Need a card reader for your small business? Start here!

If you’re considering taking card payments, then you’ll need to find a card reader. There are lots of options these days, so in this article, I’m going to break down the considerations you’ll need to make, for both you, the business owner, and your customer.

Do you need a physical, separate card reader at all?

A few years ago, it was all about iZettle, SumUp and Square, but as iPhone and android apps move on, more and more include payment processing as part of their solution.

For example, if you use the ServiceM8 to run your plumbing, heating or electrical business, you’ll find it’s got built-in card processing technology, which means you don’t even need a dedicated card machine – you can take credit and debit card payments directly via your iPhone.

Don’t assume you need a separate solution – check what others in your industry use and the apps you’re already using, before considering the following –

Considerations for your business

Fees and Costs

Card reader and payment gateway companies rely on charging in a variety of ways to make their money.

Watch out for:

• Initial costs – you may have to buy or pay a deposit on the card reader in the first place.
• Transaction fees – likely a combination of a percentage of the transaction plus a small fixed fee.
• Monthly costs – sometimes regular monthly fees are charged, whether you’re using the thing or not.

Ease of Use

You want something that’s easy to set up and use. It should work with whatever software or devices you use in the business.

Security

This should be a given, but double check that the card readers you’re considering are fully PCI compliant and use bank-grade security. As part of this, make sure that the brand you’re considering are well-known and reputable! You can check out their reviews and internet presence to make sure they’ve been around for a while and they’re not going to do a runner with your money.

Portability

Make sure whatever device you choose is small and lightweight. Plus, you’ll want it to have good battery life and be easy and quick to charge wherever you are.

Speed of payment

Understand when you’re going to get paid – will it be the next working day? Within 3 days? Within 7 days?

Reporting and Analytics

Find a solution that tells you when you can expect to receive the payments into your bank account. This will help your cashflow and peace of mind!

Considerations for your customer

Payment types accepted

You’ll want a solution that gives the customer the most options for payment – Visa, Mastercard and Amex, with apple and google pay options too. Make it easy for them to pay however they choose and you’ll get paid faster.

So there you have it! A list of considerations for choosing a great card reader that makes payment easy for your customers and fast and convenient for you, the business owner.

Now go check out my post on the 10 best card readers in 2024