Pin pad terminals can be found in every point of sale these days and as we live in a cashless society, retail stores and shops haven't had a lot of choice but to follow suit, providing a safe and reliable card payment service. This recently has evolved into contactless payment depending on who you bank with. Contactless payment is currently limited to a purchase of no greater than £20 for security reasons.
Pin-Debit Processing and Credit Card Pinpads
Credit card pinpad terminals are keypad devices that attach to a credit card machine, allowing a customer to enter their 4-digit pin. Typically these systems using a pinpad, use PIN-debit, or online debit. PIN debit can save a lot of money for many businesses. Pinpads are low cost devices that save money over time, and pin-debit transactions have surpassed cash transactions. When customers us pin pad terminals, the money is instantly transferred from the customer to the business.
Chip and Pin
Chip and Pin spurred a wholesale adoption of new POS (point of sale) systems incorporated EMV support after retailers became responsible for fraudulent credit card purchases in 2005. Prior to this, in 2004 Chip and Pin went through a pilot test in Northampton and was rolled out.
The only thing you need to process pin-debit transactions a pin pad terminal, a credit card terminal and a processor to setup a pin-debit application on your credit card machine. Pin-debit usually have a single flat rate per transaction fee, usually around 50 pence. No matter how large the purchase, you only pay that flat rate. You can literally save hundreds of pounds each year and the customer's pin number, is used to process the transaction, and the security is far better for both the merchant and the customer.
Check out our POS Payment Devices.