Credit card machines, also called credit card terminals, are simple but important devices for every small or mid sized business. It allows processing credit cards at the point of sale, safely and efficiently. Although you can get credit card machnes for free with a new merchant account, it may result in higher credit card processing rates. This article will help you determine the credit card machines most suitable for your business.

Types of Credit Card Machines

Traditional Credit Card Machines

Traditional credit card terminals consist of a keypad, magnetic strip reader and display and operate with both built-in and separate printers. A printer issues slips and receipts for client signatures. While separate printers enhance convenience, they offer comparable performance to built-in printers. Keypads are available in varying sizes for convenience.

Wireless Credit Card Machines

Wireless credit card terminals can enhance efficiency for some businesses such as those that are on the mobile in nature. For example- car rentals, taxi service , pizz delivery etc. They come with a built-in printer. Before making a purchase, consider the terminal’s battery life, shock-resistance, range and weight.

Virtual Credit Card Terminals

Virtual credit card machines are suitable for businesses where majority of the transactions are done over the internet or phone. All you need to do is type your client’s credit card number into a computer software program that handles all other details of the authorization.

Additional  Features

Before purchasing a credit card terminal, determine the other type of transactions, debit card transactions, electronic bank transfers etc. More options imply higher credit card processing costs.

With debit cards, you need customers to enter a PIN (Personal Identification Number). For this you can opt for a built-in feature to accept PIN or purchase a separate PIN pad. A separate pad allows customers to type in their PIN while letting you keep the terminal safe next to the cashier.

Installing an Address Verification System (AVS) to compare the customer ID address with the card’s billing address reduces risk of credit fraud.

Terminal memory is used to hold transaction information for later reference. Some terminals come with flash memory that prolongs their operating life.

Reliability

Most credit card machines are highly reliable with a low mean-time-between-failure (MTBF). A one-year warranty on terminals is usually more than sufficient though often not needed.

Receipt Printers

Both built-in and separate printers are of two basic types, dot matrix and thermal. Impact or dot matrix printers are cheap, ranging between $200 and $400, but quite slow with speeds ranging from 1-4 lines per second. The low costs may be offset in the long run by pooled costs of ink ribbons and paper, needed to operate dot matrix printers along with pins.

Thermal printers print receipts on heat-sensitive paper and cost between $300 to $500 dollars. With speeds of 10-15 lines per second, they are considerably faster than impact printers. Inkjet printers are used for color printing.

Drop-in paper loading makes it easier and faster to change paper, reducing customer inconvenience during the process.

Credit Card Machine Prices

Credit card terminals are highly affordable compared to merchant card processing fees. Traditional credit card machine costs $150-$300. Terminals with built-in printers range from $200 to $600 while wireless printers cost $600-$1000.

It is mostly beneficial to purchase credit card machines  instead of leasing them as rental costs for a year may be four times the purchase cost. Given how inexpensive printers are, do your best to add reliability and performance features for maximum benefit.

Where to Buy

You can purchase credit card macines directly from merchant account providers. Providers will program the credit card terminals based on your specific requirements and are also more likely to charge you lower than market rates.  

Alternatively, you can purchase credit card terminals separately as well. For online purchases, make sure you select a vendor that is reliable. Familiarize yourself with return policies, warranties and service agreements before purchase. Buying from local suppliers enables you to receive basic staff training for the credit card machine use and demo of its advanced features.

After buying a credit card terminal, protect it from dust and paper lint and clean it regularly to prolong its life and optimize its benefits for your business.

Tags: Credit Card Machines

You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.