Card Payment Machines – Which One is Right For Your Business?
A card payment machine is a key investment for any business that wants to accept cashless payments. But with so many options on the market, how do you decide which one is right for your business? The answer lies in assessing your needs and comparing transaction fees, monthly charges and other hidden costs. This will help you narrow down your options and find the best card reader for your business.
What are card payment machines?
Card payment machines use magnetic strips or EMV chips to read data from a customer’s debit or credit card. This includes their account number, expiration date and a 3-4 digit security code. The machine then transmits this information to a payment processor for processing. The process checks whether the account has enough funds and performs various other security checks to verify the validity of the transaction. If everything is in order, the funds are then transferred from the customer’s bank to your merchant account (in batches).
Traditionally, countertop card payment machines have been the go-to for businesses seeking to offer cashless payments. But in an age where mobile is king, some small businesses are turning to portable card readers with Wi-Fi or 4G mobile connectivity for greater flexibility and cost-effectiveness. These sleek devices are easy to carry around and can be used at the table in a restaurant, in the chair of a hairdresser or at food festivals up and down the country.
Before you buy, consider your own business’s specific needs and the size of your turnover. Look for a card machine with features that match these, and that can scale as your business grows. And don’t forget to factor in the total cost of ownership including the upfront purchase price, transaction fees and any other fees like set-up, gateway and compliance fees. card payment machines