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Factors To Keep In Mind When Selecting Credit Card Processing Terminals

By Christine Reynolds


Often, small business owners tend to feel that credit cards get in the way of efficient operation of their enterprises. That said, today's customers expect a lot from the establishments they frequent. Without the ability to accept electronic payments, you stand to lose sales from prospective clients who don't carry cash. To help you fulfill business needs while keeping costs low, you need to consider a few points when selecting credit card processing equipment.

Contrary to what the majority of small entrepreneurs think, credit card equipment is relatively affordable. You don't even have to lease the terminal if you can afford the purchase price. That said, it helps to compare prices as you search for the best terminal for your firm. Weigh the price of each device against the various features it offers, and keep in mind that the cheapest equipment may not necessarily be the most appropriate.

Most businesses are now accepting debit cards for a good reason. It allows them to reduce the per-transaction processing cost by running the payment in a manner that vastly differs from how credit cards are handled. You should therefore consider whether such a feature would suit your business before selecting your preferred terminal.

If you've already invested in a point-of-sale system for your business, ensure that the equipment is compatible with the former. The last thing you want is to sign a contract only to find out that the device you've just acquired won't work with existing equipment. If you're not able to find a terminal that can work with what you already have, prepare to make the changes necessary to integrate both the terminal and your POS system.

Credit card transaction fees could be up to 5% of what your business earns from electronic payments. As such, you may be tempted to only look at how much you'll be charged for each transaction. It's however important to take all the other charges you'll be faced with into account. Here, look out for monthly statement fees, application and setup costs and early termination penalties. If any details aren't explicitly spelled out, ask for an explanation from the equipment vendor.

Remember to go through all the details before signing the document. The last thing you want is to be stuck in a tricky situation that could have been avoided by exercising caution. You should thus read the fine print and seek clarification for any unspecified terms. Additionally, insist on having your own copies of every signed document.

As you search for the best credit card processor, remember to look for providers who can offer round-the-clock customer support. Although this may not seem important, a faulty terminal could be costly for your business. Ultimately, it may be worth paying a little bit more in charges to get a reliable processor that facilitates fast, seamless transactions.

As you think about what kind of credit card processor you'll buy, remember to consider your needs and your customers' expectations as well. Make a list of what you want and then compare the pros and cons of the available options. Don't just go with the first terminal you come across; it would greatly help to be thorough in your search.




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