What Is the Best Credit Card Machine For a Small Business?

credit card machineTypically, 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  While some companies may still use these devices, these outdated tools make recordkeeping difficult.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.