Credit Card Machine Costs

How Much Does a Credit Card Machine Cost?

So you’re on the lookout for new credit card machines for your business or, perhaps, you’re forecasting replacement costs for your stores and need a working range to work off of. Whatever your reasoning for being here, it’s important to understand that credit card machines are a bit tricky when it comes to pricing. Almost all of them carry a variety of associated fees, and it’s never “just” the hardware. With this caveat in mind, we’ll breakdown the costs into three separate categories: hardware, associated fees, and other miscellaneous fees. Hardware Costs Credit card machines can cost anywhere from $200 to $1,000, depending on the features you need and the company you purchase them from. At the base level, you can expect a magnetic strip, display screen, keypad, and chip card capabilities. If you’re only looking to provide basic service, then you shouldn’t be spending more than a couple hundred…

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What is EBT, SNAP, Benefit Transfer?

What is EBT?

If you work in and/or around the B2C food industry, you’re probably familiar with EBT or customers asking you if you support SNAP program payments. EBT stands for electronic-benefit-transfer, and it’s the government’s transaction method for what most of us know as food stamps. Physical stamps were used for financial assistance up until the 1990’s, at which point the program was officially renamed the Supplemental Nutrition Assistance Program, or SNAP for short. Depending on a citizen’s needs, the government sends a pre-loaded debit card to eligible recipients — like a gift card of sorts. Once the citizen receives the card, they are able to use it at any eligible SNAP location, but only on certain categories of items. EBT is most often used at grocery stores, but depending on the state, fast food, farmers markets, bakeries, and more can accept EBT transactions. While it varies slightly from state to state,…

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Reading into your statements

6 Things to Know about ACH & Wire Transfers

You may think you already know what the differences are between ACH & Wire Transfers; well, let’s test that theory. Read on for our list of six things you should know about these money vehicles. Let’s start with a few basics. Wire Transfers Wire transfers take place moving funds from your bank account to deposit to someone else’s bank account (or vice versa) in a transaction that moves directly from bank-to-bank. Wire transfers generally take place within just a few minutes but sometimes may take a few days. The reason these types of transfers happen is because the banks have entered into an agreement to accept such transfers. The agreement sets out the rules for transferring and receiving the monies. A few of those rules are: The banks verify both bank accounts and the account holders. The banks verify the amount of money in each account to avoid charge backs….

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What is Recurring Payment? 8 Do’s and Don’ts for Success

When it comes to payment options, there is a lot to get right, and perhaps just as much to get wrong. Take recurring payments, for example. We put together a list of eight do’s and don’ts when it comes to this concept. Let’s start with the question: What is Recurring Payment? Recurring payments, familiarly referred to as as AutoPay, means the consumer has given permission for a retailer or merchant to deduct payments for goods or services each month from the consumer’s bank account or to automatically charge his credit card in the amount due each month. The merchant must get the consumer’s permission one time up front. The merchant deducts the amount on the due date so late fees are never a problem. The automatic payments continue until the consumer retracts his permission. The Dos 1. Do: Your due diligence when shopping for a recurring payment platform You want a…

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Payment Gateway vs. Payment Processor Explained

Most modern business owners and operators at some point have to deal with e-commerce transactions for their business. In the process of setting up an over-the-web payment process, chances are you’ve heard of the terms “payment gateway” and “payment processor.” At a glance, the two phrases seem synonymous. They are not. In fact, the payment gateway and the payment processor are two entirely different things. In order to optimize your on-the-internet payment process for security and customer experience while reducing costs, it’s important to understand exactly what these two distinct services are and what they mean for your business’ web presence. This is a closer look at the role that they play in accepting customer payments and moving the transaction balance to your account. The Four Key Players Before understanding the specific role of a payment gateway and a payment processor, it’s important to clarify the four parties that are involved in any…

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