Comparing Payment Processors – A Guide for Beginners

1. Comparing Payment Processors – A Guide for Beginners As you launch your business, one of the things you should consider is how you will process payments. To provide convenience and safety to your customers, you must be able to accept credit cards and process cashless payments securely. There are many options you can consider, but you should take the time to compare payment processors to find the best platform for your business. Why compare? Every business should compare payment processors and machines to know the card terminal that is suitable for their needs. For instance, countertop card machines may be best for a business that is only in one place, while a mobile card machine might make sense if you’d like to take payments while on-the-go, although it may cost a bit more to rent compared to a traditional countertop machine. As you compare machines, you should also consider their features and their rates. It can be complicated to compare prices, but you can find a website with a price comparison tool to get an idea. Card readers vs card machines When you explore the range of payment processors, you are likely to come across card machines and card readers. ● Card machines – These chip-and-pin type of machines common most retail establishments, like supermarkets. They are usually compact with a PIN pad and a screen, and a slot for card swiping or insertion. They range from countertop to portable and mobile models. They also come as mobile card machines, which can connect to a GPRS signal so you can take payments no matter where you go. ● Card readers – These are often used at market stalls, small start-ups, pop-up shops, and other similar business set-ups, as they are highly portable. They come with a small screen, a slot for the card, and a keypad, looking almost similar to a security card reader. They are practical if your turnover is relatively low, and they are often app-based, so they must be linked with a tablet or smartphone. Some can work with 4G, 3G, or Wi-Fi. Choosing a merchant service To accept cashless payments, you will need to work with a compatible merchant service that supports those cards. Verifone and Ingenico are the two merchant services you can consider as you ​compare payment processors​. You can also consider Sumup and iZettle for mobile card readers.