Choosing the right terminal for your business
The main service that an acquirer provides to its merchant (you) is being able to accept card transactions through a terminal, and provide an authorisation for that transaction.
The UK card payments industry, in conjunction with the card schemes, has developed a range of acceptance products and services that can be suited to the industry that you are operating in and your business aspirations for the future.
A typical high street retailer will support payment capture with a counter-top chip & PIN terminal, using a landline connection to its chosen acquirer.
When the chip & PIN card is presented, the terminal captures all necessary card data and provides prompts to the merchant operator throughout the transaction flow process.
A typical terminal process is shown below:
- The customer’s card is placed in the terminal that captures the card’s details.
- The cardholder authenticates himself by putting in his PIN.
- The terminal passes the card’s details onto the merchant’s acquirer.
- The acquirer passes the details onto the card’s issuer who, if required, provides an authorisation that is then passed back to the terminal.
- The terminal prints out two copies of the till receipt.
- The customer is given the goods he have purchased, his card and a copy of the terminal receipt.
- The merchant keeps a copy (merchant copy) of the terminal receipt for its records.
- After processing the transactions, the sale proceeds are credited to the merchant’s bank account within four working days.
The links below sets out the different types of terminal a merchant can source and the range of additional services an acquirer could provide over and above a standard terminal installation.
If you would like more information regarding certain terminal options, please contact your terminal supplier or acquirer.