Why You Shouldn’t Lease a Credit Card Terminal?

Why You Shouldn’t Lease a Credit Card Terminal?

Whether you have run your business for many years or are starting a new one, you understand the vast importance of the ability to take payments with credit cards in our day and age. Today, only 27 percent of purchases are made using cash, and this number is expected to decrease down to only 23 percent in the next two years. While it is only common sense that you will likely lose sales if you cannot accept credit cards, understanding the options you have when it comes to obtaining a terminal can be a little more confusing, and there are some very valid reasons why you shouldn’t lease yours.

Understanding the Lease

Leasing makes it possible for those without the capital to obtain the equipment they need. When you are seeking credit card processing terminals, you will have the option of leasing. This option means you basically rent the unit for a specified time period. This can be an especially attractive offer to those new to the world of business and on a tight budget. However, this means ongoing costs. If you plan to be in business for a long period, which most are, you will end up paying more over time than it would have cost you for your very own terminal.

Inflated Costs

Competition has made the business world greedy, and there are a number of games lease providers plays to ensure their own business thrives. Unfortunately, this is usually at the expense of the customer. For example, they likely have access to a merchant warehouse where they can obtain terminals for discounted prices. Therefore, a unit which only cost them $150 may be quoted at $500, and you have no point of reference in which to verify they are being honest.

The Tax Advantage

You may also be enticed by a leasing company when they explain the tax advantages of leasing your credit card processing terminal with them. While this may be true, would it not be smarter to avoid the expense in the first place, keeping money in your business?

Other Hidden Charges

Finally, when setting up merchant accounts, understand the various fees involved with leasing. Some companies charge fees even after your lease is over, and you will also have to carry insurance on the device during the time it is in your possession. When you add up all these expenses and consider the terminal will never be yours, buying your terminal is a wiser option.

Factors to Consider While Choosing a Credit Card Imprinter

When spending money, most people now go online and use a credit card if they are going to buy a big thing. However, there are times when an older and more reliable solution is needed, and it’s easy to use a card imprinter to take care of the transactions. With that being said, here are a few things to think about when getting a card imprinter.

Perfect for the road:

First and foremost, when looking a card imprinter, it’s easy to use while on the road. Yes, whether the electricity is out or non-existent, one can, with ease, run the transaction. Anyone watching an old movie has seen this in action. Furthermore, when looking for credit card processing, one can also do so without access to the Internet and without a phone line or smartphone. This is the best solution for credit card processing when one simply has no other options.

Need good records:

Now, when thinking about taking credit cards, most people realize that they don’t have to worry about records. Yes, when using merchant accounts, one will see that the company does all the work, and a client will only need to take in the money. But, with this type of transaction, one must remember to use blank sales drafts. This should not be a problem, and the merchant account provider will give this to most clients, and one will not have won’t worry. However, it’s still smart to remember to bring plenty of drafts for the day.

The simplest solution:

Finally, when thinking about taking credit cards, most people realize that they will have a lot things to buy and worry about. But, with this, one will only need the card imprinting device and some blank drafts. But, there are issues, and one will have to worry about fraud and other problems. To take care of this, the person running the card should look at the ID and make sure to worry about fraud. When doing so, one can avoid most issues, all while taking cards and saving a lot of time and money in both the short and long run.

Without a doubt, when taking in payments, one will want a backup solution. For this reason, when looking at card imprinting device, one will have something on their side that they can use in an emergency or in case they are busy and all other solutions are exhausted.

What to Do if Your Credit Card Machine Breaks?

When a credit card machine breaks, a business owner will have a huge problem on his or her hands. In fact, when one does not fix this quickly, the company will lose a lot of money and end up alienating customers. To avoid this, a small business owner should know exactly what to do if the credit card machine breaks.

Other options:

First and foremost, a business should have a backup credit card processing plan. Luckily, most merchant accounts will allow an entrepreneur to accept payments via mobile phones, websites and through a point of sale system. Since most will already have this backup plan in place, a company will not have much work on its hands. On the other hand, when a company does not have a backup plan, it should find one immediately. In fact, when one already has a relationship established, they can open a new account type easily.

Call the merchant provider:

When dealing with merchant accounts, one will have to make a quick phone call. Since most providers have staff available 24/7, one should not have any issues in getting a new credit card machine. Usually, a merchant services provider can send the machine quickly to the business owner. Other times, when living near the provider, an entrepreneur can pick up the machine quickly. Remember, most organizations will provide a new machine when a customer needs to replace the old one.

Tablet:

With a tablet such as an iPad, one can receive payments quickly. Since most people have a tablet, this is an easy way to start accepting money fast. Luckily, when using a tablet, one will only have to download a new program and install it on the computer. Simply put, when installing the program and setting up the tablet, an entrepreneur can accept payments within minutes. Since most companies offer this service free of charge, a corporation can make changes quickly. Other times, one can use their iPhone or Android device. With this, a store or restaurant can accept credit cards without hesitation. One must realize that there are multiple solutions, and it is easy for a company to change things immediately.

With a credit card processing account, one can take payments in various forms. Since it is wise to avoid alienating clients, one should have a backup plan when their machine breaks. Fortunately, there are enough choices and one should have no trouble finding the best solution.

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Testimonials

It took me a while to decide who I wanted to settle with to handle all of my credit card transactions because every company wants to make it sound like they're offering you the best rates. CreditCardProcessing.com was able compare and beat all of the other offers I received. They were also able to provide me the fairest price on my EMV-compliant terminal. My sales representative and the support team were there to assist every step of the way. Ultimately, I'm looking forward to a long term relationship with this company.

Roland Tran from the Hong Kong Kitchen

It is a pleasure dealing with these folks. Their pricing is fair, their statements are understandable and their employees are knowledgeable and friendly.

John MacMillian from the Great Lakes Baking Company

The service was very professional, my sales person (Steven B.) was very well versed in the product and most helpful in getting our company set up to accept credit cards via my cell phone. Their rates are some of the lowest on the market and their service is unparalleled. I will recommend them to anyone requiring a credit card processing service.

Michael Harper from Deluxe Auto Body

Jonathan C. is wonderful to work with. He is very helpful, accommodating and resolves any issue quickly. It is hard these days to find someone who gives great customer service, but I can say, Jonathan is the best! I would not hesitate to recommend him to any business owner and to assist you in helping to grow your business.

Linda Garner from Regali Da Forno

I called indecisive about getting a device, but speaking to your Sales Consultant completely settled me. He was very professional, knowledgeable and patiently walked me through the process. He always responded to my voicemails and answered all my questions. After I received my merchandise, he called following up to ensure that I had received it. Customer service I would say is 5 stars. Stellar! Thanks Credit Card Processing, I will definitely recommend you.

Sarah Morgan from Vision International Ministries
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