What Style of Credit Card Processing Machine Will Work Best for My Business
What Style of Credit Card Processing Machine Will Work Best for My Business?
When businesses make the decision to offer electronic payments, there are several considerations. Merchant service providers usually offer a wide range of options. When you open a merchant services account, the provider will be more than happy to sell or rent you a credit card processing machine. However, that is not always the best way to go. In some instances, the cost of the rental or purchase through their system is greater than you can find elsewhere. Before agreeing to purchase equipment directly from your service provider ask them some questions first.
What about Materials?
When you purchase a credit card processing machine from your merchant services provider, it is important to ensure that all of the agreement is spelled out to both parties’ satisfaction. As the business owner, you want to ensure that there are no hidden costs associated with the rental or purchase of a credit card processing machine. An on-going cost that can quickly add up is the paper and ink. Newer machines use thermal paper and laser printing that does not require additional ink cartridges. In those instances, the only material cost is the paper. Ask the merchant services provider who will be responsible for paying for supplies for the machine. Many providers are happy to bear the cost, but only if you ask about it.
Who does the Maintenance?
With regards to making the decision between rental and sale, there are some additional questions you need to address. If you are renting the credit card processing machine, ensure that the merchant services company is responsible for all maintenance. It is also important to discuss the turn around times on repairs or replacement. If they accept responsibility for maintenance, which they should if you are renting, they need to offer a guaranteed service time. A business can not operate successfully for long periods of time with a major tender option out-of-order. Also ask if the rental agreement will result in ownership. No business wants to continue to pay for an obsolete machine. If your company will never own the equipment, it is important to find out how often the provider will update the credit card processing machine. Technology advances rapidly, and no business wants to be left behind.
If you are purchasing your equipment, ask about warranty options. If you buy the equipment out right, are you immediately responsible for all repairs, or is there a warranty for a specified amount of time? This information can be critical when you are making the decision between rental and purchase.
Be Knowledgeable and Avoid Pitfalls
By taking the time to ask the right questions before making a decision, you put your business in the best possible situation for accepting electronic payments. The incidental costs on credit card processing are something that you can, and should, avoid. Many merchant service providers eat those costs as part of doing business. If you don’t know the right questions to ask, you may wind up paying significantly more for the same service.
