Card reader – How payment terminals boost your business
Tips / 06.04.2021
Looking at some statistics to put things in perspective, according to the Federation of Small Businesses, there were nearly 6 million small businesses at the start of 2020 in the UK. Put differently, SMEs account for 99.9% of the business population.
This means that small and medium-sized merchants make up a big part of the private-sector economy. In an age where more and more people are paying with cards, how can merchants ensure that they don’t miss any card payments?
This extensive guide is for you if you find yourself asking what a card reader is, how it works, what types of card terminals are on the market, and more, as we seek to answer some of the most common questions surrounding this fascinating topic. Let’s go!
What is a card reader?
The world of payments has changed drastically over the past few decades and years and it’s in a constant state of evolution. From paying with cash only, cheques were introduced, and then came along the payment machine. And if you ask yourself what is a card reader, here’s a brief description:
A physical payment machine, although it can be virtual or on your smartphone these days, too, a card reader, is a payment acceptance device that can accept transactions via magstripe, Chip&PIN, or contactless payments.
The latter uses NFC, or Near-Field Communication, in order to transfer the funds from a customer’s debit, credit, prepaid, or gift card into a merchant’s account. The old term used for credit card readers is PDQ machines. They come in all shapes, sizes, and colours – they can be stationary or mobile – but their primary function is the same: to help merchants accept payments.
How does a card reader work?
Essentially, these machines are a specified piece of communication technology. But how does a card reader work and who does it communicate with?
First, when a customer presents their card to a merchant, the card machine starts a process of data exchange. It communicates with the customer’s bank to determine whether there are funds available for the transaction to be processed. Then, once there’s been a hold placed on the customer’s funds, these are transferred into the merchant’s account.
Before getting into details, it’s worth looking at some of the key components of a debit or credit card to help clarify things. Let’s start with the magnetic stripe or magstripe, on the back of the card. This stripe contains cardholder data and can be transmitted to a merchant.
Similarly, you can insert the chip on the front of the card into a card reader for the merchant to process the transaction. With a Chip&PIN transaction, the customer’s PIN is usually required. Finally, there are contactless payments, so if your card has the contactless logo and you hover it or hold it against a card reader for a few seconds, it will also process the transaction.
While most payment service providers on the market today, as well as banks and financial institutions, take a couple of days to ensure settlement of funds into a merchant’s account, with myPOS this is different. You get access to your funds as soon as you make a sale. This means the instant settlement of funds, better and easier operations, no more liquidity challenges and so much more!
Types of card readers
Now that we’ve looked at how a payment is processed and how a credit card machine works, it’s time to look at the different terminal options you have available to you. Essentially, the machine you choose should be specific to your business needs. For example, a taxi driver who’s always on the go will benefit from a mobile payment terminal whereas a retailer might choose a countertop device.
At present, myPOS offers four different types of card readers to help you accept payments. These are mobile, virtual, softPOS, countertop, and unattended.
Mobile card readers
Mobile POS devices are just that – mobile! They’re not connected to a power source with cables and you can take them with you anywhere you go. They’re ideal for the spas and beauty centres, the hotel and accommodation industry, taxi drivers, those in the restaurant, pub, coffee shops, and so much more.
There is a wide range of mobile card readers – some are traditional with a keypad and others are smart and come with a touchscreen. Some need to connect to a phone or a tablet to accept payments and others simply use a free DATA card for Internet connectivity.
Some of the traditional devices like the myPOS Combo can print receipts. However, the myPOS Go and myPOS Mini are devices that issue digital receipts by enabling you to send them to your customers via email or SMS.
The smart devices, on the other hand, are powered by Android and while some can issue paper receipts, others issue digital receipts. The primary advantage of smart devices is that you can connect them to various apps to help you ease your business operations, manage inventory better and so much more.
One such app is the Cash register app, with which you can enjoy cloud-based inventory management, apply discounts, accept and administer different payment options, as well as issue receipts for a card, cash, and split payments.
The beauty of all the myPOS devices is that they each accept not only contactless payments but Chip&PIN and magstripe, too.
