Things to Consider in Point of Sale Equipment

Home based businesses have been around for a long time, but it has only been relatively recently that many of them have started to accept credit card payment. However, many of these home based businesses do this by inputting the credit card info into an online terminal after the person is gone. Then, invariably, someones credit card does not go through and it holds up the entire order, usually requiring multiple phone calls back and forth to get things settled. What if you had a credit card terminal right there with you? You could process the card on the spot, like any other business, and find the problems before they become your problem. Sounds like a good idea to me.

With the ability to accept credit cards on the spot you will increase confidence with your potential customers in the security of their information. You will also find that your sales go up. This is because the vast majority of us have some tendency to be impulse buyers. If they can get it now, or if they have paid for it now then they will get it. If they walk out the door then they have time to reconsider and that is not good for you as the salesman. We all hate those pushy salesman who push to have us buy on the spot, but they do that because they know that if we are given a chance to think more about it some of us who were going to buy will change our minds. That is just the way it is and you will find the same is true in your business. Getting some point of sale equipment will enhance your business and the bottom line.

Here is a list of things to consider before deciding what card terminal machine would be best for you and your circumstances.

1. Does it need to be mobile or can it be staionary?
2. What type of budget constraints do you have?
3. Will you need professional support to install and maintain it?
4. Will you need to train others on it, or will it be just you using the machine?
5. Check to see if you will need to buy the credit card paper rolls or if they will be provided for you by your merchant company? Here is a link to get some ideas of what credit card paper costs.
   

Things to Consider When Shopping Around for Merchant Accounts

If you're shopping around for an affordable home business merchant account, you should know that there are several things you should compare before settling on one. Here are a couple of things to look at:

1. Setup Fees
   
   Different companies charge different setup fees. I've seen them around $99 and also $700 before, so you'll definitely want to pay attention to this one. Sometimes companies will run promotions for no setup fees, so watch for those as well.
   
   
2. Monthly Fees
   
   Sometimes these are referred to as 'statement fees.' These fees can also range all over the place. Some companies only charge $10 a month, others charge around $30 or $40 a month. There are even some companies that only charge this if you actually use them, but most are going to charge this fee whether you process a transaction or not.
   
   
3. Per Transaction Fee
   
   Anytime you process a credit card you are going to have to pay a small fee. This is how the merchant account company makes money. Usually it is broken down to a flat rate and percentage, like $0.30 + 2.5% per transaction. This is another great way to compare companies.
   
   
4. Other Considerations
   
   Not all home business merchant account fees are set up the same way. Some of them will charge a yearly fee rather than a monthly fee, etc. So if you run into things that are different, try to find a way to make it a fair comparison.

Other Resources:

• Merchant Account Comparison Chart
• 100 Best Merchant Accounts
  

Checks Are So Old Fashioned

Here's a little tip for your home based business. If you're still taking all of your payments by checks, or at least if that's what you're planning to do, you need to know that checks are a very old fashioned way of having people make payments!

Look at your own life. Honestly, outside of mailing a bill, when was the last time you really wrote a check? Or maybe a better question would be how many things do you really write checks for? If you're like most Americans, you probably use your credit or debit card a lot more than you use checks!

So what does this mean for your home business? Well, it means that you're going to need to get with the times. If most people are paying these days with credit cards, then you need to be able to take them! This is all done with a merchant account.

A home business merchant account is something you'll definitely need in your business. I heard a statistic once that 80% of phone and mail order are done with credit or debit cards. We just don't use checks like we used to!

If you're just running an online business you may not even need to get a machine. You can probably just get an online gateway and run things that way.

Either way, if you're really going to run a home business it's a good idea to accept credit cards. So just remember that you'll need a home business merchant account to do it!