There are many factors to consider when buying a credit card machine for your business, whether you want to collect copays from your medical practice or charge clients for a great head of highlights.
When choosing the best credit card machine for small businesses, you should consider security, cost, and usability. This guide will help to understand the characteristics of a credit card machine so that you can make an informed decision.
10 Credit card terminal machine features you should pay attention to
It might seem simple to choose the best credit card machine. You just need to make payments. Yes and no. You need to consider more than the payment in order to ensure you get the best technology for your customers.
These are the top 10 features you should be looking for when making a decision about whether to buy your first credit card machine or to switch to a different one.
- User-friendliness: Think about how easy the credit card machine can be used. You want a machine that is easy to use and doesn’t require any training. It’s not easy for your team or customers to use, so it can slow down your business and frustrate clients.
- No contracts or hidden fees: Credit card machines often require contracts in order to process payments. It is possible that you will be required to sign contracts such as a merchant agreement and pay fees for things such as applications, chargebacks, retrieval, compliance, and hardware leasing.
- Connects with any POS: No matter what point of sale you choose, make sure your terminal seamlessly (and wirelessly!) syncs with every POS so that you can focus on your business and not on manual bookkeeping.
- Payment security: Failure to comply with PCI compliance could result in severe financial penalties and leave you and your customers open to fraud charges. To avoid security and financial infringements, your credit card machine must be PCI compliant.
- NFC and EMV compatibility: Your credit card machine should accept all forms of payment. They can tap with NFC payment, dip their MMV chips, or swipe to get a credit card that does everything.
- Mobility: You are never in the exact same place as your credit card machine. You want a portable credit card machine so that you can make payments from wherever you are and with your customers.
- Reliability: Getting paid is vital to your business. A reliable credit card machine that accepts payments is essential to keep everything running smoothly. You want to make sure you don’t miss a payment by choosing a reliable credit card machine.
- Connectivity: It doesn’t matter where you are or what you do, your credit card machine must be able to take payments and keep you connected while you move. Find out if your credit card machine can connect via Wi-Fi at your business and then choose a machine that does.
- Warranty and a trial period: You should look for a system you can test (such as a 30-day free trial) and one that comes with a warranty in the event of any problems. Also, make sure you have support so that if anything goes wrong you can get it fixed quickly.
- Print receipts: If receipt printing is important to your business, it’s a crucial attribute of the terminal you choose. Some credit card machines come with a built-in printer while others require a separate receipt credit card printer machine.
How do you evaluate the cost?
The cost is another important factor to consider. Two main factors determine the cost of your credit-card machine: processing costs and hardware costs. These costs will then reflect the credit machine price.
Credit card hardware costs
Hardware costs are also known as equipment costs. They include the cost of purchasing or leasing the credit card machine, and any accessories such as a scanner, receipt printer, charger, or scanner. It’s easy for people to forget to include accessories in their machine’s final credit card processing equipment cost.
Credit card processing costs
Your customers can swipe, dip or tap their cards to pay. This is done by several parties. This costs money and can result in different transaction fees depending on which credit card machine you use.
There may be fees such as startup fees, statement fees, and monthly fees. Refund fees, PCI compliance fees, business card fees, or hardware leasing fees could also be included in the charges.
You should know upfront how much processing costs and ongoing fees are.
Different types of credit card transaction fees
There are three types of merchant fees that go along with every credit card transaction. These fees are split between the financial institutions involved. These fees include:
- Interchange fees: These fees are also called “swipe charges” and consist of a small percentage of every transaction that is transferred from the merchant’s account to the financial institution for the credit card. These fees cover fraud risk and handling expenses. The swipe card machine fee amount will depend on the type of transaction (e.g., card-present transactions versus card-not-present transactions ).
- Assessment/service fees: Interbank fees for credit cards are paid to banks, but assessment fees are paid by credit card associations. Commonly, assessment fees are calculated as a percentage of the gross monthly transaction volume.
- Payment processor fees: These are the changes you make to your credit card processor in order to use the product. Credit card machine charges the same processing fees for all major credit cards: 2.6% +10 cents per swipe or dip; 3.5% +15 cents for each key in the transaction; 2.9% +30 cents for each invoice or eCommerce transaction. The interchange fees are not included in our flat payment processing fee. This fee also covers any additional fees, assessments, or other fees incurred by processing cards like American Express.
Get the best credit card machine to suit your business
Each business is unique, so you will need to decide which credit card machine works best for you.
merchant credit card machines to accept all forms of payment, including swipe, tap, or dip. This modern device is designed to make it easy for you to receive professional and reliable payments. It also treats your money fairly.