Did you know, according to FinancesOnline, 55% of US consumers used a credit card as their main form of payment, and 52% used a debit card as their main form of payment in the last year? Whether or not you’ve heard that statistic before, it probably doesn’t come as much of a surprise. Credit and debit card payments are increasingly common, so having card payment technology for your business is crucial in remaining attractive to customers and making payment easy for them.
Whether you’re just starting out in your business or updating your payment methods, the right card processor can streamline your operations and improve your customer experience. Since the trend toward using cards is continuing to grow, chances are you’ll be using this device a lot!
Below, we’re sharing a few factors to consider when choosing a card processor to ensure you choose the right device for your business. Here are a few things to think about – we’re talking through each of these in more detail below.
- Type of processor
- Cost
- Features and ease of use
- Customer support
Type of processor
Before starting your search for a payment processor, you’ll want to decide whether you’re looking for a traditional (countertop) payment processor or a mobile/wireless terminal. Countertop processors require a physical connection to your internet or landline, and are typically best suited for businesses that have a designated checkout area, such as retail stores, salons, or restaurants. Mobile processors, on the other hand, can connect wirelessly to wifi or cellular plans, which makes them a better fit for you if your business takes payments on the go. For example, if you’re a plumber who makes house calls, or if you frequently go to conventions or markets with your products/services.
Cost
Once you’ve decided what kind of processor you’re looking for, get clear on how much you’d like to spend. Once you have a clear budget in place, it’ll be easier for you to decide which features are deal breakers for you and where you can compromise if needed (we’ll share more about features below).
Some credit card readers are completely free or very inexpensive, while those on the higher end can cost over $1000. And while it may be tempting to choose what seems like the least expensive option, keep in mind that many machines require additional fees for things like things like applications, chargebacks, and for the transactions themselves. Make sure when you’re considering the price of the machine, you’ve included potential add-on fees into your decision-making process. It might make sense to pay more for a reader that has lower transaction costs than one that’s free but has a high cost per translation, for example.
Features and ease of use
Another factor to consider in choosing your payment processor is what features are important for you. This will depend on your unique business, preferences, and budget. Most basic processors will accept chip, contactless, and magstripe payments, and if you’re solely looking for something to allow you to take card payments, a basic reader will likely be enough for your needs. If, however, you’re looking for more advanced features, such as inventory management or sales analytics, a more comprehensive Point of Sale (POS) system may be a better fit.
You’ll also want to consider how easy the machine is to use, especially if multiple team members will be using it and if your business often gets busy with customers. Look for something that’s easy to use, understand, and train team members on if necessary. If the machine is complicated for either your employees or customers, you’ll slow down the flow of customers (and sales) and likely create frustration on all sides.
Customer support
Even the best card readers may glitch, act up, or break. Consider this when choosing your payment processor, and look for one that provides reliable and responsive customer support to help you quickly deal with any issues that pop up. Check online reviews, or review online forums to see what type of support they can provide. At the very least, make sure there’s a database with frequently asked questions and instructions for troubleshooting your device in the event of problems.
Adding a card processor to your business can help you streamline your operations, especially as payments made with cards grow. When considering your options, use the factors above as a guide for choosing the right device for you and your business.