A payment terminal , also known as terminal point of sale , credit card terminal , EFTPOS terminal (or PDQ terminal which stands for "Quick Process Data"), is a device that interacts with payment cards to make electronic funds transfers.
There are different types of terminals available to merchants, although most have the same basic purpose and function. They allow merchants to insert, swipe, or manually enter the required credit/debit card information, as well as to accept a Contactless NFC transaction, and to transmit this data to the merchant service provider for authorization and finally, to transfer funds to the merchant.
The higher end model not only processes credit and debit cards but also serves as a comprehensive customer engagement screen at the checkout. Common features include but are not limited to the ability to process gift cards, checks, without contacts, and mobile wallet payments. Some are also programmed to accept store loyalty cards or allow customers to use pin pads to enter their information (eg phone numbers) to redeem points. The POS screen also allows resellers to advertise near the list when the terminals are not in use. During the inspection process, many terminals are set to display a list of items purchased along with a running total. Other times, this function can be turned off or can be used to complete a special screen containing a list of purchased items. Some stores also use a terminal for customers to view and accept product warranty conditions. Like ATMs, many POS terminals also have elevated tactile buttons and earphone jacks that allow the blind to complete the payment process visibly.
The majority of card terminals transmit data over standard phone lines or internet connections. Some also have the ability to cache transactional data to be transmitted to the gateway processor when connections become available; The main drawback to this is that direct authorization is not available when the card is processed, which can then result in a payment failing. Wireless terminals transmit card data using Bluetooth, Wi-Fi, cellular, or even satellite networks in remote areas and on airplanes.
A merchant can replace the hardware functionality of a dedicated credit card terminal using a terminal application running on a PC or mobile device, such as a smartphone. They usually work with special hardware readers who can transfer magnetic stripe data to the application, while there are also some who also work with smart cards (using technologies like EMV), although this is rarely seen in smartphone readers. If the required hardware is not available, this application usually supports manual entry of card numbers and other data. In addition, more devices are beginning to offer built-in RFID or NFC technology to accommodate mobile payment methods without contact or frequent, without the need for additional external hardware.
By switching to the use of the card terminal to capture card information directly instead of manually entering in card details, the merchant benefits from reduced transaction processing time efficiency. In terms of security, major card terminal manufacturers usually offer software that allows end-to-end card data encryption. However, there are some cases of malware POS pin pad. In countries like the US, where magnetic stripe cards are not completely removed, there are also skimming events in the card terminal. That said, stand-alone payment terminals are seen as superior to signing up attached payment methods because they do not require a store cashier to take ownership of a customer card.
Video Payment terminal
History
Prior to the development of payment terminals, merchants will use the Manual Printer (also known as ZipZap engine) to capture information from credit card information onto slip paper with carbon copy paper. This paper slip must be taken to the bank for processing. This is a time-consuming and complicated process.
The terminal point of sale came in 1979, when Visa introduced a large electronic data retrieval terminal which was the first payment terminal. That same year, magnetic stripes were added to credit cards for the first time. This allowed card information is captured electronically and leads to the development of payment terminals.
One of the first companies to produce a dedicated payment terminal was Verifone. It started in 1981 in Hawaii as a small electronic company. In 1983 they introduced the ZON terminal series which would become the standard for modern payment terminals.
Hungarian born George Wallner in Sydney, Australia established his rival Hypercom in 1978 and in 1982 began producing special payment terminals. It continues to dominate the south pacific region. In 1988, the company signed an agreement with American Express to provide its terminals to them in the US. To consolidate the deal, Hypercom moved its headquarters from Australia to Arizona in the US. Then face a direct competition with VeriFone in the domestic market.
More than a decade later in 1994, Lipman Electronic Engineering, Ltd. founded in Israel. Lipman manufactures the Nurit terminal processing line. Since Verifone has become a strong place in the payment processing industry when Lipman was founded, Lipman is targeting an untapped niche in the processing industry. Meanwhile, Lipman holds about 10% stake in wired credit card terminal, they are the undisputed leader with more than 95% stake in wireless processing terminals in the late 1990s.
Verifone later acquired both of these big rivals, acquiring Lipman in 2006 and the payment portion of Hypercom's business including its brand in 2011.
In 1980 Jean-Jacques Poutrel and Michel Malhouitre in 1980 founded Ingenico in France and developed their first payment terminal in 1984. R & D-based units in Barcelona will lead the development of payment terminals for the next decade. Ingenico through a number of acquisitions will dominate the European market for payment terminals. They acquired Bull and was based in France based on the De La Rue payment terminal activity as well as the German Epic in 2001.
Initially, information is taken from the magnetic strip on the back of the card, by swiping the card through the terminal. In the late 1990s, this began to be replaced by a smart card in which the chip was embedded in the card. This is done for additional security and required a card to be inserted into the credit card terminal. In the late 1990s and early 2000s, touch-payment systems were introduced and payment terminals were updated to include the ability to read these cards using near field communication (NFC) technology.
Maps Payment terminal
Typical features
- Key entries (for customers not displaying mail and phone orders)
- Tips/gratuities
- Refunds and adjustments
- Completion (including automatic)
- Pre-authorization
- Payments are using devices that enable close communication
- Initialization and remote software updates
- POS Integration
- semi-integrated POS
- Multi-merchant capabilities
- PIN pen or customer authorization
- Additional cost functions
- Secure password operation
Primary producer
There are 3 major global players who offer multiple payment terminals, sell to the world, and have long-term financial solidity to keep investing in improving payment terminals to the latest international payment industry standards.
- PAX Technology
- Ingenico
- VeriFone
See also
- Smart terminal
- EFTPOS
- Place of sale
References
Source of the article : Wikipedia
0 Comments