Credit card machines for small businesses have never been cheaper – how the options compare
Cash is no longer king, and most small businesses now also need to accept alternate forms of payment.In most cases, the outdated banking model of paying monthly rental fees is no longer necessary.But you'll still have to pay between 2.5% and 2.9% per transaction.
After signing a rental agreement for a credit card machine, they would then have to pay transaction fees, which were - and still are - somewhat negotiable. A handful of disruptive startups now import inexpensive card-reading machines, make them look original with custom branding, and sell them to businesses for a comparatively small upfront fee. They then make money on competitive transaction rates that often scale down as turnover increases.
The cheapest MPOS machines require business owners to connect the device to a smartphone or tablet via Bluetooth. The more advanced and pricier systems have features like built-in sim cards with unlimited transaction data, longer battery life, receipt printing, and high-definition touch screens.
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