Credit card machine costs and how to keep them lowProduct Information 15 October 2018
More and more independent research shows how adding a card machine to your business can make a positive impact. Cash is declining as millions embrace card payments. So it’s no surprise that you stand to benefit by adding a card machine to your business.
- Speed up transaction times
- Increase turnover
- Give customers a fast, secure and popular payment method
- Use data to make more informed business decisions
- Reduce administration
- Free up time to engage with customers
With card payments set to keep on growing, there’s never been a better time to think about adding a card terminal to your business. But how much will it cost?
There’s no one-size-fits-all answer to that as every business is different: turnover, transaction volumes, the kind of card reader you choose, the number you need, and any additional services you choose influence the final cost.
That said, there are regular costs you’ll need to consider, and we’ll explore them here.
But before that, let’s take a look at some of the costs Paymentsense can help you avoid.
£3,000 to help cover your cancellation fees
Being financially locked to a contract, especially if it falls short of your expectations, is a major headache shared by small businesses. No-one ever launched a company to make themselves unhappy. Which is why we’ll give you up to £3,000 towards any financial penalties you’re charged to close your current contract and switch to us. Happy endings indeed.
Limit your bank charges
Using a bank for card payment processing can have a real sting in the tail. They often do little more than resell services from existing payment processors with an extra cut added for themselves. This makes using banks an expensive way to take card payments.
With us, you deal direct. No middleman. No hidden charges. No unexpected bills. Just great service to help you do what you love. And prompt, too. We can have a contactless-ready card machine with you in three days. It can take a bank three weeks (and there’s no guarantee your machine will be contactless-ready until 2020.)
No set-up fees
You’re charged for ending a contract. You’re charged for starting a contract. When does it stop? Here. Right here. Along with helping you with contract buyout, we won’t charge you any set-up fees.
Small business. Big bargaining power.
What do you end up with when you bring over 70,000 SMEs together? Big business bargaining power. We use our customers’ collective power to negotiate better deals and cheaper rates and pass the savings back to our customers. We’re on your side, always.
So that’s several costs you won’t need to bother about with Paymentsense. But what about the card machine costs? How could they affect your ability to price your products and services? Let’s take a look.
Regular costs you need to consider when thinking of adding a card machine to your business
Renting your card machine has two major advantages: you’ll always receive the latest model with up-to-date technology and security features. And, in the unlikely event that your card reader fails, we’ll have a new one with you in just 24 hours.
Obviously, the fewer card machines you need, the smaller your overheads. And the kind of
card machine you choose will also influence cost. As a guide, Countertop machines are usually cheapest, followed by Portable then Mobile card readers. Rental is a monthly cost payable by Direct Debit.
You’ll need to factor transaction fees into your sales costs. They’re a percentage of each
transaction value, with both banks and card issuers setting their own rates. Credit card fees are usually higher than debit card fees.
Our bolt-on services are designed to make your working day a little bit easier, and your free time more rewarding. They include:
Performance Reports. Make smarter, more informed decisions based on the data included in these weekly reports. View total sales, average spend, track new customers and more.
Auto roll replacement. Never worry about running out of till roll. Your card machine will detect when you’re running low and automatically order new rolls for you.
Paymentsense Plus. This is our exclusive rewards scheme, featuring hundreds of rewards from some of Britain’s favourite brands including John Lewis, Currys PC World, Debenhams, M&S, Argos and more to bring you some brilliant offers for work and play.
PCI Compliance. Every business taking card payments must meet industry PCI DSS regulations (also known as Payment Card Industry Data Security Standard). Being compliant ensures that your customers’ data is secure as possible. That said, it’s tricky and time-consuming to do, and mistakes can be costly. Which is why we offer our customers a PCI Phone Validation service painless, time-saving and ensures you don’t make costly mistakes.
The type and number of bolt-on services you choose will also influence the overall cost of taking card payments.
Spend a few minutes now. Save later.
We can only give you an idea of outline costs – but we can give you a quick, free and accurate quote in no time here. Just answer a few questions about your business, and see how a card machine could help you make your passion pay.