So, you’re ready to take your business to the next level and start accepting credit card payments. You’ve got your eye on that sleek card reader, but one question keeps popping up: How much is this going to cost me? Well, hold on to your hats, because the answer might surprise you!
The Price Tag—It’s Just the Beginning
Let’s dive into the numbers first, because who doesn’t love talking money? Credit card readers can range anywhere from $20 to $500 or more, depending on what you’re looking for. Here’s a quick breakdown:
- Basic Readers (around $20-$50): These are your simple, swipe-and-go devices. They’re perfect if you’re running a small operation and just need to get paid without any frills.
- Mid-Range Readers ($100-$300): These come with a few more bells and whistles—think chip readers, contactless payments, and maybe even a little screen to show off your business logo.
- High-End Readers ($300-$500+): We’re talking about the big guns here. These readers might come with built-in printers, multiple payment options, and some serious processing power. They’re great if you’ve got a bustling business with a lot of transactions.
Many payment processors can offer additional solutions to help your wallet. There are a handful of FREE terminals available, but not every payment processor offers this. Another reason why you’ll want to do your homework before choosing the first payment processor to knock on your door.
Some payment processors will offer you the option to lease the terminals. Although this may sound like a good deal in the beginning, we recommend thinking long term on this! Avoid making payment whenever you can and read the fine print. Many agreements treat the lease more like a rental program. As long as you’re processing with them you will always pay that monthly terminal fee.
- To further break this down let’s say you want the $500 card reader. The agent says you can buy it outright or you can lease it for $25/mo. Psychologically your brain wants you to accept the $25 monthly because it sounds a lot more affordable than $500. It would take you 20 months to pay off the $500. But wait, you agreed to continue paying for the life of the account. If you were in business for 5 years you would end up paying $1500 for that card reader!! That $1000 difference became pure profit for the payment processor. So we’ll say it again… avoid payments whenever you can.
But Wait, There’s More!
Here’s the twist—buying the reader is just one part of the equation. The real magic happens when you choose your payment processor. Think of it like buying a car. Sure, you can buy a fancy car, but the driving experience is all about what’s under the hood. The right payment processor can turn your $50 reader into a powerhouse, or make that $500 reader feel like a clunker.
The Right Processor = The Right Reader
A good payment processor won’t just shove the most expensive reader into your hands and call it a day. Instead, they’ll take the time to understand your business needs, help you figure out the best option, and maybe even save you a few bucks in the process.
For example, if you’re a small business just starting out, why splurge on a top-of-the-line reader when a basic model will do the trick? A trustworthy payment processor will guide you through these decisions, offering you options that fit your budget and your business goals. As your business grows you can always upgrade to a more robust card reader.
Final Thoughts: Choose Wisely
So, how much is a credit card reader? It depends. But the real question you should be asking is, How much value can I get out of my credit card reader?
Remember, the price tag isn’t everything. Partnering with a payment processor that truly understands your needs can make all the difference in the world. They’ll help you find the reader that’s just right for you—no more, no less.
So, when you’re ready to make the leap, make sure you’ve got the right partner in your corner. Your wallet (and your business) will thank you!
For additional questions feel free to email us at info@flatcreekpayments.com. Even if you’re not processing with us we’re happy to help!
Flat Creek Payments 