Virtual terminal – MO/TO
Whether you own a hotel and accommodation business, a car rental company, a travel agency, or another type of business that requires some type of prior reservation, you’ll know how important MO/TO payments are to your business’s prosperity and success.
Defined as “mail order, telephone order” transactions, merchants usually perform MO/TO payments when a customer calls to place an order for a product or make a booking over the phone or via email.
With the shrinking of borders across the world, being able to cater to a clientele that’s physically distant from you and your business has become a priority. As a myPOS merchant who would like to accept payments by phone or email, you will need to apply for the MO/TO functionality in your myPOS account.
Once our team approves it, you’ll be ready to accept the above-mentioned payments. A customer will call you with their card details – PAN number, cardholder name, expiry date, and CVV number, you’ll enter these details in your myPOS account, and the payment will be processed.
There are several benefits of accepting MO/TO payments. These include the fact that they support all popular payment cards, there’s no need to install any software, you only need a free myPOS account, and you can limit access to MO/TO payments to authorised persons only.
You will also be able to track in real-time from any location, use the MO/TO service on your computer, smartphone, or tablet, and process such payments directly from your user account.
SoftPOS, or Software Point of Sale, is basically a payment solution through which turns your smartphone into a card reader through an application.
That way, you can take payments from cards, e-wallets, and NFC wearables. It’s an innovation that permits merchants to acknowledge debit/ credit card transactions straightforwardly on their smartphones or tablets without the requirement for any extra programming.
An example of a softPOS app is myPOS Glass. Glass uses the current card payment framework to connect the past and future technology. It makes such solutions accessible on your smartphone and different gadgets that have become a necessary piece of our life and more than that – our technology appears to grow around contactless and portable.
And now we come to some devices which are not exactly card readers, but rather POS systems that include card readers in the offering:
Countertop devices include a touchscreen, tailor-made business apps, a printer, and a cash register. If you run a retail store, restaurant, pub, or coffee shop and you need a powerful, smart device to help you accept payments and manage your inventory, the myPOS Hub and Hub+ devices are your best bet.
Both devices are powered by Android and come with a host of apps to help you manage sales and stock. The myPOS Hub has an 8.0” capacitive touchscreen, while the myPOS Hub+, which comes with a thermal printer, has a 15.6” impressive sensor display and a second customer-facing display. Both devices come with Wi-Fi, Bluetooth, and 4G SIM connections.
These types of devices come with a touchscreen with impact-resistant glass. They also have a quad-core processor, a hard covering, a thermal printer with automatic separation as well as cater to a range of card readers. The myPOS Unattended devices are terminals that are best suited for vending, parking, and ticketing hotspots.
They are vandal-proof, come with a sturdy chassis and offer multiple connectivity options. The myPOS Kiosk, myPOS Integra, and the myPOS Mini are excellent solutions for self-service projects. They come with multiple connectivity options and can issue digital receipts, which you could send to customers via email or SMS.
And the best part with all of these types of card readers? Merchants who sign up with myPOS benefit from a free merchant account, an IBAN, and a business card. But that’s not all! Your funds are instantly settled into your account so that you don’t have to deal with any liquidity challenges or operational setbacks.
How much does a card reader cost?
Before delving into the most common questions around card readers, merchants often ask this question: “how much does a card machine cost?”, so let’s tackle it first. To begin, there’s no set price for a card payment device. Ultimately, you pay for the functionalities that you get.
So, let’s take a look at some of these POS terminals and what they offer:
- myPOS Go – pocket-sized, lightweight, and sturdy, the myPOS Go device can be purchased at the low price of only 29 GBP, breaking barriers to payment acceptance.
- myPOS Mini – this card reader has a durable touchpad and enables you to send digital receipts via SMS or email. It goes for 119 GBP.
- myPOS Combo – one of our bestsellers, the myPOS Combo not only prints paper receipts which can be custom branded to suit your business, but it also has a robust design with a durable keypad and long-lasting battery life. This device is priced at 199 GBP.
