Credit card payments are on the rise in the UK, making it increasingly important for small businesses to accept them. A card machine – whether mobile, countertop or virtual – can make all the difference for both your cash flow and customer experience.
Credit card machines are employed to process transactions, charging customers for services and then depositing the funds into a merchant account. They may range in complexity from just having a reader to full point-of-sale systems.
The hardware
Card machines are an indispensable part of modern life, enabling small businesses to accept credit cards, debit cards and other forms of payment. These machines come in all shapes and sizes from simple countertop terminals that accept swipes up to mobile card readers that utilize cellular data services for taking payments from customers on-the-go or at cafe tables.
When selecting a credit card machine for your small business, take into account both its location and what types of transactions it accepts. For instance, if traffic in the area is high, investing in either a countertop machine that accepts contactless payments or a mobile reader for on-the-go transactions could be beneficial.
Ingenico is one of the leading providers of credit card processing equipment, having installed over 30 million terminals worldwide. Their smart terminals are integrated with various POS systems for ease of use and reduced manual data entry errors.
Credit card processing terminals accept transactions by sending card data to an acquiring merchant bank. The bank verifies the information and approves or denies the request. Once approved, funds are transferred directly into the customer’s bank account for payment of goods and services.
Some of these cards are also eligible for NFC technology, which enables customers to hold their phone or card close to a reader and make a payment instantly. This feature is available in all new card acceptance terminals and makes contactless payments much simpler regardless of location or device used.
Card machines can be used for any kind of payment, from credit to debit cards and EBT. Most modern terminals are EMV compliant, meaning they can accept chips and taps for more secure transactions.
When running a card machine small business, the type of hardware used is essential as it determines its features and capabilities. Chip readers, swipe machines, or NFC systems all require specific hardware components; depending on which software runs the system, you may require other components as well.
In a card machine small business, three types of hardware are essential: the Point-of-Sale terminal (POS terminal), card reader and other accessories. A POS terminal is an electronic component that connects to other peripherals like barcode scanners or receipt printers in order to process credit card transactions.
Point-of-sale terminals (POS terminals) are the most popular hardware used by businesses to process card payments. These devices connect to other peripherals via local networking or cable in order to store, send, and print data.
Card readers are devices that read credit or debit cards and send the data to a processor for approval. Usually, these machines feature a screen which shows the total and asks for signature approval when needed.
The software
If your small business accepts credit or debit card payments, a card machine is an indispensable asset. Not only will it save time and money during the payment process, but it could also attract more customers by streamlining it.
Whatever the size or scope of your business, there is a wide variety of card machines to choose from. Traditional chip and PIN machines have been around for decades, to the latest app-based mobile card machines that connect to an app to process payments quickly and conveniently.
There are more advanced card readers that can accommodate multiple forms of credit and debit cards, including EMV chip-and-pin or tap and chip technology. This provides your customers with their preferred method for payment while increasing your security against fraudulence.
Your card reader of choice will depend on the volume of payments you accept and whether or not you want it integrated with your POS system or software. Additionally, consider what hardware accessories such as barcode scanners, label printers and receipt printers you require.
Many card machine providers also provide customer support for their products, so you can get assistance from a tech expert if needed. On the contrary, app-based card readers offer self-serve capabilities so there’s no need to call or email for support.
When seeking a reliable and secure machine, PCI compliance is your best bet. This guarantees that data is encrypted so it cannot be read by anyone without the right permissions.
Businesses that frequently conduct card-not-present transactions, such as food trucks or market stalls, may find the ideal solution in a portable credit card machine. These devices connect to smartphones or tablets so you can process card payments wherever your customers are located.
Pricing for a card machine will depend on its features, such as Europay, Mastercard and Visa (EMV) chip-and-pin or tap/chip capabilities or near-field communication (NFC) to accept contactless payments. In addition, it includes credit card processing fees, monthly service fees, setup fees and gateway fees.
Some card machines feature a separate terminal where customers can manually enter credit and debit card data. However, these can be pricey so you may want to consider investing in a software-based credit card terminal instead.
An alternative option is a countertop credit card machine that’s built to last. These may be expensive, but they’re designed for harsh environments and offer fast and secure payment processing.
When selecting the ideal card machine for your business, there are a number of factors to consider such as the type of payments you accept, frequency of credit/debit card transactions and customer preferences. Furthermore, consider how quickly you need to set up the new machine and its ease of use.
The mobile reader
Mobile card readers (mPOSs), also referred to as mPOSs, are lightweight payment devices that enable merchants to accept payments from customers on-the-go. This can be especially beneficial for businesses operating at events, trade fairs and festivals; additionally, it enables entrepreneurs to sell products at different locations without needing to invest in an expensive permanent POS system.
The mobile card reader, usually connected to a smartphone or tablet, allows customers to swipe, dip or wave their plastic in order to make a purchase. The device then captures and transmits this information directly to the customer’s bank and credit card processor.
When a customer makes a transaction, the credit card network contacts their issuing bank to confirm it isn’t fraudulent and then approves it. Subsequently, funds are transferred from the credit card to the merchant’s account.
Once funds are available, merchants can easily complete their transaction. In many cases, they may even process payment offline.
The ideal mobile card readers offer secure transaction processing and an intuitive user interface. They offer various payment methods, such as chip and swipe, contactless, and Apple Pay.
Some mobile readers can be used with multiple devices simultaneously, making them ideal for restaurants and other retailers with multiple staff members. Furthermore, some may connect to an ecommerce site, giving merchants the capability to accept card payments both online and in person.
Besides processing payments, the mobile reader can also assist business owners in tracking inventory and collecting invoices. These features help streamline operations for increased efficiency within a company.
Intuit provides a mobile credit card reader that integrates with its QuickBooks POS software. It comes with an accompanying app, enabling users to manage their business and accept payments from their smartphone or tablet.
Mobile credit card readers are small, portable devices used to process credit and debit card transactions from a phone or tablet. This technology is becoming increasingly popular across various industries, offering numerous advantages for small businesses.
For instance, restaurants can utilize a mobile credit card reader to process tableside payments, helping reduce errors and enhance customer service. Furthermore, restaurant owners have the benefit of processing multiple orders simultaneously with ease.
Payment technology is increasingly popular with small businesses that are transitioning away from cash sales and toward credit cards. Customers appreciate the convenience and security of credit card payments, which can help a small business expand and thrive.
When selecting a mobile credit card reader, the key to success is understanding your individual requirements. Take into account factors like average monthly sale amount, transaction frequency and whether payments will be processed at physical stores or online. Once these details have been taken into account, select a company with competitive prices and terms tailored for your business.
