The credit card processor for point-of-sale (POS) systems plays a big role in the success or failure of a business. Fortunately, there are many to choose from to find the right fit for a business.
Take a look at our guide to choosing a credit card processor for POS systems and learn more about the pros and cons of different processors
Though there are many possible credit card processing companies to choose from, the top-rated companies that offer a variety of point of sale solutions are:
Worldpay offers a wide variety of in-store payment technologies, ranging from stand-alone devices to integrated POS solutions. Worldpay is partners with over 800 integrated software vendors and utilizes the latest in EMV chip technology to prevent fraud. A self-service reporting tool and data customization ensure comprehensive insights about customer and business information.
First Data offers dynamic credit card processing and payment solutions designed to streamline the process for the customer, while also helping with acquisition and retention goals. First Data uses a customized, end-to-end credit card processing program that minimizes overall costs and lowers the risk of fraud and risk management, as well as data tools that offer insights into customer behavior.
TYSYS is a credit card processor that offers payment processing, merchant, and payment services. TYSYS offers solutions for different industries, such as a restaurant or retail POS, as well as different payment methods, security tools, and payment products. It also offers customized pricing based on business size.
Chase Paymentech is a division of Chase for Business that offers a variety of point of sale systems and payment products for businesses, including a countertop POS terminal for brick-and-mortar businesses. Chase Paymentech also offers security and fraud protection, reporting tools, and 24/7 customer service.
When a business owner applies for a merchant account, a credit card processor, ISO, or MSP are parties to the agreement.
ISO is a term that refers to an individual or organization that isn’t a bank but has an established card relationship with member banks.
A Member Service Provider isn’t a credit card association member but is registered by a major credit card corporation to provide program services.
Neither ISOs nor MSPs can handle a merchant’s funds. This is up to the sponsorship bank, or processing bank, that has an established relationship with the ISO or MSP. Multiple member banks can sponsor the ISO/MSP, however.
Once an ISO/MSP is sponsored by a member bank, they can market different merchant accounts. The member bank must verify that the company is financially stable before marketing on its behalf. Registering with VISA or MasterCard requires strict compliance with marketing regulations and associated fees.
Any vendor or supplier hired for a business should be thoroughly researched, and a credit card processor is no different. Asking the right questions can provide valuable insights into a company’s capabilities, experience, and reliability.
Here are examples of questions to ask a credit card processor:
Here are some average fees for credit card processing:
IT Retail now can offer credit card processing today, so if you are interested in seeing how good your rate is reach out to us and we will provide a free evaluation.