You may have seen the rectangular and plastic-y credit card machine in stores that enables a card swipe. But, did you know there are different types of credit card machines for different stores and shopping applications? There’s a machine for every type and style of business. Verifone and Hypercom are among the top-rated manufacturers of credit card machines.
Showroom retailers require machines that can print charge slips because a printed receipt must be given to the customer. Mobile businesses (i.e., businesses on the move, like a plumber) need a wireless machine, which is quite expensive, and dependent upon the cellular coverage. Some merchants who take orders over phone need a regular machine without printing capabilities. There are businesses that need machines that can swipe and also that the keying in of card numbers. So there are different strokes for different folks when it comes to choosing a credit card machine.
Another consideration in choosing a machine is the number of merchant accounts that the business owner has. For such business owners it makes sense to route payments through 1 card machine.
If the merchant’s volume of swipes and keyed-in transaction is equal, then this system can work out cheaper than having 2 credit card machines. One credit card machine can handle multiple merchant accounts and can work very well for certain types of businesses. For example, a spa can have multiple merchant accounts – one account for each therapist.
That way, therapists can easily swipe cards per client and the business can get per-merchant statements at the end of the month. That will ensure that month-end accounts do not get complicated because of the many therapists working in the facility.
Types of merchant accounts
1. Retail merchants need machines that can swipe and print. They may also need dual purpose machines that can also accept keyed-in orders.
2. Mail order or over-the-phone businesses need machines that can key in credit card numbers. They don’t need a machine with printing capability.
3. On-the-move businesses need wireless machines.
4. Internet merchants need online payment terminals.
5. A business-to-business application needs software-supported payment terminal.
6. A not-for-profit organization needs a low cost machine.
Credit card machines and their usage
1. Payment terminals without printers are typically used by mail order businesses or phone-and-order businesses. In such cases, the merchant does not have to issue a receipt to the customer. This type of machine also works well for businesses on the move, like plumbers, electricians, etc. Such machines are priced between $200 and $450.
2. Payment machines with printers are used by retailers. The card is swiped , approval is received and the receipt is printed by the same machine. As there’s a printer built into these machines, they are priced slightly higher. They cost between $275 and $900. The higher-end models come loaded with features. These machines can accept booth debit and credit cards.
3. Wireless card machines are the in-thing. They are equipped with the latest technology, but are more expensive. As these are wireless, they can be lugged around anywhere. Their pricing starts at $400.
That was about the credit card machines available in the market. Pick one that’s best suited for your needs.