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04/08/2009 -
Credit card processing has become an indispensable part of modern business. With an increasingly fewer number of consumers carrying cash on them at all, businesses that do not accept credit cards or debit cards are in danger of losing a large percentage of their potential sales.Even SMEs that understand this need may be endangering the bottom line of their businesses by doing something that may seem to be saving them money - renting their point-of-sale terminals.
By renting the equipment, many businesses in search of ways to cut costs during the recession think that they are saving money, as they are turning their fixed costs into variable ones.
However, this approach may actually be costing them more money than it is saving – up to $1,100 more, reported Hawaii Business magazine.
This is often because the merchant is being hit with excessive rental fees, and is locked into rental contracts that can last for years.
When all these factors combine, the monthly payments can add up to well over the cost of purchasing the equipment.
Businesses looking to purchase point-of-sale terminals are advised to look for equipment that accepts debit cards and gift cards in addition to credit cards, and that meets the industry PCI compliance standards.
