Find The Right Credit Card Machine For Your Small Business – 5 FAQs
The moment you allow your business to start accepting credit cards as a form of payment is the moment you open up a new world of payment possibilities. Giving your customers more ways to pay for the goods and services you offer means creating for yourself more revenue-earning potential.
The reason for this is that, whether your company focuses on business-to-consumer (B2C) or business-to-business (B2B) sales, credit cards are the de facto standard for the way that many customers make purchases.
Credit cards present businesses with the opportunity to take advantage of “float” – meaning that they can enjoy the benefits of a good or service right away but not have to pay interest on it for up to 30 days. On the other hand, many individual consumers prefer using credit cards to make purchases via their cards in order to rack up special rewards such as shopping or mileage points.
Find The Right Credit Card Machine For Your Small Business – 5 FAQs
Many business owners are wary of contracting with a merchant services company to set up credit card processing because they are concerned about having to pay a portion of each transaction to that company (which is true – they will). But, not getting a credit card machine due to the fact that you have to pay fees is an example of being penny wise and pound foolish. That is because, despite the fees, companies that accept credit cards are able to make more sales than they would otherwise – plain and simple.
If you would like to find the right credit card machine for your small business, here are 5 tips that can help you choose wisely:
1. Should I care if my current machine is getting old?
If you already have a credit card machine, you may be thinking that your old machine will suffice. This may be true, but maybe not. For example, if the magnetic strip reader on your machine is less sensitive than it used to be, you may end up having to manually key in some of your transactions. This could be costing you money. Also, some of the older terminals may not be able to process debit card transactions.
Find The Right Credit Card Machine For Your Small Business – 5 FAQs
2. Can my Point of Sales (POS) system act as a card reader?
Some payment processing services merchants may be able to integrate your existing point of service (POS) terminal with their payment processing gateway, since many POS systems do have built-in card readers. Check with your POS provider to find out for sure.
3. What are the main types of credit card terminals?
If you believe you need to buy your own terminal, consider one of the three main types of terminals: traditional, wireless, and virtual. Traditional terminals are the kind you have seen and used at other merchants for years. Wireless terminals are very similar to these, but they of course allow full mobility – meaning you could process transactions in your car. And, virtual terminals allow you to skip the machine altogether, processing transactions instead through software on your computer.
4. Do I need a wireless terminal?
Most people need a traditional terminal – or a virtual one if you will not be physically handling cards. But, in some cases you may instead need a wireless terminal.
Wireless terminals offer strong advantages for people always on the move (e.g., taxi drivers), seasonal businesses (e.g., Christmas tree sales). All of them have built-in printers for easier processing of receipts.
5. What about debit cards?
Some machines allow you to process debit cards, some don’t. Remember that debit cards are an increasingly-important payment method for millions of people. To be able to process debit cards, your machine has to provide a keypad for processing customers’ personal identification number (PIN).
Consider these answers to 5 frequently-asked-questions (FAQs) about choosing the right credit card machine for small business.
The phrase “get credit flowing normally again” is throwing a red flag for me. “Normal” credit flow for the last decade has been irresponsible…..I say stick to straight-edge lending. It may take longer to boost the economy, but at least it won’t be an artificial boost that will end in another credit bubble bust.
How is an economic bailout good for the people of our country?
Right now, Big Businesses are thinking that they can do whatever they want because the government will catch them when they fall. Small businesses and families are realizing that the government does not care about them at all. Plus, this bank failure will help us get rid of credit cards which are ruining banks and families.
From the events following the bailout failure, it is evident that Congressmen voted against it for one of two reasons.
1. My party hates the bailout, vote for our party’s candidate!
2. I hate the bailout, vote for me in November!
Maybe now, due to this mess, people will realize that the US government is not “by the people, for the people” but “by the politicians, for the corporations” Therefore, I see no reason to let companies who drove themselves into the ground stay there.
Any objections?
Financial argument with my wife. Tell me which one of us right in your opinion.?
I am a relatively successful business owner and the family’s breadwinner. My wife never worked during the marriage. Some time in the past, she had a serious spending problem. After bailing her out multiple times from a massive credit card debt (over $80k in one case), I implemented a strong austerity doctrine. I made her close all her credit cards, put blocks on her credit files and cut access to all bank accounts.
Now she only has two re-loadable debit cards. I transfer a budgeted amount allocated to groceries, clothes and other household items on the 1st day of every month. This money she can only spend on these categories and the account can be monitored online. She also gets her allowance on the second card ($400 every 2 weeks, was more in the past). This money is hers to blow on whatever she wants. She can check the balance on both cards at any time from an app on her iPhone. Once the money is depleted, any transaction is declined; there is no overdraft fee.
