In today’s fast paced world, upgrades are necessary to stay in business. If you need to upgrade your credit card machine, or have decided to accept credit for the first time, you may be wondering if you should rent instead of buying. There are benefits and drawbacks to each option. Here is a bit more information to help you decide:
Renting: If you are renting a credit card reader, the biggest benefit is maintenance. If the reader breaks, you can call your merchant processing company to help fix the problem. The downside of renting your equipment is the potential fee that you will incur as a renter. If you are looking into renting a machine, start with local companies that offer the service, and find out how much you would be charged for the equipment rental in addition to other fees.
Owning: Owning a pos machine spares you the rental fee and, if you do a good job shopping around, you may be able to score a free credit card machine when you sign on with a new company. If you’ve been with a company for some time, you should also look into potential discounts on an upgrade. The downside of owning is that you will be responsible for maintenance of the equipment. Most machines will come with a warranty, so you would need to figure out what is and is not covered before you buy to ensure that you are protected from losses if the equipment breaks down.
When looking at the costs of card processing companies, there is no reason that the equipment should be excluded. Compare the benefits, such as protection and any perks a credit company offers, to the potential price which would include the cost per swipe as well as the cost of the reader. This should help you decide whether to rent or purchase your credit card processor.