Why having a cheap card reader may not be the best choice for your business

When choosing the best options for accepting  Cards from customers have you been tempted by offers of Free or Low cost Card Readers?
 

Card Terminal V Card Reader      Read on... 

Now you see why having a cheap card reader may not be as cheap as you thought after all

The Plus Side - No Contract - No need to rent a terminal - Cheap to buy (avg cost £50 - £90) or Free in some cases

The Downside - Card Reader Fees Per Transaction are very high – usually a minimum 1.6& - 2.75% on ALL transactions
+ an additional extra cross-border fee for foreign cards 0.4 - 1.5% 

If your customers require receipts as most do, you will need to either send your customer a receipt via email, or text (after asking them for their tel number) or you will need to purchase a separate portable card reader printer.

On some Non - Contactless Devices you need to have an APP set up on your Android Mobile Phone as it needs to be connected to the device for each and every transaction (Very Time Consuming when you have customers in front of you)

 Other Fees you need to be aware of - 3.40% + 20p for magnetic stripe swipe payments or manual input of card details. 


Support? - Should you need a replacement Terminal in 24 hrs in the event of a malfunction, you won’t get one

We operate a full 24/7 Customer Service 

You will find that cheap card reader companies Do Not offer this to customers

On some versions of Card Readers the lower the transactions the higher the Rates will be. 


Limits? – You may find that you have daily transaction amount limits on most Card Readers
 
You often have to create a holding account where your money will be stored until you withdraw
 
Funds can take up to 3 - 10 days to be transferred back into your Business Account with ALL Card reader Suppliers. 

No Receipts for your customers?
 

You are unable to print receipts unless you purchase an additional printer at around £300 + Vat... stiill reading?

Scenario Cost Comparison v Paypal
(our rates are for example only as they will depend on Business Criteria) 

      

Cheap Card Readers have higher rates
Card Terminals v Cheap Card Readers

Are Cheap Card Readers Really A Good Idea For Your Business?

Card Reader Receipt Printer
gallery/cost comparison v cheap card readers1