Compare the 5 essential factors (fees, setup time, accepted payment types, new payment technologies, and customer support) before choosing a credit card reader or a processing company!
If your business plans to accept credit and debit cards you will need to choose between credit card readers. You will pay some upfront costs and fees, however, transforming from a cash-only business inone that accepts credit cards could lead to a huge sales boost.
It has been confirmed that small businesses that started accepting credit cards experience an increase in sales. The mobile payment options such as Android and Apple Pay rise in popularity and small businesses might want to adopt new devices and technologies to meet the needs of the customers.
Choosing a credit card reader is not a simple task and it is smart to carefully compare the options. Here are 5 essential factors to keep in mind when choosing a credit card reader:
- Fees and costs – The first thing you need to do is determine how much the fees and costs are. Some of the main credit card processing fees are interchange fees, monthly statement fees, application and setup fees, monthly minimum fees, monthly gateway access fees, early termination fees, and etc. It is important to understand and determine all fees and service terms so you can decide whether the credit card reader and the processing company suits you.
- Setup time – It should be simpler for you and your employees to set up the processing technology. You need to find out how long the payment processor will take to install the equipment, set up your account so you can plan accordingly.
- Accepted payment types – You might want to make sure the credit card reader accepts all major credit cards so you can meet your customers’ needs. This is especially important for those who run retail businesses. You might want to consider a system that accepts gift cards, prepaid cards, and electronic benefits transfer.
- New payment technologies – You need a credit card reader with NFC technology. With near-field communication technology, you can accept digital wallets including Samsung Pay, Apple Pay, Android Pay, and etc.
- Customer support – Having 24/7 customer support and assistance from a professional representative can easily solve any problem you may have.
Keep these 5 essential factors in mind and you will be one your way to choosing the best credit card reader for your business.