Who doesn’t own a credit card these days? Ours is the era of magnetic strips, digital cash and online shopping. The human way of life has evolved significantly with advances in technology. The days of carrying physical cash are long gone. It is of utmost importance to have the best, most efficient and compatible credit card machine for your business.
Back in the day, people had to go out and spend the entire day browsing through items, cutting through queues and paying with a bundle of currency to get what they wanted. Nowadays, you can browse online and pay with one simple click.
If you are running a physical business, you should know that the majority of the population carries credit cards with them.
How Should You Choose a Credit Card Machine?
Whether you are looking at starting a new business or are getting your existing business up to date, it is time to choose the perfect piece of machinery. There are literally over hundreds of different options in the market, but you have to scour through them and find the perfect fit for your business.
There are some key points to keep in mind while purchasing the credit card machine. Here are the key features to look for to make sure you get the best machine. Keep them in mind before making a final decision.
Optimal Fee Structure
Every business owner wants to maximize their cash inflow, but hidden charges and a complex fee structure can gnaw away at your profits.
First of all, let’s take a look at the most common fee structure found in most credit card machines. These include everything from the transaction fee to service charges.
- Transactional Fees
- Interchange Fees
- Annual or Monthly Service Fees
- Batch Fees
- Chargeback Fees
- Penalty Fees
- Extra/Additional Transactions Fees
Before you decide on a machine, make sure that you have read the contract carefully, and you chose a machine with optimal fee structure. Recently, these companies offer a tiered structure where you can pay more for additional features once you upgrade or evolve your business.
Credit Cards Acceptance
You don’t want a machine which doesn’t accept all the major credit cards. Some machines accept credit cards, but refuse to process debit cards or such. There aren’t credit machines that offer every single type of cash payment available in the market.
However, you can maximize your productivity by choosing a machine which accepts the majority of credit card and cash payment methods. Here are some cards that you definitely want your credit card machine to accept:
- Master Card
- Debit Card
When making all of these decisions, it is important to keep business growth in mind: it is not just about your needs as a business at the moment, but also where you want the business to go in the future, and what needs you will have then.
International Payments Acceptance
If your business is growing in leaps and bounds and you are about to go international, congratulations! However, you need to ensure that your credit card machine accepts international cards and methods of payment. You can’t run an international business with physical currency.
Once again, you need to be careful with the international fee structure for these machines. Here are some common fees included for international payments.
- Processing Fees
- Exchange Rates
- Security Fees
- Annual or Monthly Fees (other than regular services fees)
Updated and Efficient Software
No hardware is good enough without a powerful, quick and efficient software system. Before purchasing your machine, test it out and make sure that it uses only the latest software on the market. You don’t want to get stuck with a slow, outdated and old machine because you were more interested in keeping the service fees down.
Security is among the biggest risks in transactions on electronic payment machines. You should choose a machine which offers the highest level of security. After all, your profits are in danger. Other than security, try to purchase a machine which can be easily integrated with your existing CMS or database system. The software should be scalable as the business grows and should be open to advancements in technology as they become available.
The Bottom Line
Your credit card machine will play an integral part in the growth of your business. It should be fast, quick, reliable, secure and should be compatible with the major card types. Furthermore, this is a one-time investment. Instead of worrying about the price tag, you should focus more on the features offered, compatibility and room for scalability.
A powerful credit card machine will increase the efficiency of your business, and reduce the user wait time. This improvement is appreciated by the customers, and they will always return when service is good. The modern world requires modern machines and quick solutions. Don’t fall off the wagon by choosing an inferior machine. Get the best for your business.