In this day and age, it’s rare to find someone who has enough cash in their wallet to pay for a transaction over $20. In fact, a Forbes Advisor survey from December 2023 shows that less than 10% of Americans use cash to pay for purchases.
This is why finding a credit card machine that gets your customers in and out of your retail store quickly and efficiently is crucial. But you need a credit card machine (also called pinpads or card readers) that will keep your costs manageable — after all, you don’t want to lose your profits to hardware costs and credit card processing fees!
This is where the right point of sale (POS) solution can help.
In this blog, we’ll talk about factors you should consider as you search for a new credit card machine, along with questions you should ask along the way. We’ll also share the top three choices for credit card machines, some of their features and benefits, and reasons they’ll work for your store.
Factors To Consider When Choosing a Credit Card Machine
Choosing a credit card machine for your retail shop isn’t as easy as it may seem. In addition to size and/or shape, several functionality features to consider include business operations, customer preferences, existing hardware or software, internet access, payment options offered, and your budget.
As you begin your search for a new credit card machine for retail, consider these factors.
- Cost and fees: When choosing a credit card machine provider, look for any upfront costs, tacked-on transaction fees, equipment leasing, and ongoing expenses for maintenance. You may be required to sign a contract or merchant account agreement.
- Setup and ease of use: It shouldn’t take an advanced degree in engineering to set up your credit card machines. During your search, research the setup process. If it’s hard to understand, consider a different option. Odds are, if it’s difficult for you, your team will think so, too. Also, be sure your credit card machine integrates with existing POS or accounting software.
- Security features: Choose a credit card solution that promises payment security and payment card industry (PCI) compliance. Violating PCI compliance can lead to fines anywhere from $5,000 to $100,000 per month of noncompliance, which could be devastating to your business.
- Compatibility and connectivity: Your credit card machine should allow your customers to pay however they please, whether they insert, tap, or swipe. Look for solutions that are EMV chip-compatible and NFC-compatible for contactless payments. Your credit card machine should also easily connect to the internet, no matter where the terminal sits in your store. Decide whether you’d prefer a wireless or ethernet connection.
- Customer support and service: You depend on sales to run your business, and your credit card machine provider should understand that when you need help, it’s critical. Choose a provider with a reputation for impeccable customer service and one that’s available 24/7.
Now that you know what features are most important, let’s examine other factors that may influence your decision.
How To Choose a Credit Card Machine
Ask yourself the following questions during your credit card machine search:
- What is my budget?
- Does my machine need to be mobile?
- What features are most essential?
- What integrations will I need?
Make a list of the most important features you need and cross-check it with a list of potential providers.
With this in mind, let’s now examine our top three choices for credit card machines that are perfect for small retailers.
Top Choices for Credit Card Machines for Small Retailers
Option 1: Square
Square is a great option for solopreneurs or small businesses. It has a user-friendly interface, affordable hardware, and robust features, including:
- Easy returns and exchanges
- Square Online e-commerce sites that can serve as your website and online shop
- Flexible hardware options — from a small chip reader to a full POS system
The tool is free to use for businesses just getting started but jumps to $89/month for advanced inventory tools, barcode label printing, cost of goods sold (COGS) reports, and more.
Related reading: 8 Best Square Alternatives for Small Retailers in 2024
Option 2: Lightspeed
Lightspeed includes an all-in-one POS solution best suited for small- to mid-sized businesses such as golf courses or restaurants. They prioritize security with PCI DSS compliance, end-to-end encryption, and 24/7 monitoring.
Key features include:
- Advanced marketing tools
- Multi-location management
- Open API and integrations
Lightspeed’s Core package starts at $149 per month.
Related reading: Lightspeed POS: 5 Pros and Cons
Option 3: POS Nation
POS Nation is a fully integrated, all-in-one POS solution that works best with small- to mid-size retailers. Our easy-to-use platform is designed for retailers like you with the goal of making your store operations smooth and efficient.
POS Nation includes top features such as:
- Flexible payment processing
- Streamlined inventory management
- Customized hotkeys for quick transactions
- Comprehensive financial reporting
- Efficient employee management
- Customer loyalty and sales history
- Label and barcode printing
Get a custom quote using our transparent build and price tool.
Related reading: 7 Top Credit Card Machine Solutions for 2024
Upgrade Your Credit Card Machine With POS Nation
When choosing the right credit card machine for your retail business, consider usability, cost, features, and security, and don’t forget to keep your customer in mind. The easier it is for them to pay, the happier they’ll be.
Keep track of your potential providers and make sure they check all your boxes for must-have features without paying for costly extras you’ll never use. POS Nation was designed with small retailers in mind, and we work with thousands of shops nationwide to deliver a modern, feature-rich, and intuitive POS system.
Schedule a demo today to make slow checkout lines and inconvenienced customers a thing of the past.
