Although 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.
Typically, consumers use credit cards for purchases about twice as much as they use cash. Thus, companies must use a payment processing provider to handle credit transactions. Choosing the right credit card machine can help your business grow while picking the wrong one can be a nightmare. FLO Business Solutions can help you choose the right solution for your business.
Payment Processing Options
If you are old enough, you might remember the manual credit card imprinters. Merchants used them to make a copy of the face of a credit card to receive payment. While some companies may still use these devices, these outdated tools make recordkeeping difficult. Moreover, as credit card companies move to flat printing, it’s also impossible to get an imprint.
Furthermore, modern credit card terminals offer enhanced security, greater accuracy in recordkeeping, and reduced transaction times. First, the device reads the customer’s data, encrypts it, and requests authorization from your customer’s bank. Then, the card provider verifies the details are correct and confirms the customer has enough remaining credit on the account. Finally, the machine lets the merchant know the transaction has been successful. All this occurs in just a few minutes.
Additionally, a modern credit card processor can easily handle payments wherever you find your customer. This may be online, at a self-checkout, or at a table in a restaurant. It can also be at the customer’s house if you offer mobile services.
For a small business starting out, you can also convert your smartphone into a credit card processor. First, you’ll need a merchant account with a provider. You’ll also need the provider’s mobile payment app and phone credit card swiper.
Distinctions Between Payment Processing Providers
Around the world, there are about 4,100 registered payment processing providers for Visa alone. Choosing the right one can greatly affect the success of your business. Below are some important features to help you find the right one:
1. Fees
When deciding on your payment processing options with a credit card machine, you’ll find different price structures. Some may charge by the transaction, others a flat monthly fee, and others a tiered system. Typically, the tiered system is the most expensive with the payment processor sorting transactions into different categories.
In addition to transaction fees, the payment processor may also have setup, terminal, or data security fees. Obviously, all these fees can seriously affect your profitability. While fees are an important consideration, other factors are crucial too.
2. Security Features
When consumers make a purchase, they want to feel confident their information is secure. Additionally, some businesses, like those offering subscriptions, must store sensitive consumer information. Yet, fraudulent attempts on credit card use saw a 72% increase in 2023. Moreover, a data breach can bankrupt a business.
Generally, an independent council set up by card networks manages security standards for accepting credit card payments. All credit card terminals must meet them. However, these standards don’t define the security technology necessary and can’t prevent a breach from happening. Depending on your business, you may want advanced security features.
3. Integration With Existing Systems
If you have an existing business, you may already have a system that manages many of your operations. You probably even have a transaction processing system. However, perhaps your company has outgrown your current credit card machine. Maybe you need more mobility or you’ve added online sales.
Investing in a completely new system is expensive and not necessary. A good card terminal should integrate with your existing software.
4. Ease Of Use
The best payment processing machine should be simple to use with minimal training. If you have difficulty with its use, so will your clients. Moreover, customers can become easily frustrated with complicated procedures and choose another vendor.
5. Support
With ever-changing technology, it’s likely your credit card terminals will need software updates. Occasionally, you may also experience some technical issues. Thus, you’ll want a team with a stellar support system to help with changes and difficulties.
Credit Card Machine – A Few FAQs
Do you have questions about which credit card terminal will work best with your business? Below, we answer a few commonly asked ones. If you have others, call us at 800-887-7356, and one of our friendly team members will help you.
Can I Offer A Discount To Cash Paying Customers?
Absolutely! We can definitely set up your system to remove credit card processing fees from cash paying customers.
How Are POS Systems And Point Of Sale Transactions Different?
A point-of-sale transaction is the completion of payment for goods or services wherever it occurs whether in-store or online. Comparatively, a POS is a system of hardware and software offering many integrated features to help merchants manage their business:
- Inventory
- Sale tracking
- Employee management
- Reward program monitoring
- Analytics and reporting
Why Choose FLO Business Solutions?
For over 20 years, our veteran-owned company has been supplying solutions to over 8,000 business customers just like you. From start-ups to franchised national brands, FLO Business Solutions has different options to meet your needs:
- Payment processing
- HR & payroll
- Marketing
- POS systems
- Tax credit services
- Cash discounting
- Referral/Partner program
Plus, we offer next-day funding and price locks on fees in easy to understand service agreements. Our price lock guarantee means we won’t change your pricing for the life of your account.
Whether you’re just starting a business or looking to switch payment processors or find a POS system for sale, we can help you find the best product. Call us today at 800-887-7356 to book a no-obligation demonstration.