There was a young woman who earned her wages by teaching. She was contemplating on setting up a business that could augment her income. She thought of starting a small business that she could take with her wherever she went but did not know what steps she had to take to open this small business. She wanted to sell goods that would be supplied by a neighbor. She made plans but did not know what to do to get started. She wanted to be able to accept credit card payments. This young woman had read about a certain E-commerce business that offered services to would be merchants. So she got in touch with this credit card processing business and looked up the different services the company could provide. This young woman whom we shall call Aretha found out that the company also provides for merchant accounts service.
This type of service would largely depend on the type of business she had. As Aretha had said earlier, she wanted to sell goods that would be supplied by a neighbor and she would do this by taking the goods with her and then had payment options such that customers could pay using their credit cards. The E-commerce company advised her to first open a merchant account. Since Aretha will have a business that is mobile, she has to open a mobile account that will allow her to swipe credit cards and qualify for a lower discount rate, and in some cases accept a pin-based debit card which will allow her to save more money. Aretha could purchase or lease a wireless terminal or mobile terminal. This mobile terminal will not only accept credit cards but also pin based debit cards. This terminal uses the latest technology and will work in any area that has a cellular phone reception. In the E-commerce store that advised Aretha what she should do to be able to open her mobile business, the have wireless terminals such as the Ingenico 7780, Way Systems 5000, Dejavoo M3, Blue Bamboo H-50 wireless terminal (GPRS), Ingenico 7910 (GPRS), VeriFone Nurit 8020 (GPRS), First Data FD400 (GPRS) and the VeriFoneVX 610 (CDMA).
Merchants like Aretha could also use their smartphones. This is done by simply downloading an app and installing a card reader, these smartphones such as the iPhone, Android, Blackberry and the Windows phone can now become her mobile credit card terminal. Should her business entail a large number of transactions, Aretha could lease or purchase a wireless terminal from this e-commerce business.
Credit Card Processing and Merchant Accounts Services