Among many solutions that IT companies offer to their customers, providing solutions for those who are engaged in credit card processing business is high on the list. This will be evident when you browse the website of converge-tech.com. Payment processing of credit cards is a highly technology driven process and there is intense competition among IT companies to provide cost competitive solutions. The problem arises with business enterprises that seem to be lost in the overcrowded IT market place. Since technological advancements are happening at a furious pace, the market is flooded with new solutions almost every day. This only adds to the confusion. Moreover, the cost of procuring technology is often an impediment for small businesses but realizing that accepting credit card payments is a norm of our times, options are quite limited.
A New Technology:
For accepting credit cards, one has to install a POS or Point of Sale device that is used for swiping the credit card. This device is used to transfer all credit card information and transaction data to complete the process of payment. The credit card terminal or POS that seemed to be mandatory even some time ago are no more required for processing credit card payments. Strange though it might sound it is very much true. Investments for creating the infrastructure of hardware and software can now be done away with by using the latest credit card payment technology that has been named Virtual Terminal Credit Card Processing.
What is the New Technology?
A computer with an internet connection is all that you will need to access the new technology for processing credit cards without using a credit card terminal. Deviating from the credit card processing solution that you will find at converge-tech.com , this technology is much less sophisticated but can work effectively. The payment application runs on a browser that can be accessed from a computer. Instead of swiping the credit card, the card information along with the transaction details has to be input manually and submitted to the payment processor that authorizes the payment.
For whom is it suitable?
The Virtual Terminal Credit Card Processing is workable for very small businesses that have only a few credit card transactions every day. Street vendors and seasonal kiosks are the ones who can benefit most from this technology. For merchants who accept credit cards on phone, this is a viable and better option. The new technology will make the credit payment method more popular as more traders start utilizing it.
The payment processor matters: Despite the advent of the new technology, the credit card payment process that you find atconverge-tech.com still remains indispensable for processing credit card payments. The new technology has only changed the manner in which merchants accept credit cards and communicate with the payment processor.
The payment processor is still the most important element in processing credit card payments no matter whichever device or method is used to input the credit card information and transaction details. And no less important is the software used for payment card processing.