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Thursday, August 11, 2022

How To Choose the Best Credit Card Reader for Your Business

Credit Card Reader

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Now, choosing the right credit card terminal is more difficult than it used to be when companies were proprietary with their systems. It can be a challenge to decide which one is the best credit card reader for your business. If you’re struggling to find a terminal or mobile terminal that supports the mobile POS software you’re using, doesn’t need an internet connection, and offers easy integration with various wireless receipt printers, you’ve found the right article! Find below a few facts about today’s terminals, as well as your options that have advanced into convenient hardware.

Credit card processing is a big part of the business world. Whether it’s a small business or a large corporation, card processing is an essential part of doing business. The question is: how do you choose the best credit card reader for your business?

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Tips for choosing the best credit card reader for your business:

1.      Cost

Before you can choose a credit card reader, you need to have a budget. This will help you know how much money you have to spend on this project. Therefore, you need to find out what you can afford. And later then look around for something that fits within your budget range. First and foremost, consider the cost. Some companies charge a monthly fee for their services, while others charge a transaction fee per payment. Depending on how often you expect to use your credit card reader, this could be a significant difference.

If you’re looking to save money on your POS system and don’t need all of the features offered by higher-end devices, there are more affordable options available. However, if cost is not an issue for your business, it’s worth investing in a more expensive device that has more features than its cheaper counterparts.

2.      Usefulness

You also want to make sure that the product you choose is useful and necessary for your company’s needs. If there are other options available that provide similar functionality but don’t cost as much money, then those are probably better options than buying something expensive if it isn’t going to serve its purpose well enough in the first place.

3.      Functionality

The type of functionality will determine which type of payment processor is best for you. For example, if you want to accept payments online and over the phone, then a software-based payment gateway might be the way to go. If all you need is to accept payments in-person at your store or event booth, then a hardware-based reader or mobile app would be better suited for your needs.

There are two main types of card readers: magstripe and EMV chip. Magstripe readers accept all types of credit cards, while EMV chip readers only accept cards with EMV chips (also known as “chip-and-PIN”).

If you’re just starting out with accepting payments, then a magstripe reader is probably best for you. It’s much less expensive than an EMV chip reader and easier to use. However, if you plan on accepting payments in person or over the phone, then an EMV chip reader would be better suited for your needs since it offers more security against fraud.

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How To Choose the Best Credit Card Reader for Your Business
How To Choose the Best Credit Card Reader for Your Business

4.      Speed.

How fast is your reader? You want to make sure that it’s able to process transactions quickly so that customers don’t have to wait too long in line or be inconvenienced in any way. If you have a brick-and-mortar store or restaurant where customers place orders before they leave the counter, speed is an important consideration because it could mean the difference between someone returning to your business or not coming back at all. You’ll want a device that works quickly and reliably so that customers don’t have to wait for their orders or return home without them.

5.      Compatibility

The first thing you should check is whether your phone or tablet supports the type of card reader you want to use. For example, if you have an Android smartphone with NFC (Near Field Communication) technology; it will probably work with one of our Bluetooth-based tap-and-pay readers. If you need something more versatile that can work with multiple devices and platforms, Bluetooth and Wi-Fi can are recommended.

Is the reader compatible with your current POS system? If not, how easy is it to integrate? You’ll want a reader that’s compatible with the platform you use for your business. If you’re using e-commerce software that doesn’t offer integrated payments, you can use a standalone device like the Square Contactless and Chip Reader or PayPal Here to accept chip cards, contactless payments, and more.

6.      Security

Security is a big issue when it comes to credit card readers. First, you need to do is make sure that the reader you choose meets all of your security needs. You don’t want to be using an old, outdated device that doesn’t have all the latest security features in place. The security level of the payment terminal should match your business needs. Many merchants start by accepting only basic credit cards and later on choose the best credit card when sales increases.

How secure your payment solution will be? There are three main levels of security:

Level 1 – No encryption: This is the least secure option because the information transmitted from your terminal to the bank or processor is not encrypted. Anyone could intercept it, including hackers and criminals looking to steal your customers’ credit card information.

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 Level 2 – Encrypted data transmission: This is still not as secure as Level 3 but better than Level 1. However, even in this case, if someone were able to break into your system, they could access all of your customer’s personal data – including their name and address, credit card number, and expiration date – without much effort.

Level 3 – Encrypted data transmission with tokenization. Tokenization involves taking sensitive customer data (like names) and replacing it with a random string of numbers called tokens before transmitting it to a processor or bank. This makes it much more difficult for criminals

Bottom Line

Ultimately, the best credit card device is going to be one that you can use to accept payments online or in person. In theory, it doesn’t really matter which device you get, as long as it has an app for your phone or tablet so you can run transactions from there. But of course, you’ll want to get the best quality reading machine for your own specific needs. One other thing: don’t forget to shop around for the best prices!

Other topics you might be interested in:

How to Accept Crypto & Bitcoin Payments as a Small Business

7 Things You Need to Know about a Virtual Office

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