Taxi card reader – how to choose the best one for your cab
Tips / 06.04.2022
From horse-drawn carriages to the automobiles we have on our roads today, the taxi business has existed for ages. Its primary purpose is to transport passengers from point A to point B safely, while the customer pays for the service rendered.
Up until the recent past, most passengers would pay with cash, but times are certainly changing. This is because of several factors. First, there’s been a rising demand for card payments by consumers in almost all industries. And second, Transport for London (TfL) has made card machines for taxis with a receipt printer compulsory. This is to give customers more convenience, ease, and safety when it comes to payments.
If you’re a cab driver who is considering getting a taxi card reader for your business, whether it’s a fleet or a standalone vehicle, you’ve come to the right place.
Table of Contents
What is a taxi card reader?
Some used to call it “Process Data Quick” or PDQ machine. Yet others would call it simply a card reader or a point-of-sale (POS) terminal. Either way, these types of devices are designed for one purpose – to rely on prepaid, debit and credit cards and NFC-enabled wearables to accept cashless payments from passengers, making them safer and more convenient for both the taxi driver and the customer.
How does it work?
Accepting a card payment takes mere seconds. It involves a series of communication channels between the card scheme, the customer’s issuing bank, the acquirer, and the merchant’s financial services provider.
This communication takes a brief time to process and it essentially checks whether the customer has the funds available in their account, while after that, the funds are transferred into the taxi driver’s or fleet owner’s account as a completed transaction.
However, there is one very important point, namely when the funds are transferred to the merchant’s account. This is something that the taxi driver or fleet owner needs to be aware of as it will affect liquidity levels.
For example, myPOS is the first in Europe to offer an instant, real-time settlement of funds to help ease such liquidity challenges. This means that as soon as a passenger has paid a driver, they’ll be able to fill up their car with fuel and use the funds right away.
Why do you need a card reader for a taxi?
In London, it has become compulsory for taxis to offer their passengers card payments, while this is not yet the case in places outside of London. Although catering to cashless payments is quickly becoming the norm and to give your passengers more ease and convenience, offering them a card terminal through which to make a payment is the way of the future.
What benefits does it offer?
Choosing myPOS as your partner in payments offers several value-added benefits. When you order your taxi credit card reader, you’ll also be able to take advantage of:
- Instant settlement of funds 24/7
- Free Visa business card
- A free multi-currency merchant account with IBAN
- No monthly, annual, or sign-up costs
- No binding or lengthy contracts
What payments does a taxi card reader accept?
Luckily, the myPOS card machines are equipped to handle all types of payments. These range from Chip&PIN to magstripe and even contactless. But that’s not all.
Customers can also pay using Near Field Communication (NFC) wearables and pay with digital wallets such as Apple Pay and Google Pay. This creates a wide spectrum for payment acceptance and ultimately means you’ll never miss another payment again.
Which taxi card reader is the best and how much does it cost?
If you’re outside London, the TfL restrictions won’t apply to you and you can equip your cab with a taxi POS terminal that doesn’t print receipts.
One great example of such a device is the small, yet versatile and affordable myPOS Go. It goes for only 29 GBP and it comes with a sturdy body, a durable keypad, and a long-lasting battery life. The portable terminal enables taxi drivers to send digital receipts to their passengers via email or SMS.
If, on the other hand, you operate in London, then you’ll need to issue your customers with a paper receipt. And you have a couple of options here to make your work that much easier.
For starters, you can opt for the traditional best-seller the myPOS Combo, which issues paper receipts, has a durable body, and which also has a powerful battery. It goes for 199 GBP.
Then, there is the myPOS Carbon – the Android-powered POS device which comes with a range of smart apps to make doing business on the go that much easier. It is water-resistant, shock and dust-proof, and can withstand harsh conditions. Its price is an affordable 189 GBP.
But perhaps the best part is that each of the myPOS devices mentioned above comes with a free, pre-installed DATA SIM card for Internet connectivity across Europe. This means you’ll always be connected, no matter where your journey takes you. Your device will not fail you because of connection problems.
How fast do the funds arrive?
Perhaps the most important question that a taxi driver will ask when choosing the best card reader for taxi drivers is how quickly are the funds settled in their merchant account.
While the industry standard is usually a few business days, with myPOS you’ll be able to access your funds instantly via your free Visa business card and free multi-currency merchant account.
Choose a taxi card reader at an affordable price
– £0.00 monthly costs
– Instant settlement of funds
– 12 months free warranty
Choosing the best card reader for a taxi driver may seem like a daunting task. There is much variety on the market, but you need to pay special attention to the hidden terms and conditions that many providers have.
From lengthy contracts to sign-up fees, high transaction costs per payment received and settlement of funds that takes days – you should rather opt for a payment services provider which eliminates these challenges and acts as a single business platform that covers all your needs efficiently and effectively.
That’s why the myPOS offer for taxi card readers is so comprehensive. Get rid of all the hassle of accepting payments and ultimately help your business grow.