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IS IT BETTER TO LEASE, BUY OR OPT FOR FREE NUTRACEUTICAL CREDIT CARD PROCESSING EQUIPMENT

This question is very common. You need to find out whether it is best for you and your business to lease, buy or get the credit card processing equipment for free.

Most of the business owners consider obtaining one or more merchant accounts for their business at one point. The merchant account will permit them to accept payments through debit and credit cards from their customers. To accept payments through debit and credit cards the merchant must get “credit card processing equipment” and a merchant account.

The Processing Equipment for credit cards, also referred to as “Credit Card Terminals”, obtains the credit card details by reading the data that is embedded on the back side of the credit card in a magnetic strip. Once the terminal gets the details, it will encrypt the information and send it to the credit card processor who sends it to the issuing bank to get authorization. The transactions can be submitted to the processor in a “batch”.

There are several types of equipment available in several different ways. Making the right choice of processing equipment and at the correct price is important as it will have several financial impacts on you and your business. For most of the small and medium sized companies, a compressed all-in-one processing solution such as Hypercom T7 Plus will be the optimal solution.

Several owners face the problem of whether they should buy, lease or take the free equipment program. There are many direct and indirect benefits and draw backs with each method. Some solutions can be bought for some hundred dollars. The merchants will also get the software and warranty from popular payment systems. Such solutions should not be taken on lease if you have the funds. Moreover, you should be extremely careful when you go for leases as they are not cancellable until the contract ends. The lease contracts extend till 36 months costing you about $20 to $100 a month.

But, when the point of sale systems is extremely costly then “lease” is the best option for your business. For example, the POS system for a restaurant costs more than $5000. In such cases, if you have just opened a restaurant, then go for leased equipments. The All – in – one processing system and cash register will cost you about $90 a month, if you take it on lease. This is much more budget friendly and affordable for small or start up businesses.

Free terminal equipment programs are great options provided you read the agreement very carefully. For all such programs, you must agree to process your transactions with the same company. In most cases, these programs are given with one of the following: high start-up fees, additional monthly fees, high cancellation fees or high processing rates. In some cases two or all the conditions will apply. Therefore, you need to read the fine print very carefully before applying for the free terminal programs or you will loose more money than earn. Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.