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About POS Terminals
What’s the best credit card machine for your business?
A debit/credit card machine is usually leased or rented as part of a merchant account agreement. If you can afford to swallow the upfront cost, in the long run it pays to buy the terminal outright.
The payment terminal you decide on will depend on your business model.
Wireless Terminals
Improve customer service by bring the card terminal to your customer. Wireless terminals connect via WiFi or Bluetooth, depending it it’s long range or short range. Long range wireless terminals allow merchants the flexibility to move around and take payments outside of their business. While short range is to give portability inside their business location.
Countertop Terminals
Many small businesses choose to rely on countertop card machines to process payments. With a hardwired connection, they’re sturdy, reliable, and often the most cost friendly solution. For businesses like coffee shops, where the customer pays at the counter, a countertop card machine is often the best option.
Mobile Card Terminals
Mobile credit card machines allow you to accept card payments anywhere with a mobile network coverage. Ideal for startup businesses, with occassional payments and low volume. Setup includes a card reader device and connected mobile app.
Virtual Terminal
Businesses that need to accept credit card payments over the phone or by email will require a virtual terminal. Card details are entered into the system by the merchant, rather than the customer.
About Merchant Fees
How much does it cost to get a merchant account?
Merchant account fees vary based on the volume of card transactions processed. Essentially, the more money you take from card payments annually, the lower the rates offered to you by providers. Core charges fall in to two categories: monthly charges and charges per transaction.
| Fee | Typical rate | Charged |
|---|---|---|
| Debit cards | 5- 15 cents | Per transaction |
| Credit cards | 1.42% – 3.45% | Per transaction |
| Card terminal lease | $25 – $65 | Monthly |
| Monthly service charge | $20 – $45 | Monthly |
| Activation fee | $0 – $300 | One-off |
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