Businesses of all sizes use credit card machines. Obtaining a credit card machine is a relatively simple task. There are retailers that sell new or used terminals or allow you to rent one for a monthly fee. In addition, merchant services processes and records credit card transactions for a month fee. Credit card machines are offered at all different price points depending on their specifications and features. Comparison shop to find the perfect credit card machine for your needs.
- Skill level:
- Moderately Easy
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Determine which features you need on your credit card machine. You can purchase machines that have keypads and with or without printers. Some require swiped transactions or keyed ones. A machine might require a wireless connection or dial-up. Also, you can buy machines that process electronic checks as well as credit cards.
Contact several merchant account providers that offer processing services and compare prices. Some providers sell new or used machines along with service. Other providers offer service for terminals you've purchased separately.
Buy new credit card machines from office supply stores or online suppliers.
Purchase used credit card machines through online auctions. Research the reliability of the seller and the brand of terminal before making your bid.
Contact local companies that are going out of business or in liquidation. Many companies sell their used equipment at reduced prices. Check that the machine works properly before purchasing it.
Negotiate lower prices if you buy multiple terminals. Review replacement programs and warranties available for machines.
How to Purchase a New or Used Credit Card Machine
Some suppliers offer leases or renting programs for refurbished machines at lower rates than new terminals would costs you.
Comparison shop and find the best rate that fits your financial situation. Find out the price for purchasing versus renting. Sometimes the cost of renting is more than purchasing a unit even if you need it only for a short period of time. Yet, if you need a credit card machine for less than 6 months, then renting is usually the less-expensive method. If you end up purchasing a machine, you can always use it later or sell it.
Review the leasing contract. Some services providers will charge early termination fees if you break your contract. Look for hidden charges in the fine print. Look at the stipulations: do they allow you to rent for several months or on a month-to-month basis?
Pay a deposit. Most suppliers ask for a deposit in case the machine is ever lost or stolen. Usually, the deposit is refundable, but you are responsible for all monthly fees.
How to Rent a Credit Card Machine
Tips and warnings
- Find out if the credit card machine supplier accepts returns. Consider using an iPhone app that allows you to process credit card transactions remotely.
- Check that the machine meets up-to-date credit card compliance requirements and standards before making a purchase. For example, some older used models may not be equipped to process debit cards.
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