In every type of business, it is important to have a payment method that would be available to your customers anytime and anywhere. And this is the reason why wireless Credit Card Processing has become very popular among businesses these days especially when you take into consideration how credit card payment processes work in the past years, when transaction data was sent using telephone lines which takes up a lot of time and effort. Today, the advent of wireless technology had paved the way for faster and safer credit card payment transactions by making use of wireless data encryption for data security and transactions can be done in less than five minutes at a time.
The process of accepting wireless credit Card Processing is a really simple concept; business owners who accept credit card payments swipe the customer’s credit card into the wireless credit card terminal (or it can be a computer) that receives the credit card information and the amount of purchase. Through wireless signals, the information is sent via withdrawal request for the amount of the purchase that the customer made to the processing firm which verifies the information and forwards the withdrawal request to the merchant banker that issued the credit card. The merchant bank verifies again the card information and authenticates the account balance and subtracts the purchase amount to the customer’s account and then sends back a response to the wireless terminal, thus completing the transaction.
Starting and established businesses will get more benefits than just completing credit card transactions quickly and efficiently when they use wireless technology to accept credit card payments. For one thing, it helps lower overhead costs, which for starting businesses is essential to making it through the rocky first year in business and important for established businesses, to make sure that they stay updated with payment options that would keep their customers happy. Because of the wireless technology, these portable credit card swiper is easy and flexible enough for a business owner or a field sales person to carry around with him, thus enabling the business person to accept credit card payments on the spot regardless of where he or she may be. Such wireless technology eliminates entirely the need to keep actual records of your customer’s credit card information which is also a great help to protect your business from any possibility of having someone file a liability complaint against you when their credit card information get lost or stolen and is used to commit fraud. And since the business accepts credit card payments, there is no need for an additional staff to take care of records and book keeping which is a great way to reduce filing and calculation mistakes. And this also helps big companies that deploy sales agents to various locations, since the sales agents can complete the sales transactions themselves there is no need to turn over the processing of the payment to another person or department back at the main office, which causes delays and mistakes in the processing of the order.