Does Your Business Need a Credit card processing machines?
By Fendi Heri Yanto
I’m often heard a question, “Should I have credit card processing machines for my small business?” There is someone asked me if his small internet café should have a credit card processing machines or not.
- The price of products and services you offer at your internet café. How much the customer usually pays for the products or services? If it is relatively small amount of cash, then credit card processing machines will be more cost for you as you will have to pay the processing charges.
- Retail amount you sell. You should not need a machine if retail products really aren’t your bag.
- Your customers. If most of your customers don’t have cards, then you should not invest for the credit card processing machines.
But if you want to capitalize fully on retail opportunities, earn every single dime you can, and you want to expand your business and sales, then you can’t afford not to have a credit card processing machines.
Why you’ll need to have the ability to take credit cards?
If you buy something with credit card, it’s more convenient than handing over hard folding cash, did you realize it? I’m sure you will think that your purchases just little bit more if you handing cash than using your credit card. Don’t you?
Well, if you think the same way, your customer will do the same as you do. Perhaps your customers will spend more money if you can accept their credit card rather than simply accepting cash.
For getting a credit card processing machines, first there is probably a set up charge. This can be around the US$300. Then there is a monthly payment for rental the machine and the connection. This is about US$ 30/ month. After the set up is completed and you could begin to accept credit card payment, you’ll then be charged transaction fee. Depend on the card’s type presented to you. The charges could be vary, percentage of sales or flat rate.
Processing card could be hard. All credit card processing machines come with user manual and full training. You need to ensure that all the machine cost is covered by your pricing structure. (don’t be loss by accepting credit cards) and finally, you and all your staff are fully training to use your credit card processing machines.
Please also check out my other guide on merchant card services and merchant account service
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