A machine that meets all of your current needs is going to be a better choice than a more expensive device that comes with features you’re never going to use. Sales agents are quick to try to upsell you on a more fully-featured (and more expensive) device than what you really need. Also, these terminals usually aren’t really “free.” You can expect some concession on your part, usually either higher processing rates, a higher monthly account fee, or having to agree to a long-term contract.Ī word of caution regarding the cost of credit card machines: Don’t spend more than you have to.
However, you won’t own it, and you’ll have to return it promptly if you close your account. Many providers now will essentially loan you a terminal to go with your merchant account. While this can also be a very costly option in the long run, it can possibly save you money when you’re first starting out.īe very careful with offers of “free” credit card terminals. Leasing has become so unpopular among merchants that some providers now allow you to rent your terminals on a month-to-month basis instead. Those seemingly low monthly payments will add up to several times more than the actual value of the machine over the length of your lease, which is noncancelable. Whatever you do, don’t agree to lease your credit card terminals. Taking out a small business loan might be your best alternative if you don’t have the necessary cash for a large, one-time purchase. While buying your equipment outright is the best option, it can also be costly - especially if you need more than one. A universal model can often be reprogrammed to work with a different processing network if you later decide to change providers. They’ll come preprogrammed and ready to use right out of the box, and you’ll own them. The easiest way to pay for your credit card terminals - and the one that we strongly recommend - is to buy them outright from your merchant services provider. Smart terminals with color touch screens and installable apps are becoming increasingly common but also cost more. You’ll also have to pay monthly fees for a wireless data plan. Wireless terminals, while very important for some businesses, are bulkier and significantly more expensive than wired models. Most new terminals also support NFC-based payment methods (e.g., Apple Pay, Google Pay, etc.) and should be included due to the increasing popularity of this feature.Ī built-in printer adds to the cost of the machine but is essential to have so that you can provide paper receipts to your customers. May be unreliable & have hardware compatibility issuesĪdditional functionality & larger, easier-to-read displaysĪs of 2022, all new terminals include support for EMV payments.
Explore Business Credit & Banking Resources.Best Business Credit Cards For Your Nonprofit Organization.Discover The Best Business Credit Cards In 2022.PayPal Working Capital Loan Alternatives.Best Loans For Startups With Bad Credit.What Is A POS System & Choosing The Best For Your Business.Research Credit Card Processing Reviews.