- myPOS Carbon – the shockproof, dustproof, water-resistant myPOS Carbon is one of the latest additions to the smart family of devices. It goes for an attractive 189 GBP and can print receipts through its high-pressure thermal printer.
- myPOS Slim – a smart device that comes with a barcode scanner, the myPOS Slim is priced at 189 GBP. It is elegant, lightweight, and easy to carry, and is your new best friend for accepting payments.
- myPOS Smart – this Android point-of-sale terminal comes with a 5.0” touchscreen display, a dual camera and can operate with a variety of apps to make payment acceptance that much smoother. It is priced at 229 GBP.
- myPOS Smart N5 – this is another Android POS terminal with a thermal printer. It has a 5.5″ touchscreen display, dual camera and is priced at 249 GBP.
Here’s a summary of the myPOS card devices and their corresponding prices and transaction fees:
|myPOS Go||29.00 GBP||1.10% + £0.07 *|
|myPOS Mini||119.00 GBP||1.10% + £0.07 *|
|myPOS Combo||199.00 GBP||1.10% + £0.07 *|
|myPOS Carbon||189.00 GBP||1.10% + £0.07*|
|myPOS Slim||189.00 GBP||1.10% + £0.07*|
|myPOS Smart||229.00 GBP||1.10% + £0.07 *|
|myPOS Smart N5||249.00 GBP||1.10% + £0.07 *|
* Transaction fee can go up to 2.85% if the card issuer is outside the EEA. See the full pricing here.
Wondering what a transaction fee is? This refers to the percentage and fixed fee that the payment services provider charges the merchant for each transaction.
Other than that, with myPOS, you pay no monthly, annual, or sign-up and subscription fees, which means you can focus on what matters and that’s making more sales!
What is mPOS?
Before answering what is mPOS?, it would be a good idea to backtrack a bit and discuss some characteristics and features of classic POS devices. Classic card readers in the past tended to be connected to a merchant’s countertop using cables for power/electricity as well as to establish an Internet connection. They also operated at a fixed location and they used a mounted terminal, a monitor, a cash drawer, and a receipt printer.
All this changed when mPOS card readers were introduced. In short, mPOS stands for “mobile Point of Sale” and it refers to the ability of your card reader to go everywhere with you.
You are no longer limited to your location and as a taxi driver or a waiter, you can carry your card machine with you wherever you go – on the road or between tables, you go to your clients, they don’t come to you. These devices make it much easier and more convenient for your customers to pay!
So, what are some benefits of an mPOS device? There are quite a few, but let’s look at some of the most prominent ones. To begin, these credit card readers are very versatile and can offer you inventory management for your products at your store, they enable you to offer your customers discounts, you can accept card-not-present transactions, and also create employee accounts.
Other benefits include:
- Don’t confine you to a single location
- Help improve our customers’ experience
- Free up valuable retail space on your countertop
- Accept new payment methods such as Google Pay and Apple Pay
- Can be cost-effective solutions for small businesses
- They comply with privacy and security regulations
- Transactions are encrypted
With all these benefits, it’s certainly worth considering opting for an mPOS device!
Soft POS – taking card payments via mobile phone
If you haven’t heard about softPOS payment solutions, the time to find out about them is now. SoftPOS is essentially a payment solution through which you download the myPOS Glass app and you’re now able to accept payments on your smartphone!
It enables you to take payments from debit and credit cards, mobile wallets, and NFC wearables. myPOS Glass helps you take contactless payments on the go anywhere, anytime.
You don’t need additional hardware, cables, or dongles to operate it – just your smartphone and the app. It’s a completely secure payment solution that’s suitable for freelancers, professionals on the go, delivery and courier businesses, seasonal markets, food trucks and so much more.
Available in two pricing plans – Starter and Pro – you can choose the most affordable and suitable plan for your business.
What is a PDQ machine?
After all this talk about mPOS devices and SoftPOS solutions, it’s time to look at what a PDQ machine is. Briefly explained, PDQ stands for “Process Data Quick” and if you think that they’re something different from a typical card reader, you would be wrong.
