Determining the cheapest card payment machine
Card payments are growing at a staggering pace in the UK. To keep up with the trend, more and more businesses are adjusting their operations to accommodate customers who prefer this method of payment. They are realising that card holders form a substantial part of the customer base that should be tapped into.
In order for a business to start accepting card payments, it has to have a card payment machine. There are different machines in the market and it is up to you to find one that suits your needs and also fits your budget.
When trying to determine the cheapest card payment machine, there are many factors that come into consideration. It’s not just about the cost of purchasing the machine. The cost of the machine is just one of several variables. The cheapest card payment should not just cost less to purchase but it should also cost less to use in the long run.
In most cases, merchants will sell their machines in at prices that are determined by the specific details of a particular case. That means that the cheapest card payment machine for one business may not necessarily be the cheapest for another.
The cheapest card payment machine is the one that charges the smallest markup above the normal cost of processing. In some cases, some merchants will subsidise the cost depending on how payments are processed. For example in a coffee shop where the average transaction is below 15 pounds, charging per transaction can end up costing the business too much because of the sheer volume of the transactions. In such cases, a flat rate becomes the best option.
Renting versus buying
There is a school of thought that will argue that renting is the best way to get the cheapest card machine. Renting is a viable option for small businesses that are not able to purchase a new machine at a particular moment. It enables them to enjoy the benefits of accepting card payments before they find their own permanent solution.
Another factor that makes renting a machine the best way to get the cheapest card payment machine is that if anything goes wrong with it, your provider will just provide you with a replacement and you will not have to contend with spending money on a new one.
Use some help to find the cheapest option
Luckily for you, you don’t have to go through the trouble of trying to find the cheapest card payment machines. There are companies that can help you find the cheapest option among the multiple machines available. These companies will provide you with instant quotes from different card merchants and all the costs involved. At the same time, they will keep monitoring your statements on your behalf to ensure that you are not being overcharged and that your processing costs are as low as possible.
In truth, it is not easy to find one merchant that offers the cheapest card payment machine. Cheap is relative to the business in question. For example, a business that deals with a high number of transactions is better off choosing the lowest transaction cost even if it means slightly higher monthly fees.