It is important for business owners to accepting card payments. When you decided to invest in a card payment machine, there are a few types of fees you need to consider and understand for your business takecardpayment.co.uk/card-payment-machine-for-small-business/. You have to count on minimum monthly spend and additional transactional fees besides the cost of the machine itself. It will help you to know how much you spend on payment machine and other equipment.
If you’re interested to use the credit card machine for your business, here’s some information about credit card machine cost.
Card Payment Machine Cost You Need to Know
1. Transaction Fees
The transaction fee of the card payment machine amount depends on the type of payment card. You can be charged around 2% for credit cards, and only charged 1% for debit card payments. The fixed authorization fee is a 2-4p for the transaction.
2. Minimum Monthly Spend
Minimum monthly spend is generally the minimum of fees that you will pay monthly of the processed transactions. To avoid unnecessary costs, smaller businesses can choose a contract with a lower minimum spend. Make sure you choose the right card payment provider that can afford you with lower minimum monthly spend and benefits for your business.
3. Credit Card Payment Machine
You can either buy or rent a card payment machine for your small business but it depends on your budget. The latter of the transaction will likely pay off in the long run, it is different from epos rentals in general that can save you money upfront. For card machine rental, it can cost around £20 to £30 per month, while buying a new one requires an investment of £100 to £300. So it is depending on your small business needs.
That’s some information about the card payment machine cost you need to know. So it is important for you to know and understand about the cost before you accept card payment service in a business.