We used the name PDQ in the past, especially before Chip&PIN was introduced in the UK in 2006. It was the commonly used name for regular card terminals. Later on, card terminals, POS terminals, POS devices, card readers, and card machines came into play, but overall a PDQ machine is the same as your typical card reader.
What was the payment process in the past? It all boiled down to a customer swiping their card on a PDQ machine, having the receipt printed, the customer would then sign the receipt, and the merchant or their staff would check that the signature on the receipt matched the signature on the card.
A relatively tedious process that wasn’t very safe since anyone who got hold of a customer’s card fraudulently could easily forge the signature on the back. In fact, since the signature requirement was taken away, it is estimated that between 2004 and 2014, over 81.9 billion GBP was saved in fraudulent transactions, with the introduction of PIN entry, which is a number only known to the cardholder.
So, how does the process work in practice? The customer’s card is entered into the PDQ machine after the payment amount has been entered. Next, a request for authorisation is sent to the card issuer, also known as the customer’s bank, through the PDQ machine.
Authorisation is granted if the system detects sufficient funds in the card. For the last step, the framework transfers the required funds from the customer’s account to the account of the merchant.
It’s important to note at this point that while most payment services providers settle funds into the merchant’s account within several days of the transaction in question, myPOS settles the merchant’s payments instantaneously.
PDQ machines or card readers come with a wide range of benefits. Here are just a few of them:
- Secure: As PDQ machines comply with the highest industry standards, this eliminates and minimises any potential for fraudulent transactions.
- Affordable: Merchants can take advantage of affordable PDQs, going from as little as 29 GBP.
- Fewer cash-related errors: They minimise the likelihood of errors related to cash acceptance.
- Accept all types of payments: These range from contactless to NFC, Chip&PIN, and magstripe.
- Better customer satisfaction: Consumers these days are seeking ever more secure and hassle-free payment experiences, and paying with a card is quickly becoming the norm.
Who invented the credit card chip reader?
As mentioned previously, the characteristics of a credit card are a magnetic stripe, the cardholder’s details, a contactless logo, a CVV number, and a chip. Let’s inspect this chip.
It is generally inserted in a card reader in order to process payments. The chip contains all the cardholder information and can communicate with both the merchant’s and the customer’s banks or card issuers. So, who invented what we also refer to as the “smart card”? French inventor Roland Moreno patented the chip card in 1975.
The microprocessor in the chip was initially used for calling cards but was later introduced to bank cards in 1985. Just seven years later, in 1992, its implementation on all debit cards became mandatory in France. The UK lagged behind a bit, introducing Chip&PIN cards in 2004. They became mandatory on all British payment cards in February two years later. One of the primary purposes of using a chip and a PIN to make payments was to reduce fraud.
Before the chip card, customers would need to authenticate payments with a signature, although this was easy to replicate, leading to fraudulent transactions.
Operations and functionalities
How to use a card reader
With all that’s been said about payment terminals so far, you might have already purchased yours. But what do you do once you’ve taken it out of the box? How do you use it? In this section, we look at some ways in which you can start accepting payments with a card reader.
One of the first things that need to be done is to open your very own merchant account with your payments acceptance provider. If you’ve already purchased your device, it’s time to see it in action.
So, how to use your card reader to accept payments? Keep reading to find out!
Let’s start by discussing payment acceptance on traditional and smart devices. Here are the easy steps for doing so:
- Enter the purchase amount
- Swipe the customer’s card or hover/tap it over the card machine, if it’s contactless
- The card information will be communicated to the customer’s bank, and if there are sufficient funds in the customer’s account the payment will be accepted
- If your device has a printer, you can print a receipt. If not, you can send a digital receipt to your customer via SMS or email.
And what’s the process with ePOS systems like the Hub and Hub+ devices?
- Enter the payment amount
- The customer taps their card
- Payment is approved
- Print two receipts – one for you and one for your customer.
Finally, how can you take payments through your smartphone with myPOS Glass? It’s as easy as 1-2-3:
- Type in the payment amount on your smartphone
- Your customer will tap their contactless card on the back of your phone
- A sound signal is heard that the payment has been accepted
- Send a digital receipt via SMS or email.
