Pay at the pump technology works in the same way that credit card processing and merchant accounts work. Anyone who owns and manages a gas station must have a way to process credit cards at the pump. The pay at the pump technology is provided by the gas company, but the owner of the station must have a current processing account.
Merchant Accounts
Merchant accounts are provided to businesses after they register with the processor. The processor provides the business with a terminal, an account and a way to manage their payments. The payments are taken through the credit card terminal at the pump, but the payments come back to the gas station owner in the same way they do in other businesses.
The business will receive their payments in their bank account in regular intervals, and the company can determine how often they receive their payments.
The Terminals
The terminals that are provided by the credit card companies can be used inside the store, and the terminals at the gas pumps can be connected to the merchant account system. The owner of the gas station will receive all payments for their transactions, but the oil company that owns the pumps can see a record of the purchases.
The Payment Charges
Every credit card company charges a fee to process charges on their cards. Some business owners can raise their prices to pay for these charges, but the best way to avoid paying too much is to work with a company that provides a flat fee for the customer. The business can anticipate how much it will cost to run each charge, and the business can plan accordingly.
When a business is planning to increase their sales, they need to make sure they use a merchant account or credit card processing account. These accounts allow businesses to offer more payment options to their customers, and the business allows their customers to make purchases more easily.
Investing in a credit card processing system makes more money for a business while making purchases simpler. Each new transaction happens quickly when the customer swipes their card.