As the world goes cashless, retail store owners need secure ways to obtain banking information from customers credit or debit cards, so credit card payment solutions are essential to any POS system. According to a recent study, 80% of customers prefer credit and debit cards over cash. This information indicates that investing in a card payment solution is not a bad idea for merchants to do.
What is a credit card reader?
A credit card reader is an essential electronic device since it makes it possible for companies to accept card payments conveniently and securely. Credit card readers are commonly used in various industries, such as retail, hospitality, and e-commerce.
In other words, credit card readers are card machine for business that reads a customer’s credit or debit card and records the payment information. They are also referred to as point-of-sale (POS) terminals, EPOS terminals, or payment terminals.
How do card readers work?
The credit card reader performs several actions to authorise a transaction.
- The card’s information is provided to the credit card reader via the magnetic stripe, a chip, or even via contactless means if the reader is equipped to do so.
- When a customer wants to do business with the merchant they input their card data into the Merchants card reader by swiping, tapping or contactless methods.
- Readers transmit card data to merchants payment processing service and bank once they receive the data. The payment provider then contacts the credit card issuing bank to verify the information and authorise the payment.
- The card issuer verifies that all the credit card data is correct. The transaction is approved or declined after the cardholder’s details are checked.
- A confirmation is sent back to the credit card reader once the credit card issuer approves the transaction. The credit card reader alerts the merchant that the payment has been approved.
Top Credit Card Readers for Small Businesses in the UK
There are so many companies in UK providing services to help merchants to run businesses in the UK market. Companies providing card payment solutions are always competing with each other to stay at the top. Here, we list the best card machine providers based on service and quality.
UTP
UTP specializes in providing card machines for businesses in the UK market. They are associated with one of the largest financial institutions in the UK, Barclaycard Payment Acceptance, all their credit card payment terminals are equipped with the most modern security and technology.
Whether you want to start accepting credit and debit card payments using a card machine for business or want to switch providers, UTP offers low pricing, quick setup, and hassle-free card payment alternatives that help increase sales while saving money. UTP is quicker than any other business in the sector. The card reader from UTP features contactless technology and is set up to process transactions worth up to £100. Additionally, UTP card readers have minimal transaction costs on the UK market, which makes them perfect for small enterprises. Also, their card readers are built with sleep mode features to prolong the life of the batteries, providing vendors with high battery backup while employing portable or mobile card readers.
UTP Merchant Services offers maintenance services in addition to card payment terminals. Since clients have given them positive comments about their customer service, you can buy their card machine without a second thought. As far as customer service is concerned, the company is among the best. Businesses of all sizes, small and large, can avoid headaches caused by data breaches by purchasing their services from UTP.
Square
It’s a great option for small business owners who want to keep costs down when they use a card machine for business. Using a Square card machine, a customer can input pins directly from their phone without touching buttons on a keypad. The Square products are guaranteed to meet the highest standards of security, even though they might seem unconventional. In terms of its e-commerce tools, Square earns high marks for its integration with Square’s e-commerce software.
Takepayments
In the UK, a card machine can be purchased for a minimum of 18 months, however these minimum contract requirements can be problematic. The short-term contract from Takepayments competes with its competitors on the market, but for a significantly lower cost. Takepayments should be considered by merchants with established enterprises as their long-term payment option. You receive a high-end business card reader, a fully functional merchant account with the highest rates available for your company, and first-rate customer support. It’s also an excellent alternative for small businesses.
Zettle
To keep up with technological advances, businesses must update every second. If you have a smartphone, you can use the Zettle by PayPal card payment terminals to make immediate payments. For businesses to accept card payments on the go, tablets, and smartphones can be synced with the card reader. If customers require a receipt, you can request their email addresses. Transactions are not limited to Zettle card machines, as they interface with infrastructure from third parties.
SumUp
The SumUp card payment terminals are remarkable for obtaining a 3.6 out of 5 rating for affordability due to their low transaction fees and straightforward, flat-rate pricing. They are ideal for newbies and business owners who want to keep pricing low because of the fierce competition in the market. At this price point, don’t expect the business card reader to be fully equipped, but it does include all you need to get your firm off the ground. A strong analytics platform to support business growth, limitless free mobile connectivity, and affordable transaction costs are just a few of the key benefits of SumUp card payment terminals.
What are the benefits of using a credit card reader for small businesses in UK?
The UK is a huge market and has high business requirements. To remain competitive in the market, businesses must provide customers with a variety of payment options which are convenient and easy to use. Payment methods such as card payments and mobile payments are becoming increasingly popular around the world. By incorporating card payments into your business, you can reap numerous benefits.
Due to the electronic nature of credit card payments, small businesses can access money more rapidly, pay their invoices faster, or reinvest the money more quickly. It promotes better cash flow, professionalism, and customer convenience, as fraud protection, a reduction in the risk of bad debts, mobility, and flexibility.