Using your card payment machine is much easier than you might think! They’re designed to be intuitive and help you accept payments without complications.
Does a credit card reader need Wi-Fi?
In short, you don’t necessarily need Wi-FI in order to accept a payment. There are other ways to connect to the customer’s bank and then to your own provider for the funds to reach your merchant accounts such as 3G/GPRS, Bluetooth, and even Wi-Fi connections.
Let’s take a closer look at each one starting with 3G/GPRS. It’s worth knowing that all myPOS devices come equipped with a free built-in DATA card for 3G/GPRS connectivity everywhere in Europe.
Then there’s Bluetooth. You can connect your smart myPOS device to the Internet via Bluetooth. However, keep in mind that this is possible for Android devices only.
Here are the two steps for doing so:
- Download and install the free myPOS Bluetooth Service mobile app from the Google Play Store
- Open the app and it will automatically launch a communication service. All you need to do is finish by closing the app.
The steps for connecting your myPOS device to Wi-Fi differ per device. Also note that the supported encryption methods for Wi-Fi networks are WPA and WPA2.
How do I connect my card reader to my router?
Designed to be mobile, convenient, and easy to use, all myPOS card readers can connect to the Internet in order to process payments via the three methods mentioned above.
However, you cannot connect your myPOS terminal to a router via a LAN cable as they’re mainly created to use the specially designed, free DATA card for connectivity across Europe. The only way to connect a myPOS card reader to your router is through a WiFi connection.
Card reader cleaning
So, you’ve bought your card device, you’ve connected it to the Internet, you’ve accepted payments and after some use, now it’s ready for a clean. But how do you do this? Are there any special materials you need to clean your card reader? Let’s take a closer look.
Below are the materials you’ll need to clean your machine:
- Disinfectant cleaning spray for electronics
- Cleaning card for card readers
- Disinfectant wipes for hardware
It’s important to always read the labels of the materials you purchase and check whether they’re compatible with your device.
If you like, you can also make your own homemade card machine cleaner using a damp cloth or vodka with essential oils to disinfect your device and add a pleasant aroma to it.
Another way to help keep your device free from germs, scratches, and bumps is to invest in a silicone case to protect it. They come in different colours and can help protect your device.
How to reset a card reader
If you’d like to reset your myPOS card reader, follow the instructions below:
For traditional devices: myPOS Go, myPOS Mini and myPOS Combo
Use this option with caution and only if you want to reset your myPOS traditional card reader. Your device will display a screen where you need to enter a deactivation code. The code can be generated when you log into mypos.com menu Devices > All Devices, choose a specific device > Settings > Reset.
You should take into account that this will restore your device settings to the default ones and your traditional myPOS card reader will no longer be attached to your myPOS e-money account. If you want to continue accepting payments, you will need to reactivate the device.
For smart devices: myPOS Carbon, myPOS Slim, myPOS Smart, and myPOS Smart N5
You can reset your device and start using it with a different outlet or myPOS account. This function will restore your default device settings and you will no longer be able to accept payments.
Go to the Settings menu > Reset. To start using your device again, you will need to activate it.
How to choose a card reader
With cash on the decline and card usage on the rise, it doesn’t matter whether you run a hairdressing or beauty salon, you’re a plumber or tradesman, a takeaway business, or something else. Having a card reader is crucial for your business.
They come in all shapes and sizes and fulfil a variety of functions, but the main and most crucial one is the fact that they accept debit, credit, prepaid, and gift cards. If you’re wondering how to choose a card reader for your business, you’ve come to the right place. Here, we’ll walk you through the things you need to keep in mind before getting a card terminal as well as what factors you should consider when getting your first credit card reader.
4 things to consider before choosing a card reader
Choosing a card reader involves the consideration of several important factors. We discuss some of these below to help you figure out how to choose a card reader. Let’s take a look.
