Whether you are trying to launch a new business or expand your existing operation, it’s critical to have a credit card reader by your side. Apart from helping you accept credit card and debit card payments, this solution also lets you cater to a larger audience segment. But even when you make up your mind about getting a card reader for your business, choosing between different providers can be nothing short of a challenge.
With various options at your disposal and each one promising better services than the last, selecting a provider can be quite tricky.
With that being said, making an informed decision is not impossible. As long as you know the necessary information about card readers, their functions, and their pricing models, you can easily find something that fits your requirements.
Here is a guide on choosing the best credit card reader for your business.
The Credit Card Reader Process
As you start your journey of finding the ideal card reader for your operations, it’s essential to learn how the solution works in the first place. Simply put, the term “card reader” refers to a device built to accept credit card and debit card payments. With the emergence of new card acceptance methods, modern card readers can process these payments in more than one way and accept them via applicable mobile devices.
These methods include:
Card Swiping. This method involves the classic mechanism of swiping a magnetic stripe (magstripe) card through the reader device itself.
Card Dipping. This process refers to inserting a credit card or debit card into the reader machine. This method is used with EMV Chip cards, which are more secure than magstripe cards and considered a more modern payment card solution.
Card Tapping. This mechanism allows the card reader to accept payments by simply tapping a payment card against it. This method is being adopted by different solutions for contactless payments.
Mobile Payments. This method also uses the tap-to-pay mechanism but with mobile devices. The respective mobile devices need to be NFC-enabled and have to be powered by a payment provider.
Depending upon the type of credit card reader you get, it can either be powered by itself or might need a mobile device to become functional.
Standalone card readers come in different specifications and may or may not have their screen. These devices are often built to be wireless, mainly to offer more convenience and differ from a traditional or countertop point of sale (POS) setup.
On the other hand, card readers that connect to a mobile device are often deployed without a screen interface. Instead, they are operated through a corresponding app that is installed on the respective mobile device.
These readers are also designed to be wireless and are not tied to a physical location.
Depending on your needs, you can easily choose between different credit card reader solutions that cater to your specifications. If you want to operate a card reader that can function independently, going with standalone solutions is a good idea. Suppose you don’t have any qualms about connecting the card reader to your mobile device, then be sure to move forward with such options.
Source: staxpayments[dot]com