Get speedy & easy payment solutions such as, credit card machines for your business at smartpayni.co.uk! It is a payment terminal, also known as a Point of Sale (POS) terminal, credit card terminal; EFTPOS terminal is a device which interfaces with payment cards to make electronic funds transfers.

Even just a few years ago, writing about the end of cash would have seemed unimaginable. And so far, here we are: bit by bit but certainly, our use of cash is on its last legs. People have been using credit and debit cards for a moment – but it was the beginning of contactless technology in 2007 that really changed things.

At the start, customers were uncertain regarding contactless technology. But as new cards were issued with contactless included as usual, its use started to develop. Contactless payments increased by 97% in 2017. In 2015, 1 in 10 purchases were made using contactless. Today, contactless is used in a third of all purchases. Clientele and industries both like the speed and handiness of contactless payments. Despite all, tapping a credit card reader is a great row-buster and far easier than counting lots of loose change.

Step by step function of credit card readers

• The customer presents their card and the card reader takes the card-owner’s information from the cards inside chip. As soon as a card payment is made the retailer’s merchant bank receives the request from the card machine via a telephone or broadband line.

• As soon as the request is received, the retailer’s merchant bank asks the debit or credit card supplier to make sure the card and get payment approval from the customer’s bank.

• The card provider will verify that the card details are correct and they’ll pass the authorization request onto the customer’s card-issuing bank.

• The card-issuing bank will check the customer details and ensure there are available funds in their account to make the payment.

• Once the bank authorizes the payment, a signal is sent back to the card reader. A receipt is printed with proof of the accepted purchase and payment. While authorization at once, it generally takes 2-3 days for the customer’s bank to send the payment to your acquiring bank.

For further details about card machines please visit our website. https://smartpayni.co.uk/