A merchant account for your card payment machine
One of the first things you’ll need to know is that getting a card reader is not as simple as walking into a shop and purchasing it off the shelf. You also need a merchant account to go with it. This account is where all your received funds will go, and it requires an evaluation of the third-party financial institutions behind the so-called card payment machines. Most processors charge a monthly or an annual fee for their service, so look out for those.
There are some PDQ machine providers which offer zero sign-up or monthly/annual fees – you just need to do your research carefully. Also, be sure to find out whether your provider will offer you a business card with which you can transact and make payments or even ATM withdrawals. After all, what’s the point of having a merchant account if you can’t access your funds seamlessly and whenever you want to?
Transaction rates when using credit card readers
There are also the transaction rates you need to keep in mind. A transaction rate is a percentage that your provider takes off each card payment you receive on your machine.
Sometimes, these rates are tiered, which means the higher the transaction amount, the higher the percentage charged. Other times, you’re charged a flat fee irrespective of the payment amount. Again, research is crucial here.
How does fund settlement work with card payment machines?
Many credit card terminal providers on the market today boast a lot of value-added features and benefits. But the critical element for a business is its liquidity. If you can’t access the funds you’ve just received from a customer, what’s the point of waiting 2-5 business days for these funds to clear?
Some Fintech companies offer an instant settlement of funds, so if you’re a taxi driver who has just received a payment, and you’d like to fill up with fuel, you can do so instantly with the instant settlement of funds offering.
You’d be surprised at how many other features can come along with credit card readers! Here are a few of them:
- GiftCards – GiftCards are an excellent brand awareness tool, and they can also create customer loyalty while increasing sales. Therefore, when looking for a card provider, you should consider whether they offer personalised, custom-made GiftCards to suit your business needs.
- Invoicing – It’s an important part of our lives – invoicing. We need it to keep track of sales and incoming payments. Luckily, with the right provider, you will be able to issue invoices straight out of your merchant account.
- Top-up – Top-up is another value-added feature that you might be able to use from your card reader. For example, your customer would like to purchase airtime for their phones from you. You can help them do this straight from your POS device.
How to choose a card reader for your business
Now that we’ve covered some of the key aspects of getting a credit card device, it’s time to look at the actual thing itself. How large do you need yours to be? Do you need it to be portable so that you can take your business with you wherever you go?
Here are some aspects to consider:
Traditional or Smart
Card readers come in many types – as traditional or smart devices. Traditional ones, as the name implies, are not Android-powered devices, but smart devices, on the other hand, are.
The latter usually come with a whole range of apps such as a cash register app that can seamlessly help your business. Remember to choose the device that will help your business grow.
Make sure that your card reader can accept all types of payments. Contactless payments are becoming one of the most popular means for consumers to make purchases. Therefore, it is a must that your card reader accepts contactless payments.
Make sure your card reader accepts magstripe and Chip&PIN payments, too. As an added bonus, check that it can offer you payment acceptance from mobile wallets.
Check that your card reader is portable or mobile. This means that it requires no additional hardware such as cables and plugs to operate. You can charge some card devices with a special charging dock, keeping them on and ready for use for the duration of the business day.
Devices which require cables, dongles, or other hardware may be quite limiting, especially if your business is on the go.
The point about mobility leads us to the element of connectivity. You need to ensure that your device is connected to the internet. Whether through GPRS, Wi-Fi, or 4G connectivity, check that your device comes with a DATA card. In some cases, this DATA card comes for free as a bonus.
If you require a device that needs to print receipts, make sure you choose this device. Sometimes, especially where a receipt is required, you can send this to your customer via SMS or email, but this will depend on the device you’ve chosen.
This is an industry standard, and it’s vital that your card reader is PCI-compliant. Double-check this before making the final purchase.
Another factor to consider is the price you’re willing to pay for a card payment machine in terms of your budget. The traditional and versatile myPOS Go device goes for as little as 29 EUR. It might be small, yet it packs a punch when it comes to payment acceptance.
There are other devices available in the colourful myPOS menu which you can choose from, too. It all depends on your business needs and what you will ultimately need your device to do for you.
