Merchant account machines come in a variety of options. The best option is one that fit’s the needs of a business as well as its budget considerations.
Here are 10 of the most popular types of merchant account machines:
1. Terminals with printers. These terminals have numerous features and, as the name implies, have built in printers. Prices start at about $200.
2. Free credit card machines. With these machines merchants don’t pay for the machine itself but pay through the transaction fees. Debit rates start at 1.29% for swiped transactions and 1.89% for keyed in transactions.
3. Swipe Terminals. These are rugged terminals, able to handle various types of rough use, including being dropped. They’re usually reinforced with thick padding. They’re easy to use and cost about $90.
4. Pin pads. Merchants can use these to accept debit cards as they allow a way to add pin codes. The cost is about $140.
5. Touch tone processing. These allow you to process touch-tone phones and cell phones. There are no credit card machines or terminals with this choice. There are no costs for the set up, only transaction costs. These are usually 2.45% plus $0.35 for every transaction.
6. Receipt printers. This basically helps with manual transactions. It prints receipts for both the merchant and the customer. The average cost is about $125.
7. Credit card processing software. This is software to install on a PC. They can process credit cards and get reports. They cost about $110.
8. Wireless terminals. This are a combination of different features. They process mobile card payments. The cost starts at about $680.
9. Complete POS system. These are usually found in big retail stores because they offer multiple functions. They are popular because they are considered a complete solution. The cost starts at about $1600.
10. Internet Processing. Designed for website sales, these process credit cards via an internet connection. The costs are a monthly subscription fee, a percentage of the ticket, and a transaction cost. For example, it could be 2.19%, with a transaction fee of 25 cents, and a monthly fee of $8. The set up fee may be about $10.