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Credit Card Processing for Small Businesses and EBT Card Payments

Credit Card Processing for Small Businesses and EBT Card Payments
Written by Krutika Lohakare

Credit card payments are common in the past few years for many companies. Small business merchant services cannot imagine doing business without credit card processing. Small business owners must consider the potential benefits they are enjoying.

Using a credit card is essential to purchasing over the phone or online. You must provide the CVV security code to complete your transaction. This security code is unique, and its main aim is it adds a security extra layer to your card account. The security code numbers prevent fraud, and businesses can use them to verify their purchases if they do not have their physical card. The CVV code ensures the person is the cardholder and has possession of it.

Where is the CVV Security Code?

The CVV stands for card verification value. It is a code found on the backside of your card. Some cards have them printed on the front. For instance, the CVV code of American Express has its print on the card front on the right above the account number. While the others Discover, Visa, and MasterCard have the CVV security code on the back near the signature line. 

The need to know about the CVV code is important as most small business merchant services use a credit card. Small business owners establish their online presence, and as a smart move, drive higher sales by accepting credit card payments.  It helps open up new opportunities in different markets. Customers shop on the website or the e-Commerce platform using credit cards.

Small business owners must cater to the needs of their customers. Moreover, debit and credit card usage is widespread. Everyone, right from the teenagers to retires, uses this plastic to pay. Small business owners will be happy to receive cash payments, but if a customer comes into the shop and find you are not accepting card payments, you will lose business. The customer will settle his purchase elsewhere.

The biggest benefit of credit card payment is the security level. Credit cards are reliable and convenient. They ensure secure processing on entering the CVV code. So there is no bounce of checks or fraud processing system likelihood.

How to accept ebt today

EBT is a card system representing Electronic Benefits Transfer. It is useful to issue food stamps or coupons to recipients in all states. This electronic system is used in the United States, allowing the state welfare departments to allocate the benefits. It is through a magnetically encoded payment card.

Hardware Requirements to accept EBT Payments

On receiving the permit for SNAP, it is a must to ensure you get the essential hardware to accept ebt payments. People can swipe their EBT cards the same as a debit or credit card, but make it a practice to keep the processing separate. The EBT card terminal machine is similar to the Point of Sale card reader.

Your existing hardware accepts EBT card payments; ensure it meets the exact requirements. The hardware requirement includes: 

  • Getting PIN transactions through a PIN pad or a stand-alone unit integrated into your terminal.
  • To program using the encryption keys of the provider.
  • Use an FNS 7-digit account number and set it for EBT payments.

If you wish to keep the existing equipment, you may consider reprogramming your terminals to accept ebt payments.  However, for quick processing, buy a new EBT terminal machine. It will ensure easy reporting, and the processing of ebt card payments will be fast. You can see the money transfer to your bank account, the same as a regular credit or debit card exchange.

There are suitable places for free processing through the FNS, farmers markets, military commissaries, treatment centers, group living arrangements, and more. If you believe you are eligible, consider the freely available EBT merchant services. With EBT cards, there is no CVV code to remember.

If you wish to add the ECT card processing with the Point of Sale existing equipment, there may be extra fees. You may pay for each transaction, and with the changing prices vary the transaction levels. With the EBT terminal machines, you can enjoy lower costs. It is because there are no PIN debit fees or interchange fees. However, you have to bear the transaction processing charge and pay to the merchant account provider. Conversely, to be safe, confirm the EBT transactions and ask about the costs involved before signing a contract. It will keep your transactions hassle-free and enjoy a competitive edge.

About the author

Krutika Lohakare

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