How to buy credit card machines for small business
If you’re reading this, you probably already know the value of accepting credit and debit cards at your business. You probably also know that what you do to accept more payments and more customers can help grow your business. When your business offers more options consumers are more likely to:
- Make more impulse purchases
- Join loyalty programs
- Spend more during each transaction
Today very few business types can afford to run as “cash only” operations. The U.S. Small Business Association warns that “business owners must ask themselves if they're hurting their bottom line by limiting payment options.”
Just as important as the payment options you choose to offer are the devices you use to accept payments. It's best to think about payment options and devices in concert. Certain devices enable certain options, and still other devices integrate with services and software beyond your payment transactions.
Here's some advice on how to buy credit card machines for your small business so you can keep your options open and customers flowing in.
Consider what payment methods you need to accept
The latest credit card machines do much more than just accept credit and debit card payments. Those with the right technology let you accept mobile wallet payments from smartphones and other smart devices (like Apple Watches). These payment methods are becoming increasingly more popular among a wide variety of consumers. So, consider the needs and wants of your target customer base to determine if investing in devices equipped with near field communication (NFC) technology, for example, makes sense for your business.
Partner with a payments partner that knows your industry
Today there are so many ways that businesses can approach payments. What you sell, how you're selling and what systems you want or need to integrate with will influence your device options and your path to payments. First, start with a payments partner that knows your business. Whether a technology-rich stand-alone terminal, mobile point-of-sale (POS) system, or fully integrated POS system is something that a partner who knows your business can help you solve for. Typically, there's no one-size-fits-all and you have options. Work to get the payment technology that will help your business and your payments best. An experienced payments partner with experience in your industry can help guide you to the right solutions by asking the right questions to understand your business operations today, as well as your goals for the future.
Consider where your business can take you
For some types of merchants, selecting a credit card processing system that allows you to take your business on the road makes sense. Tablet- or smartphone-based POS systems allow you to easily download a mobile application, plug in a card reader dongle and start accepting payments from your customers wherever business takes you. What types of merchants benefit most from the benefits of mobile POS systems? Those whose sales include:
- Trade shows
- Craft shows and festivals
- Food truck rallies
- State or county fairs
- In-home demonstrations or workshops
If you conduct business at any of the above locations—or if you’d like to expand your operations to one or more of these places in the near future—consider choosing a credit card machine that can easily travel beyond the confines of your brick-and-mortar locations. mobile POS solutions will complement, or be an add-on, to devices you use for in-store.
Selecting the right credit card machines for your small business
Whatever your budget, your business type and your growth goals are, there is a credit card processing machine out there that will work for you. The best way to find the right solution is to work closely with your payments partner to understand what your options are. It’s also worth your time to do your own research online or by using trusted third-party review sources.