Find Electronic Payment System Equipment

Even though using an electronic payment system means you don’t need a terminal to swipe credit cards, you do still need the proper equipment to accept and process payments electronically. Prepare your business with the proper equipment to accept every electronic payment that comes your way, whether it’s via the internet, by telephone, or through the mail.

Computer and Internet Connection
The most basic equipment that you need to start with is a computer and a high-speed internet connection. This applies to your business whether you buy and sell products over the internet or take orders only by phone and/or mail. The reason is that you need a way to send credit card information to your merchant account provider, regardless of how you’re taking in that payment information. Because you’ll be transferring credit card information over the internet, make sure you get an internet connection that is reliable, won’t experience a lot of breaks in service, and is fast. High-speed internet service is often offered by the same company that provides your phone and/or cable television service and is affordable, making it a great investment for your business.

Electronic Payment Software
To process electronic payments, the single most important item you need, after a computer and internet connection, is a virtual terminal. A virtual terminal is essentially computer software that allows you to enter payment information, whether it’s a credit card number, a gift card, or even electronic check information, and transfer that information to your merchant account provider. This type of software usually allows you to process a payment when you receive the proper information or it allows you to wait until you have multiple payments and send them as a batch.

A couple important factors to keep in mind when choosing software for electronic payments is compatibility and security. If the software is not compatible with your computer and your operating system, you won’t be able to use it. The company you are purchasing the software from should be able to tell you which types of computers and systems the software will work with. Also, security is of the utmost importance when it comes to electronically sending any type of credit card and bank information. Make sure the software you purchase comes with built-in security for both you and your customers. Customers will appreciate the security and you will safeguard your business.

Payment Gateway
A virtual terminal is necessary for sending information to your merchant account provider for processing payments, but if you have an internet business that takes credit card information directly from the customer, then you need one more piece to the system. A payment gateway is a secure way for customers to enter that credit card information on their own and have your virtual terminal send and process that information.

Where to Find an Electronic Payment System
If you’re ready to take electronic payments, you’ll need a merchant account provider. Many merchant account providers offer software at no additional charge when you sign up for an account. If your provider does not have such an offer, they still should be able to recommend software that will work with your computer and their account.