Debit and credit card machines have become a necessity for any businesses that accepts payments from customers. This is because an increasing number of people prefer to pay either by card or online. In fact, we are slowly moving towards a cashless society. The rise in the number of businesses accepting cards has led to the availability of a wide array of credit and debit card machines.
Gone are the days when businesses used large chips as well as PIN devices. Today, several application-based portable card machines provide affordable as well as flexible payment processing options, especially for small businesses. These machines connect through Bluetooth to any mobile device with an application processing the payment.
Customers just need to tap their cards and use the traditional chip as well as PIN in the same way conventional card readers do.
Here are a few popular credit and debit card machines that are available at the most affordable rates for small businesses.
What Are the Most Affordable Credit and Debit Card Machines?
Quite a few credit and debit card machines provide high-quality service, and these may be purchased at competitive rates.
The Clover POS is a good option for those who want a low-cost service. This device is ideal for both in-person and online sales, which are becoming more and more necessary.
The Clover Flex is a top-class portable device that is part of the Clover family which also includes the Clover Mini, the Clover Go, and the Clover POS system. The Clover Flex leverages the First Data platform. With a unique 5-inch screen, as well as weighing only one pound, this device is both portable and affordable. It has a protective case made of silicone in order to help avoid damage.
This is one of the smaller portable payment machines but has many useful features, including its ability to connect to Bluetooth, Wi-Fi, or LTE. From its secure operating system to the display screen, you enjoy all the advantages of a big device. It also has highly competitive transaction rates, with a lucrative pricing structure for merchant accounts with high sales volumes.
This highly portable device can connect to LTE, Bluetooth, and Wi-Fi, and it facilitates contactless payment so you have the option to serve your clients easily and without delay. It is a favourite option for start-ups and small businesses that have to process payments fast, and will help curtail waiting times.
Square is highly popular among small businesses for its affordable credit and debit card machines. There are zero annual or monthly fees for their machine or credit card processing, and the rate of a transaction is as low as 2.6% with in-person payments costing 10 cents. They also do not charge for setup, early termination, or PCI compliance, and don’t demand chargeback fees.
The best thing about this terminal is it does not require the purchase of any additional device. Some providers such as LightSpeed and Shopify require you to have your own iPad. Undoubtedly, this terminal is highly affordable especially for those who don’t have an iPad.
Factors to Consider When Buying Credit Card Machines for Small Businesses
There are a few things to consider when looking for a credit card processing machine for your small business.
First, you have to determine your basic requirements. What is your monthly turnover? How much do you receive in monthly payments?
In fact, various card reader providers offer diverse prices and services. By understanding your requirements, as well as the total amount of business you will be putting through the reader, you will be able to make the best purchase decision.
For example, any small business that processes less than $5,000 every month should use a card processor with a flat rate for every transaction. Those processing more than $5,000 should look for a card machine that offers interchange-plus pricing. This is considered the fairest pricing plan in the industry because of its transparent nature. Usually, a business owner has to pay nearly 2.2% plus $0.22 for interchange-plus pricing.
Here are a few things your debit and credit card machine provider should always provide:
- Zero monthly fees
- Reasonable terms
- Transparent pricing
- E-commerce and reporting are added advantages
The increasing popularity of card machines has allowed small businesses to cater to their clients’ fast-changing requirements. Check out the above-mentioned credit and debit card machines for small businesses. It is vital to compare their products, services, and prices to find the right option.