The monthly expense on these two budget categories is a small fraction of my income; I could easily double it without any fiscal adjustment. However, I’m a saver and I budget for everything. This arrangement has been in place since 2004 (less the iPhone) and is a source of contention between us.
Her position: I’m a controlling freak who doesn’t trust her and does not allow her to enjoy life. Instead, according to her, I stick millions up my a## to take with me to afterlife when I kick the bucket. Because of me, she has to watch every penny like a “third-class citizen”. She also has to endure “the looks” when she has to explain to her friends that she can’t go to some expensive spa because her husband is “a piece of dirt”. And the embarrassment of having a card declined at the end of every month. Life is unbearable and I’m the source of it all. My behavior amounts to an emotional spousal abuse. To relieve this misery I should allow her full control of one half of the “family” income and lift the blocks from her credit files. She promises to not repeat the past reckless spending behaviors.
My position: There is a budget and it’s only good if it is followed. The budget is the cornerstone of our financial stability and is generous enough to meet all needs comfortably. The limits for various spending categories can be discussed and adjusted when the annual budget is put together every December. I am willing to accommodate all reasonable requests, but will not tolerate turning cash into trash or any irrational demands. She has demonstrated lack of self-control in the past. I accept the responsibility of making sure the family does not end up in the poor house, but I can only guarantee it if things are done my way. If she wants to spend more, she should get a job. I currently have a live-in nanny who takes care of children, so she can go and work full time. If I see that the earned money is used responsibly, I may let her have some limited control of other finances. Until that happens, any changes will proceed only over my dead body.
This is where I’d like to hear some unbiased opinions. Keep in mind that since I’m the one who wrote the description, it might be inadvertently biased in my favor, although I tried to keep it neutral. So, which one of us is right?
In case you think of divorce as a possible solution, I am protected by a strong pre-nup and have numerous other advantages in that area. I’d leave that option as the last resort.
Mob rule at work. Bush and Paulsen cry “wolf” again and Congress reacts like a flock of sheep. The Wall Street Mob rules!
Even the media is pushing the bailout. Throwing money, lots and lots of money at the people who have screwed up the economy because they don’t know how to manage money… there’s a word for it, half a second.. Oh yes! The word is “Stupid”.
A bailout is not the only solution, not the best solution in fact not a good solution. It is the no-brainer traditional solution of “let’s throw the tax payer’s money at it”.
Speculative stock trading needs to be halted and failing banks nationalized until regulations can be put back in place. Once the system is stable, well regulated trading can resume and those banks taken over sold to people less dangerous to the welfare of the country.
I read your post in its entirety, and I’m still struck by the fact that she does not work, but you have a live-in nanny. Why? Who in the world would want someone taking care of their kids when they have the luxury of raising them themselves? I don’t get that.
I think you are a control freak, but I can see that it serves your financial security well. However, I would suggest that you make the budget together with your wife so that she feels she is a part of your financial situation…and she SHOULD be. Dave Ramsey has a great CD program that will help her understand why you do what you do with the money, but it will also give you the insight you need to include her in on this very important marital matter that requires BOTH your input.
Good luck!
i do have a home based travel agency business and one client did a chargeback of US$ 3160.00. How can I be?
protected by this kind of bad faith. The client travel round trip with the agreed airline/itinerary and dates and I do have her
copy of credit card and driver;s license along with a signed authorization form for the right amount charged, she purchased tickets for her and her family, even though she did a chargeback and we got a debt memo with no chancge to
reply back, she canceled her credit card, eveything was done after she came back from her trip. The bank was Chase and we got a debt memo letter with no chance to proof that she had purchase these tickets, they said was unautorized..
Since we are in NYC and she is in Atlanta we did not get an imprint with the original signature (what we call UCC form) and aparently that is the only thing that could protect us.
I need advise please, since now we will have to travel to Atlanta to start a law suit in the Small Claims over there and this itself will cost a lot of money, maybe half of the total.
How small biz can protect ourselves?
YOU lost $3160 or that was the total airfare? I seriously doubt it will be worthwhile for you to travel to Atlanta to file a Small Claims action … which you could lose .. who ever knows what a small claims court will do?
You need to understand clearly what rights you have under your merchant bank account.
It sounds like fraud but who bears the risk under those circumstances? and maybe she was screwed around by the airline and they decided to refund the fare …