Beware of Purchasing Proprietary Credit Card Processing Terminals
When you purchase or lease a credit card processing terminal from your processor, make sure it is not a proprietary terminal before you sign a contract. A proprietary terminal can only be programmed to work with one or two specific processing companies. If you find better rates with another processor and wish to switch, you may have to purchase a new terminal and you may be out thousands of dollars.
To find out if the terminal you are about to purchase can only be programmed by one or two processors, research the terminal online or ask the processor with whom you do business whether it can be reprogrammed by other companies.
There are a few credit card processing terminals that can be easily reprogrammed no matter who the processor is, including the VeriFone Vx510 and the Hypercom Optimum T4210. Both terminals are available through RCSC, administrator of the Chamber’s credit card processing program. Just call one of RCSC’s processing experts, Michele or Nicholl, at 518.465.3586 for more information.
Michele Coons manages merchant services for RCSC. She has more than a decade of experience helping businesses decrease the cost of credit card processing.