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Originally Posted On: https://bravoprocessing.com/blog/best-credit-card-machine-for-small-business
If you accept in-person payments at your business, having the best credit card machine for small business purposes is crucial to your success. Don’t believe us? Just take a look at the stats.
PwC predicts that cashless payment transactions will increase by more than 80% by 2025! No longer are businesses able to rely on cash payments. It’s a digital world, and you need digital solutions, but we understand that sometimes that can get costly for small businesses.
Whether you’re new to payment processing, are looking to switch merchant services, or need to find a cost-effective credit card processing solution, here’s everything you need to know about credit card machines, including what to look for in the best solution for your small business.
What to Know About Credit Card Processing
If you run a business, you’re likely to accept credit card payments at some point. Credit card processing can be a bit of a mystery, but it’s actually not that complicated. Here’s what you need to know about credit card processing.
First, you’ll need to choose a credit card processor. This company provides the service of processing your credit card payments. There are many different processors out there, so it’s essential to do your research and choose one that’s right for your business.
Next, you’ll need to set up an account with your chosen processor. This is where you’ll enter your account information and start processing payments. Once your account is set up, you’ll be able to accept credit card payments from customers.
Finally, it’s important to understand the fees associated with credit card processing. These fees can vary depending on the processor you choose, but they typically include a transaction fee and a monthly service fee.
It’s (sort of) that simple. However, that doesn’t take into account any accounting software and payment processing features that you might want to add to the mix. Eventually, customer management, inventory tracking, and other features might help you scale. Even if you don’t need them now, knowing that they’re included is a great option to have in the future.
Does Your Business Need Credit Card Terminals?
Now that you know a bit about payment processing, it’s time to figure out whether or not your business needs physical credit card terminals.
The answer is complicated, and it depends on your business model and the type of payments you want to accept. For example, credit card terminals are essential for processing in-person payments if you have a brick-and-mortar store.
However, if you run an entirely online business, you might not need them. There are also a few other factors to consider, such as whether you want to accept mobile or contactless payments.
Ultimately, the decision comes down to what’s best for your business. However, we know that most small businesses benefit from having credit card terminals in their physical stores. It simply makes checkout easier in a world where a combined 55% of consumers still pay using a credit or debit card.
If you’re not sure, there’s no harm in speaking with a payment processing specialist to get more guidance.
What to Look for in the Best Credit Card Machine for Small Business
Now, assuming you’ve decided that a credit card machine is necessary for your business, how do you find the best one? Here are some features any great credit card machine for small businesses should offer.
Accepts All Major Credit Cards
Definitely think about the different types of cards you want to accept. However, regardless of what those are, you’ll want to make sure that the machine can accept all major credit cards.
This will ensure that you can take payments from the broadest range of customers possible.
Fast Processing Times
Additionally, look for a machine that offers fast processing times. No one wants to wait around for their payment to go through, so a fast machine will help keep your customers happy.
Ease of Use
Choose a machine that is easy to use for your customer and you. You don’t want to waste time figuring out how to use the device when you could be busy serving customers. Look for a machine with straightforward controls and an intuitive design.
Portable
While you initially might only think you need a credit card machine that sits on a counter, it’s nice to have a portable machine when you need one. This ensures you can take it to pop-ups and events and ideally even allow customers to checkout at their tables (if you run a food or drink business). Ultimately, a portable payment processor comes in handy.
Additional Features
As mentioned above, consider any additional features you might want to enjoy down the road. This could include the ability to track inventory as customers make purchases. Or, it could be that you’re interested in a payment processor that integrates well with your accounting software.
Whatever those features are, it helps to identify them now so that you can look for the best credit card machine for your small business and not waste time on a solution that doesn’t fulfill all your needs.
Cost
Finally, don’t forget to factor in cost! As a small business, you’re likely trying to reduce costs wherever you can. The last thing you need is an expensive terminal for credit cards that costs you more than it’s worth.
If you opt to pay more for premium features, make sure that upgrading to access those features is a justifiable cost. For example, if it increases the cost by, let’s say, $100 per month but leads to an increase in revenue of $500 per month, that’s well worth the cost!
Bravo Processing: The Best Payment Processing Solution for Small Businesses
Are you looking for merchant services that offer more than just the basics? We’d like to introduce you to the best credit card machine for small business.
Bravo Processing offers swift, easy-to-use services that provide an affordable, comprehensive solution to meet your payment processing needs. Not only that, but we also offer competitive rates for small business merchant accounts.
Get in touch today to learn more about our merchant processing services.
