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2018 is the year that you are going to start a business. You are finally going to turn your idea int
Card Payments
If you have your own store, there are lots of merchant services available offering card machines for small businesses. If accepting payments is your main priority, you’re probably in the market for a card reader with low transaction fees that helps you and your customers process payments with ease. But, with so many card machines to choose from, it can be difficult to know which one is best for your business.
In this blog, we will cover:
There are lots of different card payment machines to choose from so you need to make sure that the one you choose is right for your business. They come in a range of sizes, offer different functionalities and can vary in price depending on whether you pay up front or enter into a contract.
Some of the most popular pay-up-front terminals include Square Reader, Zettle Reader, SumUp 3G and MyPos. However, if you are looking for a card terminal with a monthly contract, some of the best options include Payzone, Ingenico, Worldpay and Barclaycard business.
Before settling on one card payment machine, you should consider how much it is likely to cost you in the long run and how it can also benefit your business. A cheap card machine that you can purchase for a small fee might seem like a good idea now, but as your business grows and you begin accepting larger transactions, it could end up costing you much more per transaction.
Depending on which card payment machine you choose, the cost can vary greatly. However, you want to get the most for your money so make sure you choose a merchant that provides everything you need, and more, for the best price. Some card payment machines may be stationary while others are portable, and some will allow you to only process card payments while others will allow you to perform other transactions as well.
When comparing card readers, you will be able to choose from purchasing a terminal up front or entering into a monthly contract where you rent the card reader. If you choose to purchase a terminal, you could pay as little as £19 up front but then you should expect to be charged at least 1.5% on each transaction you process. This could vary day by day and could end up being costly in the long run if you begin to process more transactions.
The other option is entering into a monthly contract. This is often better suited to established retailers and contracts can be tailored to suit your business needs. With a contract, you will pay fixed monthly fees, from as little as £10+VAT, so you know exactly how much to budget for to accommodate processing payments in your store. Entering into a contract may seem daunting but if you are taking large payments frequently, it can be more cost effective long term.
The days of simply exchanging cash are long gone. Not only that, but fewer and fewer people are now using chip and pin. With such a variety of payment methods available now, you need to make sure that you are meeting your customers expectations when they purchase in your store. Of course, that doesn’t mean saying goodbye to the ‘old fashioned’ methods of cash and chip and pin, but simply expanding the payment methods you can offer.
Following the pandemic, more people are now using contactless payments and mobile payments when they visit a store. That means you need to have these services readily available, especially as fewer people are using cash. So, you need a payment system that is capable of accepting cards, cash and also accepts contactless and mobile payments.
For your convenience, you may even find a mobile card machine, app or virtual terminal to be extremely useful. Mobile card readers mean that you are not confined to one space in your shop and could be really useful if you take part in markets, events or roadshows so you can accept payments on the go. A lot of card terminals will also have a receipt printer and some may allow you to accept online payments, but you may be charged a small fee.
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