Many devices on the market these days come with some form of warranty to ensure that your device can be replaced or repaired within a certain period of time. Usually, one year is the norm but you can also avail of an extended warranty for a further two to three years, ensuring your partner in business, a.k.a. your card reader, is always ready for the next payment.
You can also outfit your POS device nicely with some additional accessories. For example, you can get a charging dock for it to keep its battery going, a silicone case to wrap it up in, and enable it to withstand shocks and bumps that naturally happen along the way.
Choosing card payment readers may seem like a daunting task at first, especially since there are so many factors to consider – from a merchant account to instant settlement of funds and so much more. Luckily, with myPOS this is easy since we offer an all-in-one business-in-a-box solution.
What is the best card reader for a small business?
Small companies rarely have large budgets, so opting for a more affordable card reader for your small business is your best bet. Choose the myPOS Go device, which only goes for 29 GBP and is compact and versatile.
As mentioned above, this device doesn’t have a paper printer, but that’s not to say that you can’t issue digital receipts which can be sent to customers via SMS or email. It’s also mobile and portable, which means you can take it anywhere with you. Then there are the devices in our smart family of devices that offer great apps to sync with your business and help you run it smoother.
Alternatively, consider the myPOS Glass solution which turns your Android smartphone into a payment terminal. myPOS Glass is simple to use, requires no additional hardware, and comes in two affordable pricing plans.
How to get a card reader
As a business owner, you’re probably already convinced that you need a card reader, with all the increasing demand by customers to make payments with their cards. But now you’re wondering how to get a card reader.
Although there is a lot of choice on the market, we’ll explore some ways in which you can get your own card reader that’s simple and affordable. But first, where to buy one?
Where to buy a credit card reader
If you still believe that you need to purchase your credit card reader from a bank, think again! While banks and other financial institutions may offer card readers, keep in mind that they usually do so as part of a rental agreement and not a permanent purchase agreement, which can ultimately result in you choosing a card reader for a much higher and more expensive price.
So, how to get a credit card reader for your small business? With myPOS, we make it super easy for you. For starters, all the card readers we offer are for sale and not for rent, meaning that you can use your machine whenever and wherever you like to accept payments on the continent.
Our affordable transaction rate model means that you can not only take advantage of the affordable transaction rates themselves but also benefit from a pay-as-you-use model. This means that you only get charged whenever you process a transaction and there are no additional monthly / annual or sign-up fees involved.
And the best part? The instant settlement of funds, of course! With myPOS, all your accepted funds from each transaction are instantly settled in your free merchant account with IBAN that you can access at any time with your free business card.
How to get a card reader for your small business?
This brings us to the question: how do you get a card reader for your business from myPOS? There are two options for you to choose from.
Let’s look at each one:
Purchase from the myPOS Online Shop
If you’re wondering how to get a card payment machine online, this is your answer! Placing your order can be as quick as just one minute and after signing in, this is the information that you’ll be required to submit when making your purchase:
- Add your address
- Choose your shipping method – courier always delivers all myPOS devices
- Make the payment
When signing in, remember that you can purchase a device by either signing into your existing myPOS account or as a Store Guest purchasing a new device.
A physical myPOS store near you.
We are constantly expanding our physical locations in an effort to be even closer to our merchants. Therefore, you can find us in the major cities across Europe, starting from London in the west to Varna on the Black Sea coast in the east and everywhere else in between, including Paris, Milan, Amsterdam, Vienna, Antwerp, Sofia, and Bucharest.
Getting a card reader from myPOS comes with many advantages. Compared to renting a machine from a bank or other financial institution, with myPOS you pay no monthly, annual, or sign-up fees. In addition, banks usually offer card readers with a rental option and this includes monthly fees.
You can purchase your ideal POS terminal from the myPOS Online shop, a distributor/reseller, or from a myPOS physical store in a city near you! We’re constantly expanding and growing and looking for ways to get even closer to you!
Advantages of card readers for businesses
The world is inevitably turning to cards and cashless payments and one way for merchants to catch this segment of consumers is to invest in a POS device for their business.
