How do registers and debit card machines work (sale, credit card)

[hellaslover]

I need to buy a register and a debit/atm card machine for a store i will be opening. I have a few questions regarding how they work. Is the register somehow hooked up to a software on a computer that tracks the sales? Does it print out a receipt with the total of money in and out? How much will i have to pay in taxes, what % of the earnings?
Also, how does the debit card machines work. Where does that money go? Do i have to create an account with the provider? How do i go about getting a debit card machine?
thanks

[EscapeCalifornia]

For processing credit cards, you swipe the card at point of sale and the machine contacts the bank through the Internet or a dialup connection and authorizes or declines the transaction. At the end of the day, you run an end-of-day procedure on the machine which actually charges the cards. When you open the merchant account you give them your bank account number so they can transfer your money to you electronically, minus their fee, typically 1.5-3% of the gross sales. Taxes are between you and the government. The merchant account provider has nothing to do with it.

[hellaslover]

Thanks a lot
Do you know of any providers by any chance? I know i could go through BoA but i heard they charge a lot..

[EscapeCalifornia]

Originally Posted by hellaslover

Thanks a lot
Do you know of any providers by any chance? I know i could go through BoA but i heard they charge a lot..

I've had two merchant accounts. The first was with Cardservice International and they were a rip off. They pretty much nickel and dime you to death. This was a few years ago and I was a low volume non-swiped merchant so maybe its different now or better for fixed location stores. I'm a Costco member and they had a deal with a processor (NOVA Info Systems, I think) that was cheaper and had a lot less little fees for everything. I don't know if that's still Costco's partner but you might want to look there first. American Express usually charges you a lot more than Visa/MasterCard so you'll have to decide for yourself whether or not its worth it to accept them.