Three Top POS Credit Card Readers

The online market place has become a fairly lucrative avenue for those investors who have decided to explore it.  Whereas in the past fewer people were shopping online, today that fact has quickly and drastically changed as more consumers have discovered that there are smashing deals to be found online. Part of the initial resistance of consumers taking to online shopping was the skepticism on whether online shopping was secure enough for them to use their credit cards.

But over time, online powerhouse shopping platforms such as Amazon and eBay have squashed any doubts concerning security for online shoppers. This is thanks to sophisticated POS credit card readers that are secure.

As an online retailer, investing in a reliable POS Credit card payment system will go a long way in helping your business transact securely and efficiently. It will positively affect your bottom line as consumers can pay confidently knowing that their Credit card details are safe from hackers.  

What to consider when choosing a POS credit card processing payment system

So what is a credit card payment processing system in the first place? It can be simply defined as a device that accepts and processes payment through a tablet or Smartphone by way of point of sale software (POS). A physical store can also have both stationary POS terminals as well as mobile card readers.

Although there are numerous aspects to consider shopping around for a payment processing system, the most important ones would be as follows:

Features

The features that you want to look out for are heavily dependent on how low or high the transaction performance of your online store is. This aspect is important to bear in mind to ensure you choose an option that can support your site’s transaction volume in a way that is affordable to your business.

Other than POS functionality, it helps to opt for a card reader processor that has additional tools to aid in management aspects of your business such as in inventory and data analysis.

Rates

Whereas some credit card processing systems are free, most high-quality ones will tend to exact a fee per every transaction you conduct. Some may have a tiered structure that attracts a defined fee for say every $100,000 worth of sales you generate. It is worth considering the fees charged as they vary significantly from one service provider to another. 

Ease of use

Most systems are relatively easy to use. But you want to make sure that the one you select is as user-friendly as possible and is compatible with the existing online or physical infrastructure of your store.

Top 3 POS Credit card Readers worth your consideration

Based on the above factors, we have rounded up the top three credit card payment systems that may work for your enterprise.

1. Dharma

This credit card payment system is suitable for small to large business enterprises that have a transaction volume of $20 to over $10,000 in monthly sales. This makes Dharma an excellent option for high volume monthly transactions. 

The fees levied are transparent as they utilize an interchange plus pricing which will only include:

  • Credit card brand fees
  • Merchant service provider fees

In addition to dharma processing fees, the two are the only charges you can expect from dharma. The Initial cost of Dharma POS and terminals is fairly flexible.

This payment reader is compatible with many cards thanks to the AnywhereCommerceWalker. C2X card reader which allows Dharma to accept all credit cards from magstripe, Apple pay, Google wallet payment as well as chip.

It is worth noting that Dharma utilizes a free POS app known as MX merchant express, which is easy to use. The only downside to Dharma is that if you wanted to capitalize on an online mobile sales option, you would be forced to open two separate accounts thus doubling your fees. 

2. Square

Square accommodates small businesses even those with low sales. This in part is what has made square an option with most small startups. It’s versatility also makes it a viable option for most brick and mortar stores as well as online stores. The variety of credit card payment processing systems includes; options for an online store, mobile card readers as well as stationary POS terminals.

The fact that Square provides you with a few additional perks such as powerful POS software in addition to business management tools is a notable incentive.

The following highlights make square space an excellent option for small businesses. 

  • Low-cost credit card reader
  • Flat rate processing fee
  • Powerful POS software
  • Transparent and easy to understand processing rates

The free Square card reader is of the magstripe variety that allows you to use a magnetic strip but will limit your transactions to only magstripe cards. Although it may have a decent level of security, the best option for ironclad security would be the chip and contactless reader as well as the EMV or NFC options.

These are far more secure and can accept a wide range of cards including, Apple pay, Google wallet, chip as well as other wireless payments.

3. Shopify

It is easy to term the Shopify payment processing system as the best option for e-commerce sites. This is because the Shopify credit card payment app has the ability not only to process online credit card transactions, but it also can sync your offline payments and inventory with your Shopify online store. 

This is a great convenience for most online entrepreneurs who have both a Shopify store as well as a brick and mortar or store their inventory in a warehouse. The transaction fees for Shopify are clear and transparent and can be compared to those of square space. The only difference with Shopify is that you will have to sign up for an e-commerce account for an additional fee. 

Shopify does also have a bias for its card reader and will incentify users for choosing it as well as settling for a higher monthly plan by charging you a lesser credit card processing rate.

On the same token, Shopify will charge you a higher processing fee on opting for a third party card processor and a lower cost monthly plan.

Benefits of choosing Shopify:

  • Syncs your online and offline inventory as well as customer profiles. This saves you the trouble of operating two separate software
  • The Shopify app has a load of helpful features
  • If you opt for Shopify over third-party credit card processors, you not only get a Shopify processor but an e-commerce account as well.

Shopify is a versatile option as it can work well with both iOS and Android solutions. The free version of Shopify reader is far more superior than square as it can read a wide range of credit card types such as magstripe and EMV chip.

You can opt for a more advanced reader option referred to as a tap, chip, and reader that can read all contactless payments. But the downside is it is restricted to iOS devices only.

Conclusion

With so many viable options at your disposal, it takes you to analyze your enterprises’ credit card processing needs based on the size of your business and your transaction volume in addition to system compatibility to choose the most suitable option that is affordable and effective for you. 

One thing that’s for sure is that any business today would lose out by not leveraging on payment processing services such as those offered above.