Whether traditional or smart, each device described above comes with many advantages that will ultimately help your business grow. Some of these advantages are that these card readers make your business more efficient by offering fluidity in work processes and they offer faster, safer, and more hygienic payments.
7 advantages of a credit card terminal
As we slowly make the inevitable transition to a cashless society, the role of card readers will increase in the space of payment acceptance.
But what are the benefits of card readers? There are several, which are discussed in more detail below.
Security and reduced risks of fraud
We’ve all heard stories of businesses getting robbed of their cash on-premises. What’s more, is the actual transportation of the daily earnings into a secure place.
With a contactless card reader, these cash-related challenges are no longer a problem. This is because you link your card readers to a merchant account in which all incoming funds are transferred into.
You as the merchant can manage these funds through your very own business card linked to your merchant account. This eliminates risks related to handling cash or fraud-related cases.
Card readers also provide an element of speed at the checkout. This is because transactions are processed almost instantaneously. The communication that takes place between the cardholder’s card issuer and the merchant’s acquiring bank takes place in seconds, after which a transaction is either declined or approved.
This speed reduces queues and waiting times, improves the checkout process, and makes for a better customer journey.
Convenience and better customer experience
Another benefit of card terminals is that they offer increased convenience to your customers, ultimately improving the customer experience and by offering them this, you are essentially inviting them to return to your business so that they can continue shopping with you.
By offering a popular payment method, you will no longer be turning customers away who can only pay by card.
Impulse purchases and higher profits
Having cash in one’s purse or wallet limits the number of purchases that can be made within a day. You can overcome this is a limitation for your business with a card reader.
By offering a credit card terminal to accept card payments, your customers are more likely to make impulse purchases, as the cash they have on hand will no longer limit them. Impulse buys mean higher profits for you, which is what every business owner wants.
Better analytics and business insights
Many types of card readers on the market offer a variety of reporting and analytic tools that help you not only keep track of inventory but also how many sales you made, the total value of the sales, the average value of all purchases, which items were the most popular and so much more.
This type of data is an excellent way of ensuring that you have enough stock on hand of the right products, and you’ll be better able to answer your customers’ demands.
In days gone by, when a customer handed you a banknote with a tear in it or some sort of stain on it, you were unlikely to accept it because you didn’t know its origins and whether the bank that you would ultimately submit this note to would accept it and whether you’ll be able to get your cash.
With card readers, this is no longer an issue as money – both yours and your customers’ – is held in secure accounts and is merely transferred from one account to the next. This is one way of reducing disputes that may arise.
Accept a wider range of payment methods
Finally, card readers enable you to accept a much wider range of payment methods than you think. First, there are contactless cards that your customer simply taps over your card terminal.
Then there are the more outdated magstripe payments, Chip&PIN payments, and payments via mobile wallets such as Apple Pay and Google Pay.
But besides this, you can also accept payments via Payment Requests, PayLinks, or even QR codes, increasing safety and offering your customers more convenience.
The journey of payment acceptance has been a steady one, with lots of progress over the last few decades. We’re experiencing changes in leaps and bounds in payment acceptance technology, with card readers not being left behind.
Card readers have undergone a tremendous evolution to match the changes in society and increasing demand for more convenience. One example of this is the proliferation of contactless debit and credit cards, which need corresponding terminals to accept such payments. As magstripe and Chip&PIN retreat to the background, contactless payments are slowly but surely rising in the European payments landscape.
Choosing a payment device that accepts each of these payment types is important for any business as you will not leave any customer uncatered for. But with so much variety in the card reader space, how do you choose the right card for your business?
This post has explored not only the different types of card machines that you can use according to your business needs but also the other important criteria you need to consider when choosing your payment services provider.
In short, look for a provider who can offer you an instant settlement of funds, affordable transaction fees, and affordable POS terminals. You should also look for a free business card and free merchant account with IBAN, no monthly or annual sign-up fees, as well as 24/7 customer support. Your payment provider ought to offer you these features as part of the package with your swipe machine. With all this in mind, make the best decision for your business and help it grow!