How To Choose The Best Credit Card Machine For Your Business

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How To Choose The Best Credit Card Machine For Your Business

Popular as payment terminals, credit card machines are for in-person purchases. They are known as the point of sale and interaction with customers.

So, if you are planning to purchase the best credit card machine for your business, we have got a checklist to tick all boxes before making any decision. Cost, usability, and security are the top priorities, we have got a few other pointers to look in a credit card machine:

 

10 Important Features To Look At When Buying A Credit Card Machine:

Ease of Use: First thing you must look into is its usability; consider how usable the machine is. Look for something that needs minimal training and is not complicated for the team. Also, ensure that it is easy to understand for the customers. A complicated machine will hold the line and can frustrate the clients.

No Hidden Fees: Most of the time, payment processing machines have to connect with other hardware to start payment processing. For this, you may require to sign up for the merchant account agreement or may have to pay extra fees for things like chargebacks, retrieval, applications, hardware leasing, and more.

EMV And NFC Compatibility: Your card machine should be able to accept all the ways your clients want to pay. Whether they tap their cards for NFC payments or dip their EMV chip to get swiped, you must have a machine that can do everything.

PCI Compliance Or Payment Security: Violating PCI compliance may lead to major penalties and leave you and your customers more vulnerable to fraudulent charges. So, the credit card machine you purchase should be PCI-compliant and should follow all the security standards to avoid any financial and security infringements.

Reliability: Having a steady income is important for any business, so a reliable credit card processing machine is a must to take payments and run the business smoothly. Look for a high-quality credit card machine that is reliable so that you won’t miss any payment.

Further, to quickly streamline the credit card payment processing, you can implement robotic process automation tools and save time from investing in manual and repetitive tasks.

Portability: If you are running a remote business, you need a credit card machine that is portable and easy to shift. So, look for the portability features and enjoy taking payments from any location.

Connectivity: Irrespective of your location, make sure your credit card machine can take payments easily. Also, it would be able to move around without getting a break. So, ensure that the credit card machine can connect to Wi-Fi or Ethernet at your business.

Ability To Print Receipts: If printing receipts are important for your business, make sure your credit card machine has that ability. Some credit card machines come with a built-in printer however, others need to be connected with a separate receipt printer.

Warranty: Buy the credit card machine which you can try and has a warranty at the time of issue. You must look for a card machine that offers support, and simplifies customer acquisition so if anything happens you can ask for help.

 

The Cost Of A Credit Card Machine: The cost of a credit card machine depends upon two prime factors; one is the hardware cost, while the other is the credit card processing cost.

  • Hardware Cost: Equipment cost or hardware cost includes the amount that is required to purchase or lease the credit card machine. The cost also comprises other additional accessories that you might need like a scanner, receipt printer, or a charger.
  • Credit Card Processing Cost: When clients swipe, tap or dip their card, payments get processed by different parties involved. This costs money and charges with every transaction and card type. The cost may also vary depending upon the card machine that you are using. Also, the charges may include fees like statement fees, monthly fees, startup fees, PCI compliance costs, and more.

 

What Are The Different Payment Methods That A Credit Card Machine Accepts?

Payment methods define how credit card information is stored. Different payment machines support different payment methods; however, the most advanced ones are as follows:

Contactless Or One-Tap Payments:

This is a technology where you can tap your credit card on the machine to make payments. This method is EMV compatible and contactless. In such transactions, a smartphone, or Smartwatch with an NFC transmitter is required to transfer cardholder data from the machine to the other party wirelessly. Just keep in mind that contactless payment has transaction limits, which depend upon the type of card used.

 

Chip-And-Pin:

Also, popular as an EMV method, this is where the cardholder inserts their card into the machine and enters the pin. It is one of the most secure methods and offers a high level of fraud protection. The chip through AI and Machine Learning helps store all the data and offers more security against fraudsters.

 

Keyed Entry:

This is another popular way to accept credit card payments. Keyed entry is done when you are taking customers’ card details rather than their phone number or email address. The details are then manually entered into the card machine, and keep in mind that the keyed entry is less secure than other modes and therefore poses a high risk. Thus, this method has high processing fees as well.

 

QR Code Scanner:

It is the most popular and modern method for accepting payments. This method speeds up the payments and also lets customers do things on their own.

 

Virtual Credit Card Terminal: 

Merchants who accept CNP transactions can benefit from virtual credit card terminals. As there is no need for having a physical and traditional credit card terminal, virtual terminals make use of software to process such transactions.

 

Mobile Terminals: 

Mobile terminals are best for the merchants who need to collect payments from the customer’s home. They work over the Internet and are a great solution if you are an on-the-spot business that needs instant payments.

 

Every business has a different need, so choosing the best credit card machine depends upon what businesses need and their customer’s demands. Some terminals like GETTRX allow merchants to accept any type of payment at minimum flat-rate interchange fees, however other providers like Stripe and PayPal deduct fees that keep on changing.

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