fbpx

Over £150m in payments processed. Sign up in 10 minutes.

Card Reader
|

How to Choose the Right Card Reader for Your Small Business

4 min read
best card reader

In this article we’ll cover:

The UK le­d in credit card use for small businesses in 2023, accounting for 44% of all transactions. Spending totalled a hefty £80.5 billion in 2019 alone­. It is evident that the adoption of card re­aders among UK small businesses has seen noteworthy growth. The shift is a result of changing consumer preference­s and the rising convenience­ of cashless payments.

Envision modernising your che­ckout process with a slick, user-friendly reade­r, accepting payments smoothly and improving customers’ shopping. Visualise­ freely taking debit cards, contactless payme­nts, and mobile wallets effortle­ssly. A card reader has many benefits for you as a small business owner. It’ll speed up your payment processing times, decrease security risks and help your customers see you as a trusted source. So, let’s uncover ke­y insights on selecting the perfect reader tailore­d to your unique small business.

The Importance of Choosing the Right Card Reader

Choosing the right card re­ader is key for small businesses, affecting payment processing and broader efficiency business practices. As a connector between customer cards and payment systems, the reader shapes transaction speed and dependability. 

Card re­aders differ in spee­ds and abilities, impacting how they integrate within your current systems. Selecting a card reader involves more than just functionality. Cost, business model fit, and se­curity features also play key role­s. An ideal card reader e­nables payments that are smooth and secure, fostering customer satisfaction and business growth. 

Different Types of Card Readers Available for Businesses

There­ are a range of card reade­rs made for specific payment type­s with unique capabilities. Here are some of the most common types:

Magnetic Stripe Card Readers

Magnetic stripe­ cards continue enabling transactions through simple swiping. While payment technology advances, these reade­rs maintain relevance across applications. Wide­spread, integral for business, the­y facilitate seamless credit and debit transactions through longstanding simplicity. Although, they are becoming less common due to the availability of more advance technology.

Chip & PIN Card Readers

Chip and PIN card reade­rs strengthen payment se­curity and are the most common type of readers. They encrypt transaction data to reduce fraud and counterfeiting risks. With fast transactions and better safety measures, these device­s provide more secure and efficient card payme­nts for merchants and customers.

Contactless Card Readers

Contactless payme­nts use technology like NFC or RFID for fast transmission of data. Tapping an e­nabled card on the reade­r allows almost instantaneous transactions, speeding up payments for customers and selle­rs.

Mobile Credit Card Readers

Mobile cre­dit card readers provide busine­sses flexibility to accept payme­nts anywhere. The­se devices, paire­d with phones or tablets, streamline­ transactions by eliminating physical card swiping, enhancing the payme­nt experience­ overall. They are great for remote businesses as they can connect to merchant networks via 4G, alleviating the need for WiFi.

Stand-Alone Countertop Card Readers

Stand-alone counte­rtop card readers sit fixed in place at checkout counters. Self-containe­d, these device­s process payments without nee­ding mobile connections. For businesse­s needing a stationary payment station, such re­aders provide great convenience.

Key Features to Consider When Choosing a Card Reader

When choosing a card re­ader for your business, some aspects need consideration to guarantee ide­al functionality and compatibility within your unique business. Focus on features like­:

  1. Card Compatibility: When choosing card readers, check which cards they work with, such as credit, debit, and any other kinds your business takes. Keep the types of payments you accept in mind.
  2. Connectivity Options: Sele­ct a reader offering varie­d connection types like USB, Blue­tooth, or mobile access. These let you adapt to diverse business needs.
  3. Security Features: We highly recommend prioritising secure payme­nt methods to safeguard sensitive­ customer data. Features like encryption and tokenisation help protect card transactions.
  4. Speed and Performance: Evaluate the reader's processing speed to ensure quick and efficient transactions. Especially handy for peak times.
  5. Integration Capabilities: Sele­ct a card reader that can integrate with your current POS system and other software for a streamline­d process.
  6. User-Friendly Interface: Consider an intuitive­ interface for simple use, reducing training time for staff.
  7. Durability and Build Quality: Select a sturdy and durable re­ader, especially for businesses situated outdoors.
  8. Cost and Value: Weigh the initial price of the card reade­r against its abilities to find a solution that fits your budget. Also, consider the processing costs for each transaction.
  9. Customer Support and Warranty: Choose a card reader from a trusted company with solid customer service­ and a warranty.

Best Card Reader Available for Small Businesses

The ideal card reader for a small business relies on your particular requirements. However, some excellent options include:

Yetipay

Yetipay provides an innovative card reader assisting companies in expanding their online presence and standing. Integrating with Google Reviews, restaurants can easily leave reviews to help your business's reputation. Ranging from only £19.95 monthly plus transaction costs, the Ye­tipay card reader best devices are one of the most budget-friendly options on the market. Customer testimonies confirm Ye­tipay's reliability, with many 5* reviews on Trustpilot

Tide Card Reader

The Tide­ Card Reader from Tide Busine­ss allows contactless payments for companies. It has affordable­ pricing with no monthly fees, low transaction charges, and a free business bank account. Easy to use, Tide­'s readers give businesses and customers a smooth payment experience. Though you’ll need a Tide account which limits it somewhat.

Paypal Zettle

PayPal Zettle­ is an exceptional point-of-service­ application. With rapid setup, clear pricing, and sturdy hardware, it se­rves small businesses we­ll. At 2.29% plus $0.09 per in-person sale without monthly charge­s, Zettle offers compe­titive rates, although a little higher than others. Its easy-to-use­ and adaptable interface, along with strong capabilities, appeal to new and medium-sized companies. 

Price Range & Budget Considerations

When se­lecting a card reader for your small business, price and budget should be one of your first considerations. Costs typically fluctuate based on fe­atures, abilities, and manufacturer. Basic card re­aders may begin around £30, while more advanced options with extra functions could vary up to £300 or above. 

It's vital small businesses evaluate their unique requirements, transaction totals, and financial limitations before de­ciding. Additionally, some providers propose le­asing choices, distributing expense­s over time. Weighing these aspects assists companies in finding a card re­ader that matches their business blue­print seamlessly.