How To Choose A Credit Card Reader
Explore all of the considerations about credit card readers for your small business so you can make the most informed choice!
A credit card reader enables your business to take payments from customers in any physical setting. We wrote this article to help you in choosing a credit card reader that meets your business needs.
After determining what you want from a credit card reader, you’ll be equipped to choose the best card reader for your business.
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Choosing A Credit Card Reader For Your Business
Factor in the following when choosing your card reader:
- What is your monthly processing volume? A higher-volume merchant processing over $10K/month should benefit from a mobile reader that comes with your own merchant account. For newer/smaller businesses, a card reader from a payment service provider like Square or Shopify should work well.
- Do you sell online or only in person? Online merchants need a mobile POS app for eCommerce. If your business doesn’t have an online component, you don’t need to take eCommerce considerations when thinking about mobile POS apps.
- Your industry, budget, and customer needs are also important. If you own a restaurant or retail business, choose a reader that’s compatible with the best restaurant POS software or the best retail POS systems.
- Do you already have a full countertop register but want a backup card reader in case your main POS goes down? If so, the super-basic Square Reader for magstripe might fit your needs. As we noted in our piece on the Square magstripe-only reader, you can get a magstripe reader and Square’s POS for free, so even if you never use it, you won’t have spent any money. However, magstripe tech is outdated security-wise, so don’t use it as your primary card reader.
10 Things To Look For When Choosing A Credit Card Reader For Your Small Business
Look for the following when seeking a credit card reader for your business.
Getting Started With Credit Card Readers
Once you know what a credit card reader is and how a card reader can benefit your business, you’ll be equipped to accommodate your customers’ evolving payment preferences. It also helps to understand how card reader fees work and which type of pricing scheme for processing best fits your business model and processing volume.
With all the different models and types of credit card readers out there, there’s one for just about any business that takes physical payments from customers.