Small businesses often evaluate card payment machines based on various factors including initial device costs, subscription or monthly fees, and transaction rates. High transaction fees can significantly impact businesses that process a large volume of sales, particularly in sectors like digital downloads and online dropshipping. Below is a look at some of the most affordable card readers available in the market.
Square offers a card reader priced at £19 with a transaction fee of 1.75% for in-person payments. It supports multiple payment methods, including Apple Pay and Google Pay, and allows transactions without an internet connection.
Tide features a portable card reader starting at £59 with transaction rates beginning at 0.79% plus 3p. It’s highly mobile with both WiFi and free 4G connectivity.
Revolut’s card reader costs £49 and charges a transaction fee from 0.8% plus 2p for UK consumer cards. It includes features like no-fee refunds and sales analytics.
MyPOS Go 2 is lightweight at £29, with transaction fees ranging from 1.10% to 2.45% depending on the transaction type. It offers instant payment settlement and a compact design for portability.
Dojo Go has an upfront cost of £79 or a monthly fee starting at £15, with a flat 1% transaction rate. The device provides next-day settlement and multi-connection capabilities.
Other options include Tyl by NatWest, Barclaycard Anywhere, SumUp Air, and PayPal POS, each offering various pricing structures and transaction fees tailored to different business needs.
When selecting a card reader, small businesses should carefully consider their sales volume and preferred payment features to minimize costs.
Why this story matters:
- It provides essential information for small businesses looking to reduce transaction costs.
Key takeaway:
- The selection of a cost-effective card reader can significantly impact a business’s bottom line, especially in high-volume sales environments.
Opposing viewpoint:
- Some experts argue that prioritizing the lowest costs may overlook better features or customer support, which could enhance long-term business success.
