credit card machineAlthough some Americans use cash for purchases, many others use debit and credit cards. Thus, you’ll lose customers if you don’t accept cards. To process cash alternative payments, you’ll need a card reader for small business organizations. FLO Business Solutions can help you find the perfect solution for your needs.

Payment Processing Companies Provide A Card Reader For Small Business Owners

Generally, card readers are specific to a particular payment service provider (PSP) and are not interchangeable. Thus, when searching for a credit card machine, you’re also looking for a good payment processing company. As you sift through your options, consider the requirements of your business to choose the best one.

1. Accepted Payment Forms

Credit cards may use one of 3 different types of security technology to store and encrypt information about the user:

  • Magstripe
  • EMV/Chip cards
  • Contactless

Moreover, an increasing number of consumers are paying using a digital wallet like Apple Pay or Google Pay. These software applications store your payment information on your smartphone eliminating the need to carry your credit card. Most digital wallets use NFC (near field communication) that allows 2 devices to connect and transfer information.

2. Fee Structure

Payment processing companies may charge a flat fee for each transaction or a monthly subscription plus transaction fees. Furthermore, the amount of fees varies by company. While choosing the cheapest may seem sensible to maximize savings, you need to consider other factors.

3. Support

Technology is a wonderful thing when everything works properly. When it doesn’t, you need to talk to a real person right away who can help you solve your issue.

4. Transaction Speed

A few seconds may not seem like a big deal when you have 1 or 2 customers. However, multiply this time over a long line of customers. Then, the person at the end of the line ends up waiting several minutes. Since 79% of consumers will leave the checkout line after waiting 5 minutes,  you want credit card transactions handled quickly.

5. Security Features

Credit card fraud amounts to millions of dollars and most occur from crooks stealing information remotely. Choosing PCI products that provide encryption and tokenization to keep consumers’ information safe.

6. User Friendliness

The credit card scanner must be easy to use whether your customer needs to swipe, insert, or tap.

7. Funding Speed

Once you complete a transaction, the payment processor may take 1-3 business days to transfer the money into your account. The fastest funding time allows you to optimize your cash flow.

8. Scalability

Usually, when you start your business, one card reader can handle all your transactions. Yet, as you grow, you’ll need multiple payment terminals. Not every payment processor offers solutions as your business evolves.

9. Analytics

A card reader with integrated analytics can simplify your marketing efforts. For example, you can customize promotions and track the effectiveness of your coupons with sales data.

10. Reputation

Any company can promise fast funding, excellent support, and competitive fees. However, the best companies will have reviews from satisfied clients to back up their claims.

Card Reader For Small Business – FAQs

Which card reader for small business organizations is right for your company? The experts at FLO Business Solutions can help you navigate the choices to pick the right option for you. Below, we answer a few commonly asked questions about payment processing options.

What Are Some Types Of Credit Card Machines?

Usually, you’ll find a variety of credit card scanners with a wide price range:

  • Countertop – Located in a fixed position, usually a countertop facing the consumer.
  • Mobile – A small portable device with a swipe or chip reader that attaches to a smartphone or tablet.
  • Virtual – E-commerce processor allowing the ability to process payments remotely.
  • POS integrated – Connects payment processing to other business functions like inventory, sale tracking, and rewards program monitoring for simplified business management.

Choosing the best one depends on your business needs and budget. At FLO Business Solutions, we have many different options to meet the specific needs of your company’s operations.

Do I Need To Buy The Hardware To Process Credit Card Transactions?

A few companies will give you a free credit card scanner, but it’s usually a simple magstripe swiper. For example, the no-cost Square reader can’t accept EMV or contactless transactions.

Unfortunately, the cheapest option may not be the best solution for your needs. In addition to causing inconvenience to your customers with limited card acceptance, you may experience connectivity problems. These issues can lead to frustration and lost sales.

Is There A Difference Between A POS And Card Reader?

Yes. A credit card machine only accepts electronic payments from credit or debit cards. However, a POS offers integrated features to manage all aspects of a business:

  • Employee staffing
  • Sale tracking
  • Inventory
  • Loyalty program monitoring
  • Analytics and reporting

By streamlining and consolidating operations into one system, you can automate and increase operational efficiency saving time and money.

How Do I Find A Great Payment Processing Company? 

For over 20 years, FLO Business Solutions has been supplying businesses with solutions to help manage operations more successfully.  Our customers choose us over the competition due to our outstanding customer service qualities:

  • Price lock guarantee
  • You can talk to a real person to get workable solutions
  • Easy-to-read and fully transparent agreements
  • Seamless integrations
  • Private label and card issuing service
  • Onsite installations, hardware, and software support
  • Next-day funding

Why not book a free demonstration to see firsthand the power of our systems? Call us right now at 803-887-7356 to begin a conversation about how we can help you process payments.