The fundamental association of a business and the shopper of its services or items is the financial exchange between the two, and the purchaser needs it to be as smooth as could reasonably be expected. The advanced exchange is one that depends significantly on plastic money, this facilitates the pocket of the customer and henceforth has turned into a more favoured technique for payment. However, like every small and medium-sized business, if you are apprehensive of facilitating credit card transactions you are taking a risk which might incur a loss to your business in the long run. If you are afraid of being victimized to counterfeit payment, throw your caution to the air and invest in credit card processor.

According to popular belief, only big businesses can afford the credit card processor for they charge a heavy transaction fee capable of burning a hole in the pocket of small or medium-sized businesses. However, SumUp is the perfect deal to prove to you the contrary. SumUp is Europe's no. 1 fastest growing company and leader of the European MPOS market. The company has been a massive success in Europe and South America and has now entered the American market; they have an office located in Boulder, Colorado. SumUp aims to become the world's first global card acceptance brand.

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SumUp is a credit card machine that charges a significantly low transaction fee which is as low as 2.65% per transaction and guarantees the security of each transaction.

If you have decided to accommodate credit card payment in your course of business, your decision must be well informed and must be made keeping in mind the following:

Technology – Choose credit card reader that can deal with all the propelled types of credit cards, including magnetic stripe, EMV chip, and NFC chip. The fresher forms of credit cards are fusing these advances and clients will support those businesses that acknowledge these methods of payment. There are 3 primary types of card readers-

STRIPE CARD READERS: An essential yet out of trend card reader which is somewhat one of the most popular method of accepting payments. These card readers are the most prevalently acknowledged payment technique. These card reader functions on a simple system, a card which has a magnetic stripe on it will be swiped physically along an opening gave on the terminal after which the payment will be handled. This strategy for payment can be copied and utilized by a cheat to beguile the businessman and make a payment. This card carder will before long eliminate of the market because of the hazard it presents.

NFC CARD READERS: This card reader is as yet picking up its ubiquity it has a nearly indistinguishable dimension of security from that of EMV innovation. NFC means Close Field Communication, in this kind of card payments each one of those cards that are outfitted with NFC innovation, cell phones or other smart gadgets that utilize RFID are qualified for making NFC exchanges. With the idea of negligible contact, clients who have NFC empowered cards can exchange small amounts of cash with a basic tap on an NFC based terminal.

EMV CARD READERS: This credit card machine is the cutting edge approach to acknowledge payments. "Europay MasterCard Visa" is a big motivator for EMV and is the most worldwide acknowledged type of credit card payment. This card reader deals with the guideline of chip innovation, each card has an EMV credit card chip put on it. This chip, when read by the card reader, will process the payment, and after that just will the cash go from the client's bank to the shipper's bank. EMV cards can be utilized on all the advanced terminals and mobile readers

It must be noticed that EMV and NFC are protected transaction methods. It is for the most part on account of card-not-present situations that fraudulent transactions occur. Like if you somehow happened to give your card subtleties on the web while buying something.

Integration: While picking a credit card processing company to ensure that the credit card reader which is furnished by them can be incorporated with other PC frameworks; like when the transaction happens you ought to have the capacity to send the bill to the client.

Payout: Many credit card processor companies set aside adequate of opportunity to pay you the cash they took up against your benefit. This just purposes burden, so it is exhorted that shippers pick companies which will pay you in a split second.

The EMV Liability move which was set rolling on first October 2015, expressed that "in the case of an in-store counterfeit payment which is made- either the issuing financial institution or the merchant- the liability will shift to the party which has not implemented chip technology."

To get a better understanding of the concept, let's look at some example:

First Scenario: A fake payment is made by a client utilizing a magnetic stripe card on a swiping machine. In such a case the client is held at risk for fraud.

Second Scenario: A payment is made by a client utilizing a chip embedded card on a magnetic stripe just terminal, the payment turns out to be deceitful. In such a case the risk shifts to the business. This is on the grounds that the cardholder spent on chip innovation for more secure transactions while the trader did not.

Third Scenario: An payment is made by a client utilizing a chip inserted card on a chip-based terminal, the payment turns out to be false. In such a case the business is free, while the risk will move to the client.

So it is useful if traders and shoppers put resources into chip innovation, as this will help kill the odds of misrepresentation and mix-ups. It ought to be noticed that the EMV Liability Shift does not make a difference to card-not-present transactions.

Published by Inder Chauhan