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13 April 2022With over 7 million people choosing to go cashless every day, digital payments have become the preferred payment option for many consumers. So, offering customers the choice between cash and digital payments ensures that you’re not leaving money on the table.
13 April 2022There are lots of options when it comes to credit card machines for small businesses. We cover the different types, compare providers, and look at the cost of card machines for small businesses - to help you make a decision.
When it comes to choosing a card machine, you have a choice between portable, countertop, or mobile credit card machines for your small business. Figuring out which option is most appropriate will be determined by a number of factors such as the size of your business, your industry and your budget.
All card machines allow businesses to receive payments by a card, but a portable card machine is completely wireless and therefore isn’t restricted to one area. As long as you have WiFi, you can move around and accept payments.
Portable card machines are ideal for small businesses that want to take payments all around their business premises. Not only does this make the customer experience even better, but by going to your customer to make a payment directly, you're more likely to avoid long queues building up at your till.
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Traditionally, countertop credit card machines have been the most popular option when it comes to small business card payments. This option works best for businesses that have a specific location for visitors to make payments, such as a grocery shop check-out.
Using countertop credit card machines is one of the most reliable payment options for businesses. The card machine is connected electronically to a merchant account provider, allowing payments to be collected on the go rather than offline.
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Another small business card payments option is a mobile credit card machine. Also known as app-based machines, they work by connecting to an app on your smartphone. Here, you’ll be able to manage all transactions, refunds and sales.
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When selecting a credit card machine provider, it’s important to consider both the upfront cost and transaction fees. Here are some popular providers and their pricing:
The cost of your credit card machine will depend entirely on the pricing model that you opt for. From the options above, Square, Zettle, and SumUp all have a low upfront cost but take a larger percentage from each transaction. In contrast, Dojo charges a monthly fee of £20 but has much lower transaction fees for authorisations. So, thinking about the number and value of transactions that you’ll be taking will help to make an informed decision.
The best type of card machine will depend entirely on your business needs and how frequently you need to collect payments in person. You should also think about your business size, location, growth plans, and machine charges.
Instead of small business card payments, you might prefer to use online payment methods, bank transactions or even stick to cash. For example, if you’re looking to get your invoices paid fast, you might want to consider iwocaPay.
Need to spend on stock or back your next big idea? Our Revenue Based Loan is perfect for any business that take card payments: repay based on your revenue, if your sales slow down, you’ll pay less.
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Charlotte is a Senior PR & Communications specialist at iwoca. She's been sharing news and insights about the finance industry for over three years.