Short term vs long term card machine rental

The number of customers using PDQ short term hire is on the increase. In this blog we will look at the key advantages of both and how they can be best exploited.

The most popular solution used by many is the traditional long term card terminal rental. This provides the business an easy and cost effective route. When you opt for a long term credit card terminal rental agreement these are our key points to look out for:

Don’t go for the cheapest deal

It can be tempting to just pick the cheapest package and have done with it – what could possibly go wrong? Well if you experience a problem and you have no support, who is it ultimately costing? Choosing the wrong company for your long term chip and pin terminal hire will have a detrimental effect on your company. Shop around, ask questions and see what is on offer.  Look at the contracts carefully to see exactly what you’re getting.

Get insurance – but read the fine print

Most companies won’t cover you for theft or loss so by paying a small monthly fee you can ensure that if the worst case scenario does happen, you’re covered. Some companies choose to take this out through their own insurance company.

Check out the contract length

It goes with out saying. Not everyone wants to be tied into a contract for four years, but the fact of the matter is that companies will expect you to be tied in for a set number of months. In some cases you can get rolling contracts with no commitment, but these are not usually a cost effective way of doing things. Most terminal providers will offer you the choice of 24, 36 or 48 months contracts on long term pdq terminals rental with prices dropping the longer you commit. Our top tip would be – if it doesn’t feel right, then it probably isn’t. It’s all about striking a balance; while cheaper is obviously more appealing to the customer, you don’t want to tied in forever in case your business model changes.

Going Abroad?

If you’re  planning on using a card machine abroad will there be additional charges? Some companies who use the popular mobile card machines can attend events abroad. If you plan on taking your card machine abroad will the long term chip and pin terminal agreement you’ve recently signed up to work? Be aware that additional fee’s apply for this as the Sim’s APN settings differ for ‘international roaming’ and this will ultimately cost the card terminal provider more, as the sim won’t be on its usual tariff and this cost is passed across to the customer.

Come outside the big names

The card terminal industry is filled with big players, but don’t be afraid to step outside of the main names. Independent hardware suppliers are often cheaper and offer flexibility to tally with a customer’s requirment, where as some of the banks don’t offer this flexibility. It might also be worth noting, some of the leading banks use third party companies for their terminal support, so you will inevitably find they are more expensive.

What price am I going to be paying?

Whatever company you go with, check you are paying one fee and there are no hidden extra’s. There have been situations where companies have provided a flat fee for a GPRS card terminal but then included a separate cost for the sim card and technical support on the small print. For any reputable company, this should be included in the price.

Stability

Choosing a long term credit card terminal agreement minimises your payment solution monthly running costs. Choosing a long term contract makes business partners more reliable. Having a long term credit card terminal hire also provides flexibility to any customers looking to pay as you’re effectively “open” 24hrs a day.

Swap it now

Is the company offering a ‘swap it’ facility? If your card processing terminal becomes faulty, then the company should swap the defunct chip terminal for a replacement unit to be with you on the next working day. No delay, no excuses! It may be worth noting that some companies have a cut off point for this facility of around 10am, so if you do experience an issue call as early as possible.

Short term credit card terminal hire is an extremely popular alternative to long term rental and can provide rest-bite for companies during busy trading periods. Here are some useful tips to get ahead of the competition and to take advantage of short term payment card terminals:

Freedom

You are only committing to the time you request. Compare this to a long term agreement where you need to then cancel a couple of months in and the only way out is a hefty termination fee. Choosing a short term card terminal lease eliminates this problem and provides the customer a solution they need with a price to match.

Is long term card terminal hire more expensive?

Contract plans might appear cheaper, but the costs associated with a long term debit card terminal lease are much higher. If you only trade for 3-4 months a year, it will be more cost effective to pay one short term chip and pin terminal fee compared to committing to a three year agreement which wouldn’t be in the interest of the business.

Open ended deal

If you don’t know how long you’re going to need the card processing terminals for and want the flexibility of an open-ended agreement, then a short term pdq terminal hire is ideal. Most companies will allow a fixed week on week rental fee until you reach the point where you want to return the chip terminals.

Peak Trading periods

Every business has peak trading periods. This can be Christmas, Mothers Day or Valentines day. If you know you’re going to be busy, hiring a short term debit card terminal hire provides a contingency plan to cover you in these busy periods. Why alienate customers during busy periods with lengthy queues– give customers what they want.

Choose a company that excel in short term credit card terminal lease

Some banks will provide you with equipment but when you’re in a rush they may not be able to deliver a solution in time. Choose a company that actively promotes short term card terminal rental on their website and refer to case studies and who they work with.

Last minute short term PDQ terminal lease

Even in an emergency last minute booking, choose a company that can get you back to normal with the minimum of fuss and in the fastest possible time.

Choice

By enlisting the services of a specialist credit card terminal manufacturer, you gain access to a huge range of payment faculties. This can include WIFI, Mobile and Bluetooth card machines. This allows you to cater for all eventualities. The choice available is likely to be much greater than if you called your merchant bank.

Technical assistance

Even if you’re only hiring a short term credit card terminal for one day, you need that reassurance that you will be able to reach someone regardless of the day and time. Choose a company that’s committed to keeping you ahead of your competitors and that provides dedicated UK based technical support.

What tips would you recommend for long term payment card terminal hire and short term payment card terminal rental?