It’s next to impossible to sell products or provide services without accepting credit cards. With the credit card readers of today, what was once an ungainly and troublesome process can now be accomplished on our cell phones.
It’s also more important than ever to meet customers where they are—at trade shows, festivals, and remote locations. Don’t miss a sale just because you don’t have a mobile credit card reader!
Remember the days of running a paper receipt through what some referred to as a “ker-chunker,” imprinting the customer’s credit card sometimes less than legibly in triplicate?
Well, trust us when we say those days are done.
No one credit card reader is perfect for every business, though. From freelancers in need of a credit card reader for occasional use to an artisan that relies heavily on credit card payment at an arts-and-crafts festival, here’s what to look for when picking a credit card reader that’s right for you:
Ease of Use
Many credit card readers of today are essentially plug ’n’ play. Nevertheless, some credit card readers force vendors to go through credit and background checks before they can even use the thing.
Don’t pick a credit card reader before you make certain you won’t have to go through a background or credit check. That way, you won’t end up at a remote location, only to realize you can’t accept credit cards from customers — losing out on sales.
EMV Support
Modern chip-and-PIN credit cards use the global standard for secure transactions: EuroPay, MasterCard and Visa, or EMV for short. Some readers accept all of them, but just be aware that if you run an EMV card through a traditional magnetic-strip card slot, you may be liable for fraudulent transactions.
How They Link to Your Account
Just because the transaction is approved doesn’t mean the money will end up in your bank account. Each credit card reader deposits actual cash into your account on a different calendar.
Some hold your money in a merchant account, transferring your money to your account on either a daily or weekly basis. Other credit card readers link directly to your bank account. That way, you get your money instantly, or if not, within about one business day, at least.
Accounting Software Interface
Already buried in paperwork and receipts? Save yourself some headaches and choose a credit card reader than interfaces with common accounting software like Freshbooks, Xero, and QuickBooks.
Availability of Customer Support
Some credit card companies offer support 24/7, some just during regular business hours. Keep this in mind if you process a lot of transactions in the evenings and over the weekend. You don’t want to miss a sale because you’re stuck with tech issues and there’s no support available.
Pricing
As well as the cost of the reader itself, here are additional fees to be aware of:
- Processing costs, or how much you’ll pay per transaction.
- Are fees monthly or pay as you go? If you rarely take credit cards, you might be better served by a pay-as-you-go plan.
As well as those two fees, occasionally credit card service providers add an extra charge when credit card numbers are keyed in by hand. Don’t be surprised by unexpecting keyed-in-card fees.
Now that we’ve covered a bit about what to look for in a credit card reader, let’s take a look at the five best credit card readers for small business.
