (formerly Cayan, which was formerly Merchant Warehouse) |
PayPal | PAX Technology (based on Android) |
Payment Express (no integration in US/CA) |
|
|---|---|---|---|---|---|
| Integrated POS | |||||
| mPOS | |||||
| Online payments | |||||
| Mobile payments | |||||
| EMV compatibility | |||||
| Contactless/NFC-enabled payments | |||||
| eCommerce transactions | |||||
| Omnichannel retailing | |||||
| Gift cards | |||||
| Integrated PIN pads | |||||
| Built in receipt printers | |||||
| API integration | |||||
| Wireless countertop | |||||
| Types of clients (small, medium, enterprise) | S, M, E | S, M, E | S, M | S, M, E | S, M, E |
| Platform | POS, mobile, online | POS, mobile, online | Online | POS, mobile, online | POS, mobile, online |
| Countries | 146 | 80+ | 200+ | 100+ | US, New Zealand, Australia, Canada, UK, Singapore, Ireland |
| Equipment | Terminals, printers, PIN pads, and check readers, available for a monthly fee. | Small selection (wireless models and EMV-capable terminals). Features vary by model. | PayPal Chip Card Reader ($99.99), POS sticker and micro USB cable for charging. | Integrated payment terminals and wide range of connectivity options. | End-to-end accountability from card swipe to bankcard provider. |
| Price | 2.90%-2.70% + $0.10-$0.30 per transaction | From $9.95-$49.95+/month, depending on the volume of processed monthly transactions. | No hidden fees. $30/month, flat rate for every transaction: 2.7% per US card swipe. | Doesn’t publish anything about their pricing model. | Based on the sale of a block of transactions, starts from $25 + set up fee ($49) + transactions. |
| The best description | Very flexible, ideal for retail stores | Processes all payment types, perfect for restaurants and retail | Simple and easy digital platform | The best payment solutions for Android | Incredibly quick and intelligent |
NB! Erply doesn’t support Apple Pay directly. It depends on what the merchant (Vantiv, Cayan etc) supports
Sources: pcisecuritystandards.org, towson.edu, barclaycard.co.uk, worldpay.com, vantiv.com, slideshare.net
Erply’s integrated payment options save time and streamline sales
Erply allows your business to accept any payment type, from anywhere. Choose from credit card, cash, check, on-account, store credit, or gift cards. You can also choose layaway or split payment options. Erply even supports the newest contactless technologies like Apple Pay, Google Pay, and NFC.
Erply offers an easy plug-and-play set up and quick installation and support for iPad, Mac, and PC devices. This integrated payment system provides the most robust option for retail payments.
Non-dual entry increases accuracy.
Integrating your card reader with Erply means no more double-entry. Human error and manual end-of-day reconciliations will be significantly reduced. Plus, payments will appear quickly in your bank account.
Provide quality customer experiences.
Integrated payments mean you can serve customers with your full attention, even when it’s busy. You can also use a mobile POS solution to complete customer transactions right where they are – a touch they are sure to appreciate. Don’t step back behind a register and miss sales – assist customers while you’re talking to them and you can make the most of the customer service experience!
Accept online payments 24/7.
Ever dream of making money while you sleep? Our secure payment gateway makes it possible to accept payments from your eCommerce store at any time. Get paid quickly from online sales, with the confidence that comes from working with an established partner.
Really love your bank?
You might be able to stay with them! We know it’s hard to find business partners you can trust and we want to help you stay with the ones you do. We work with many preferred merchant service providers. Contact us to see what’s available to you.
Request a Free Demo.
Get in touch with us and we’ll show you a better way to manage your business.
