The payment charges that relate to a credit card machine vary in a whole host of ways. There are charges relating to the payment processing merchant solutions which has been supported by the advances in payment technologies. It should be factored around varying business strategies. Traditional charges such as Merchant Service Charges (MSC) will apply per transaction and this will be detailed on the customer’s merchant statement.
Payment charges apply to wireless credit card machines and other payment processing solutions. In most cases, most business owners pay one set fee on a monthly basis for their credit card machine rental, although there is the option to pay quarterly or annually depending on which payment provider you go with. Paying for your payment charges on a monthly basis will provide one set fee and allow business owners to process credit card transactions open and freely.
If you are opting for a monthly rental, business owners will need to factor in what type of credit card machine is best suited to the needs of their business. Payment charges will vary on the type of credit card machine a business requires and the length of contract.
What Fees are Charged for a Credit Card Machine Hire
Signing up for a credit card machine hire should be a seamless and straightforward application. Most payment providers will provide simple pricing with no hidden fees. Fees may differ if you are using a mobile payment machine such as SumUp, PayPay, Square or iZettle. For a business looking at a traditional credit card machine hire, often known as a credit card reader, in most cases they will pay one set fee on a monthly or quarterly basis. Business owners need to differentiate between card processing fees and credit card machine hire fees.
Accepting payments using a credit card machine hire will allow you to accept contactless payments and within most cases includes Visa, Mastercard, Amex (optional) and other financial institutions. Nowadays, customers routinely expect to have the option to use credit cards to pay for their items.
To accept card payments on a credit card machine, a business will need to have an existing merchant account in place. Linking a credit card machine to a merchant account is a straightforward process for any payment provider working in a financial institution.
Best Point of Sale Credit Card Machine
The point of sale credit card machines available to business owners has grown considerably in the last decade. The array of point of sale providers in the UK is expansive and some of the manufacturers include Spire, SumUp, PayPal, Ingenico, Square and Verifone amongst others. Business owners can invariably find that each point of sale credit card machine offers their own unique selling point.
More and more businesses in the UK are edging towards technologically superior point of sale credit card machines. If you are looking at introducing a credit card machine, it is important to go with a reputable credit card machine provider which has pedigree within the financial institution.
In the case of Ingenico and at the time of writing this page, there are four main types of credit card machine.The needs are dependent on how the business trades and the environment the business will be trading from. The wireless credit card machine is considered to be the best wireless card reader for businesses requiring a point of sale payment facility who perhaps don’t trade from one set location. Other options include Bluetooth, countertop and Wi-Fi.
Merchants who introduce a point of sale credit card machine should also factor in other key point of sale components which include electronic point of sale register, thermal paper, credit card machine accessories including till rolls and embossed printers.
The advances in technology have allowed business owners to routinely accept credit card payments readily. If you are looking to accept debit and credit card payments which extends to MasterCard, China Pay, Maestro, Diners, American Express and Amex, most merchant acquiring banks should be able to offer this facility. Once you have the merchant services in place, your business can then get equipped with the credit card machine of your choice. A credit card machine is able to accept traditional Chip and PIN payments, contactless payments, Near Field Communication (NFC) payments and others. When a customer makes a credit card payment they will have the option whether to recieve a receipt which can be the traditional way (printed from a till roll) or some companies are now offering to email this as an alternative.
The type of credit card machine a business choses varies in a whole host of ways and this can extend from connectivity through to the environment a business is trading from. All credit card machines should come PCI compliant as standard and this should be outlined to you at the time of enquiry. PCI compliance relates to the sensitive data exchanged in card processing.
Point of Sale is more commonly referred to as POS and within recent times MPOS (mobile point of sale). Point of sale equipment is regarded as the most reliable way for a business to accept debit and credit card payments. Introducing point of sale equipment can significantly enhance a business’ flexibility and efficiency in manging customers’ payment requirements. MPOS have featured heavily in the last few years and manufactures of SumUp, Square, iZettle and PayPal have looked to utilize the growth in card payments.
Ingenico are renowned for delivering one of the most reliable and secure point of sale credit card machines available in the market place. Other point of sale equipment manufacturers include Verifone and Spire. The type of point of sale credit card machine a business will require will differ based on how they trade and their set-up.
It is always advisable for any business looking to acquire point of sale equipment to ask the right questions and ensure the credit card machines match the expectations of the business owner.