How to find the best credit card machine for UK businesses?

Consumers all over the world now use cards for all their transactions, unlike in the past when plastic was used to pay for products and services. For this reason, even small businesses need to invest in credit card processing machines to process and accept payments from their customers. Although there are different types of credit card machines available, choosing the right one can be quite difficult, especially if you don’t know anything about credit card machines.

Having a credit card machine still has advantages for businesses that accept payments in the real world. But it comes at a cost, so choosing the best credit card machine for your business is very important. But first, it’s crucial to be aware of the benefits of credit card machines so you can decide which one is best for your business. When choosing a credit card machine for small business, cost, security, and usability should be at the top of your list. So that you can choose wisely, this article will guide you through the process of choosing the right credit card machine for your business.

What is a credit card machine?

Credit card machines, also known as Point of Sale (POS), Electronic Point of Sale (EPOS), PDQ machines, PDQ terminals, card terminals, or card payment machines, are the safe interface that allows businesses to accept credit or debit card payments from clients. There are four basic types of credit card machines: countertop, portable, mobile, and smartphone/tablet card readers.

What are the benefits of credit card machines?

Having a credit card machine makes perfect sense for your business. Listed below are three major benefits of purchasing a credit card machine:

1. More sales

A credit card machine not only allows you to take credit card payments from customers, but also increases the number of payment options available and makes your goods and services more accessible to current and potential customers. Your customers can make purchases whenever they want using a credit card machine, even if they don’t have cash on hand. Over time, this will increase your sales.

2. Increased cash flow

A credit card machine helps speed up the payment process by eliminating the need to wait for checks to clear or invoices to be paid. After customers pay with their credit card, the money is immediately deposited into the specified bank account. As a result, your cash flow may increase, which will be very beneficial to your business over time.

3. Excellent business reputation

A credit card machine not only accepts credit cards, but also helps your business gain valuable credibility. If credit cards are accepted, potential and existing customers will see a business as world-class, which may lead to higher revenue and sales.

How to get the best credit card machine for your business?

There are seven critical aspects to consider when choosing the best credit card machine for your business.

1. Costs

Small business credit card readers can be purchased for a fee or provided as part of a contract. Pay as you go options are flexible, but transaction costs can be much higher than the contract. For this reason, they work best for retailers who expect low payment volumes.

2. Payment plans

A small business acquiring bank takes payments on your behalf when you use a credit card terminal. They will pay you the balance after deducting any transaction fees. Some acquirers may complete this more quickly than others. It is highly advisable to confirm that your cash flow position and your acquirer’s payout timetable are compatible.

3. Hardware

Make sure the small business card reader you choose is large enough to handle the tasks you intend to use it for. Even if you supervise them, you should never expect your customers to be gentle. For occasional payments, small card readers are best, but if you use them regularly, they should be sturdy. It’s also crucial to confirm whether your card reader runs on batteries or needs to be wall mounted. It’s a good idea to check if the battery can work. In the real world, how a device is used can have a big impact on how long its battery lasts. Generally, leaving a device on standby and turning it on and off repeatedly will save more battery life.

4. Connectivity

If you plan to use your small business credit card reader in a fixed location, you may need a physical Internet connection. You will need a device with some form of connectivity, such as Wi-Fi or Bluetooth and/or its own SIM card, if not or if you want more flexibility.

5. Security

Any small business credit card reader sold by a reputable UK vendor can be considered secure. However, it is advisable to check the security features it provides. Also remember that proper use is a big part of security.

6. Functionality

Many credit card readers for small businesses offer some type of value-added features. For example, they may provide usage analysis.

7. Support

Never underestimate the importance of having a responsive and efficient customer service team.