As a merchant services provider, one of the first things we do with a new customer is sit down with them to learn about their business. What do they sell? How do they process transactions? And more. We ask these questions to be sure that we provide the right equipment for their needs. Quite often it’s immediately apparent that their previous merchant services provider didn’t give this issue any thought.
Which is a pity, because these are important issues to consider.
There are many different types of credit card processing equipment
Options run the gamut from basic terminals that just process the credit card transaction to smart terminals to full-blown inventory-tracking point of sale (POS) systems.
Surprisingly, many companies take a “one-terminal-fits-all” approach. For example, there’s a popular smart terminal called Clover. For some reason this is the only equipment available through many banks and other providers—which makes no sense at all. The Clover is great for some businesses and total overkill for others. And it’s not cheap.
We often speak with business owners who are angry to discover how much money they’ve been wasting on the monthly rental fees for fancy systems with long lists of functions they don’t need and have never used.
You should use the right credit card processing equipment for your needs
If you own an auto smog testing station and all you’re doing is running smog tests at $40 a pop, you don’t need a POS system. You don’t have any inventory! A basic credit card processing terminal will fully meet your needs—provided it is an up-to-date model with up-to-date software.
On the other hand, if you’ve got a retail store or restaurant or any other type of business that carries inventory, your best line of defense against fraud will be a POS system. This will help ensure that your employees aren’t pocketing cash and your inventory isn’t walking out the door.
Are you overpaying for your credit card processing equipment?
If a merchant services provider tries to tell you that “everyone charges the same for the equipment,” don’t listen.
For example, while many merchant services providers lease basic terminals for $35 a month, PayProTec West Coast provides these for free, no lease required. That’s a savings of $420 per year!
Although there typically will be a charge associated with a POS system, prices and functionality can vary greatly. We recently met with a restaurant owner who was looking at a POS system that would cost him over $10,000. He was shocked when we showed him that we could provide him with exactly what he needs, including every function and feature that he wanted from that $10,000 system, for just $2,000.
Wondering if you’ve got the right credit card processing equipment for your business’ needs? Contact us now at PayProTec West Coast. We’ll be happy to take a look at your current situation and let you know.