5 Things to Avoid While Choosing a Credit Card Machine for Small Business
The pace at which technology has developed in the last 2-3 decades has helped small businesses achieve success in no time. They have, in fact, changed the way of doing the business and the high demand for credit card machines proves it.
Despite the fact that setting up a credit card machine for a small business is not an easy task, a huge number of merchants than ever are going for POS systems and credit card machines in their venture. This way they can easily accept debit and credit cards from the people buying their products and/or services.
However, small businesses should avoid these 5 things while choosing a credit card machine:
1. Avoid the processor not compliant with PCI-DSS regulations
PCI-DSS stands for Payment Card Industry Data Security Standard and it makes sure that the payment ecosystem of a merchant is documented, inventoried, and secured. However, a few merchants new to the credit card machines or POS systems might find PCI-DSS compliance confusing and daunting. You should always go for a provider holding expertise not only in your business type but also in setting up systems compliant with PCI-DSS regulations.
2. Do not purchase the credit card machine from the very first merchant you encounter
Most of the credit card machine sellers provide rates along with the models. A common mistake small business owners make is that they purchase the machine on the basis of its price. Some find the lowest priced machine lucrative and some believe that the highest priced model will cover all their needs. However, both are wrong because the model with the lowest price might lack important features and the highest priced model might contain features useless to you. It is best to go for a machine only after analysing the offerings by 3-4 vendors.
3. Don’t invest in a credit card machine without knowing the payment needs of your business
Before investing in a credit card machine, understand what are the payment needs of your business. Suppose that all the transactions at your venture happen through debit or credit cards, go for a traditional countertop credit card machine and if you accept payments through online mediums, mobile, cash, cheque, or through the phone, then go for an advanced POS system.
4. Avoid Standard processing contracts
Avoid standard processing contracts because they are not only challenging but also costly to exit. Instead, go for a monthly contract as it gives you the opportunity to shift or move in case some issue related to price or service arises. Also, ensure that the same has been updated in the contract you are going to sign.
5. Do not purchase a credit card machine in an offer if its rates differ
There are many merchant service providers who offer a free credit card machine along with the services. Sometimes it happens that the price of the machine mentioned in the offer differs from its price individually. The difference in prices reflects that there can be some difference in features. So, avoid purchasing because the “free equipment” might not be “free.”
These are the top 5 things a small business owner should avoid before purchasing a credit card machine.