By Anna Jordan on Small Business UK – Advice and Ideas for UK Small Businesses and SMEs
The short answer is no, but there are some lower-cost options out there.
When thinking about costs, consider your monthly fees along with your transaction fees, set-up fees and any other charges that may be hidden in the small print.
We’ll be taking a look at some of the cheapest card readers for your small business and whether you’re better off renting or buying.
Should I buy or rent a card reader?
Purchase
Pros
Purchasing card readers means that you have them on standby – handy for unexpectedly busy times
If you’re likely to use the terminal again, it’ll be worth purchasing
No worry about extra fees beyond transaction fees
Easier to switch between merchant service providers
Cons
The machine may become obsolete over time and you’ll have to fork out for a new one
Any purchases and repairs are your responsibility
Rental
As some of the contracts below suggest, rental card readers are more suitable for seasonal or pop-up businesses.
Pros
Can fill demand at busy times such as Christmas
Providers are good at meeting requirements at short notice
Rental units are more robust as they can passed between users and so are expected to be better able to