Credit Card Machines for Small Business

Everyone seems to have one, but do you need one for your business? Credit card machines are a convenient method to acquiring funds from clients. Evaluate the need for credit card machines for small business by looking at the following questions:

1) What is the average cost of your client's transactions?

2) Do your clients pay their bills within a timely manner?

3) Will your sales increase if you provide the ability to use credit cards?

If your business deals with small transactions and sales are hampered because of a lack of payment options available, then a credit card machine may be a good idea. However you have to weigh the costs of having a machine versus continuing to take limited payment options.

Credit card machines for small business require that you establish a merchant account. These accounts come with fees and transaction costs. Additional costs that come with the use of a credit card machine include having a dedicated phone line for connecting to these processing centers. If you decide that having a machine is important to your business you need to research carefully and evaluate the following:

1) What are your rates and fees going to be for monthly account services as well as individual transactions? Processing company rates and fees vary. Make sure that the costs of using the machine are covered by your pricing structure of the goods and services that you sell.

2) Can you qualify for a credit card machine? Processing companies are going to make sure that you are a good risk for them. They generally do this by investigating your business credit and business history.

3) Lease or Buy? Leasing machines can provide you with options to upgrade easily as well as technical assistance. Leasing may also lock in terms that could be costly in early termination. Buying allows some freedom from contractual terms but may also hurt in losing out on upgrades and technical assistance.

4) What features do you need? There are lots of options. You can have wireless terminals, terminals that print receipts, virtual terminals, varying size, shape, color, etc. When deciding upon a credit card terminal itself you really need to evaluate the needs of your business currently as well as the growth your business may experience. Every feature provides with it additional costs.

No matter what you decide, make sure you do your research on the company providing the service as well as the equipment they are providing.