Standing in this era, we cannot overlook the fact that almost every brick and mortar business is struggling. The brick-and-mortar business model indicates the physical presence of the business. However, on the other side, if we talk about the online business or e-commerce industry, it is rapidly growing. Even in this pandemic situation, the graph of this industry wobbled sometimes; but, it never went down. E-commerce business is completely future-proof because consumers are enjoying shopping online. Merchants need online payment terminals to operate it.
Even those customers who never made a single purchase online were forced to do online shopping in this pandemic situation. The fact is that they enjoyed it. Yes, people are still doing cash transactions and even it will be there in the future. But, as per the report presented by WorldPay, the number of online transactions will get increased to 83% by the end of 2022. Now, online payment terminals have a very inextricable connection with digital transactions.
Online Payment Terminals- Definition And Classification
Living in this era, merchants need to understand what payment terminals do. People are showing a positive approach towards the online presence of business because they will not have to go anywhere for shopping. Now, as a merchant, you need certain tools that allow you to run your business smoothly. Online payment terminals are one of those tools. It allows the merchants to receive payments from the customers online. Thus, it is an inextricable part of the e-payment system that allows customers to pay online for services and products. Now, talking about the classification of the online payment terminals, there are mainly two different types of online payment terminals that you can have- online payment terminals that support card-present transactions and online payment terminals that support card-not-present-transactions.
Now, if you want to survive in this difficult situation, you need to understand how online payment terminals can boost your business in 2021.
How Online Payment Terminals Work
Online payment terminals do not work independently. There are many financial organizations that operate behind the curtain for making online transactions successful. The entire thing is so fast that the merchants and customers will not face any complications. It can take up to 5 to 6 seconds to complete an online transaction. However, if you have not yet started using digital payment terminals, you need to understand the ecosystem first.
There is a complex mechanism that actually works with the payment gateway, payment processor, merchant’s bank, purchaser’s bank, merchant and the purchaser. The customers make payment with their cards or e-wallets and after that the payment gateway sends it to the payment processor. Then, the payment processor forwards the same to the purchaser’s bank and credit card brand. The bank approves or declines the transaction after verifying the available balance. The merchant processor receives the same and after verifying everything, the merchant processor settles the payment in the merchant’s business bank account.
How Online Payment Terminals Are Assisting
Online payment terminals are assisting merchants in various ways. We have highlighted certain points below:
- Increase Revenue: Increasing revenue is something that every merchant wants. But, the merchants do not know how they can do this properly. Well, this is where the payment terminals come into business. These devices have the potentiality to increase the overall sales of your business. Well, digital payments have become an integral part of the current payment ecosystem. Consumers are using e-wallets, debit cards, credit cards and other online payment modes to purchase products online. Amid this situation, if you want to go with offline payments, you will never get a good number of customers. Thus, as a merchant, you will have to provide the payment options that the customers are looking for. Now, in this regard, the payment terminals will be your ultimate companion. These options allow you to accept all types of online transactions.
- Automated Process: The good thing about using online payment terminals is that it is completely automatic. Therefore, there will be no scope for any kind of human error. Ultimately, it saves a lot of effort and time. As a merchant, you can provide transaction history, credit information, balancing and other important information very easily. You do not need to contact other team members. In the end, it will add an extra layer of convenience that customers are actually looking for. Customers will not face any kind of complications when it comes to purchasing services and products from your business. With online payment terminals, you can also provide 24×7 customer support.
Not A Rapidcents Merchant?
We have added the important points about the payment terminals. We hope that you have understood how online payment terminals can boost your business in 2021. Now, it is very important that you choose the right payment processor for your online business. Rapidcents is one of the best payment processors. Along with the online payment terminals, you will get some other services. You will also get complete support from this virtual platform. So, why are still waiting? Visit Rapidcents today and become a merchant.