- 1 Short Term vs Long Term Hire: The Lowdown
- 2 Learn the types of card machine terminals for rental
- 3 Check the cost of more than one credit card machine
- 4 Be aware of these PDQ card machine rental tips
As a merchant you know you must accept card payments. But the ways you can do it are many. The most common is using a credit card machine. But before getting one of them, you need to decide how you are going to pay for it.
There are some good reasons why many businesses prefer to rent a card machine, instead of buying it. The first one is that you won’t need to pay for it upfront, as the cost of the machine itself is spread throughout the monthly contract. You also usually get a new machine every time a new model is released or if yours breaks or has a technical problem.
So let’s discuss below how to to hire a card machine that will help you to increase your sales.
Short Term vs Long Term Hire: The Lowdown
Card machines for rental usually comes with a contract. But they can be of two types: short or long term.
The short-term contracts require up to 6 months commitment. They are ideal of seasonal businesses, such as pop-up Christmas shops. They are also the favourite of event organisers as the need of the machine is not constant. Another possibility is to opt for this type of contract if all that you want is an extra card machine during peak times of the year, such as Black Friday.
Long-term hires are for companies who know they are going to need the card machines for an undetermined amount of time. This is the common option of retail stores and busy service providers. A long-term card machine rental lock you in a contract, but they usually have lower monthly fees and extra benefits compared to the short-term options.
Learn the types of card machine terminals for rental
There are several types of credit card machines for hire in the market and most of them can be used to create a rented POS payment terminal – also known as a PDQ terminal for rental. Which one is best for you, depend on the type of your business.
Wired PDQ card machines
These are those card machines that you can find on the countertop of every shop. They connect to the network through cable, either using a broadband or a landline or both. They are usually cheaper to rent compared to other models, but technologically more basic.
Wireless card machines
Working the same way as the wired models, wireless machines are the favourites of pubs, restaurants, and other businesses that need something powerful they can take to the client, wherever he or she is. They connect to the network through 4G or LED data, and are among the most expensive traditional machines.
Mobile 3G machines
For those who want something portable, to take cards on the move, the mobile 3G card machines are the best option. Thanks to their preinstalled Sim card, they use the 3G network to process transactions. These devices are much cheaper to maintain compared to the traditional models, but very fewer are available for rental.
iPhone/iPad smartphone card machines
You can also accept payments using a card reader, a type of card machine that works connected to a mobile phone or tablet through Bluetooth in most of the cases. Your device can be either can be either iOS or Android, and the connection will happen using the data allowance of your own phone. This is the cheapest card machine to hire at the moment.
Check the cost of more than one credit card machine
One thing that will impact on your decision for the best card machine to rent is the number of machines you will hire. This is because it’s much easier and cheaper to rent them in bulk than add more to the contract later.
To make this decision, find out how many of your customers are like to pay with card daily and at the same time. If you are opening a new business, spend some time in a competitor’s shop and observe the customer flow at the cashier. You don’t want to let people waiting long in the queue as they might become impatient and give up on the purchase.
Be aware of these PDQ card machine rental tips
Finally, there are some other things you must have in mind when you are getting ready to rent a card machine. Here they are our best pieces of advice.
- Ask all the fees involved and do the maths. Remember that the cost will have to be added to the price of your products, what might scare some of your customers.
- Find out what happens if you decide to break the contract. Early termination fees might be very high.
- Compare the card machine providers. They aren’t all the same.
- Take your time and read the contract of your shortlisted card machines providers. You might find some surprises there.
- Look for recommendations, but make up your own mind. The best card machine for your friend’s business might not be the right one for yours.
- Consider the cost-benefit of paying a monthly fee. Check what you get in return of being a loyal merchant.
- Ask around how reliable the technical support of the card machine provider is. The last thing you want is to lose sales while you wait for a new device.
Renting a card machine can be the best solution for many businesses. They are the right solution for those with high volume of sales paid with debit or credit cards. And there are many options available in the UK for you to choose.
Nevertheless, you must know exactly what you are looking for to avoid paying more than you should. Follow our suggestions to ensure that you will pick the best solution to your business. You can view a full list of merchant account providers too, if that is what you require in addition.