Chip card readers are now standard and required for all merchants across the United States. Whether you are behind the game and are trying to catch up to regulations or you are opening a new business, you understandably may be concerned about the cost of chip card readers. A few factors should be considered as you compare costs and finalize your purchase plans.
The Typical Cost of a Chip Card Reader Terminal
There are numerous types of chip card reader terminals that your business could use. The two most common types are mobile devices that may connect to equipment that you already have, such as a tablet, and stationary devices. The specific type of credit card reader that your business uses may be dependent on your operations and current payment processes. Generally, you can expect to pay between $200 to $1,000 per terminal. In addition to this expense, there may be costs associated with changing out your terminals and making the transition internally.
Alternative Chip Card Reader Solutions
There are now cost-effective alternatives to chip readers that may be suitable for your business. For example, a card chip reader from Pay Anywhere is not paid for with an upfront cost for the purchase of the terminal. Instead, you would choose between various payment plans per transaction. You could pay a few percentage points off of each sale, which is a negligible amount. If you cannot afford the cost of a chip card reader terminal upfront or if your sales are not yet sufficient to justify the cost of a terminal, this type of alternative may be a smart idea for you to consider.
The Cost of Non-Compliance
The purchase of chip card readers is to bolster security and to protect consumers against credit card theft. The government established a grace period for businesses to transition to the use of chip card readers, and this grace period expired several months ago. Essentially, if you process credit card payments, you must be in compliance with the chip card reader requirements. Some businesses have been fined several hundred thousand dollars and have faced other related costs and fines as well. You can see that you cannot afford to be non-compliant in this area.
The best way to determine if a card chip reader from Pay Anywhere or any other type of chip card reader solution is a good fit for your needs is to compare all reasonable options carefully. Because the types of solutions and their costs vary, businesses have incredible flexibility to choose a solution that is well-suited for their business’s needs.