Credit card machines cost from less than £100 to a few hundred pounds, depending on the model and additional features. One thing you should avoid is leasing, which can run up to a thousand dollars per terminal.
A credit card machine is a payment processor that swipes a customer’s card and sends the information to the customer’s bank. Some machines also include PIN pads and display screens.
Countertop
Whether you run a high street shop or are an event-based business like a food truck or market pop-up, choosing the right credit card machine will help your customers pay quickly and easily. There are several factors to consider, including your budget and the type of payment methods you offer. Other considerations include the number of customers you expect to serve daily, and the level of security your customers require. You should also consider whether you need additional features such as automatic reloading or online ordering.
Countertop terminals are ideal if you have a fixed point for accepting payments, such as your till or sales desk. They are hard-wired to your broadband internet via an ethernet cable or traditional phone line. They typically have the lowest rental cost of all types of card machines and are great for businesses such as newsagents, takeaways or barbers.
Mobile
Credit card machines are a key component of any business that accepts payments in-person. They work by connecting to the internet or a phone line and sending data to the processing company to process transactions. Funds are transferred from the customer’s bank to the merchant’s account.
There are a number of different types of credit card machines available. Some are proprietary, designed to work only with a specific provider’s software. Other models work with multiple providers and can be reprogramed if you switch processors.
When choosing a credit card machine, consider your workflow, security needs and budget. Make sure the equipment is PCI compliant and can handle the payment options you want to offer your customers. Also, be sure to choose a processor that cuts down on fees and offers the right features for your business. Some examples of these companies include Square, SumUp, Clover and PayPal Zettle. They each offer various products that are suited to unique business needs.
Wireless
In a world that seems to be going wireless, credit card terminals are following suit. These mobile POS systems allow businesses to process payments contactless, using tap or chip and pin, from any location. They can connect via cellular data, WiFi, or even an old-fashioned dial-up connection to the processor, though this is slower.
They are a great solution for businesses that have to move around, like bars that host live music, food trucks, or other events. They also help to alleviate long checkout lines, which can cost businesses 100 billion dollars a year according to Quidini.
Wireless credit card machines look similar to traditional terminals and typically include a magnetic stripe reader, keypad, and an optional receipt printer. They can be bought or leased from payment processors and the specific equipment depends on what your merchant services provider offers. The devices are compatible with many different payment types and offer a minimal learning curve for both customers and staff.
Security
Credit card machines are used to read swiped, dipped, or tapped credit and debit cards. They send this data to the acquiring bank for authorization. They can be traditional terminals, mobile or wireless terminals, or POS-integrated systems. They can range in price and capability from a simple swipe and dip reader to a fully featured system that does everything from ringing up sales to creating reports.
Choosing the right credit card processing provider can cut costs and offer features for your specific business model. They can also help you become PCI compliant, which is a requirement for all businesses that accept payment cards.
Some bars have policies that require a minimum purchase, which can discourage tipsy or dishonest patrons from leaving without paying their tabs. But these policies run counter to card companies’ rules and can anger customers. Also, they may lead to chargebacks, which credit card companies can initiate against the bar. To avoid this, a savvy bar owner should only authorize the full bill plus an estimated tip.
