How to Choose the Right Payment Terminal For Your Business

May 17, 2018

When you’re searching for the right payment terminal, it’s important to take a step back and consider your business operations as a whole. Almost all payment terminals come standard with certain features, like card acceptance options and reporting functionality, which means that there are more important considerations to make.

Consider the following steps when you’re looking into choosing the right payment terminal for your business.

Assess Your Current Payment System

If you’re looking for new payment terminals, it’s likely that your point of sale system is letting you down in more ways than one. Take a broad look at your payment system and make a note of the ways it’s currently inefficient. Maybe your current payment terminals don’t connect to your POS software, and you have to manually type in the purchase amount every time a customer chooses to use a card. Or, maybe your payment terminals are hardwired in to your computer, but you need a wireless option you can bring to customers tables. These places of inefficiency will help to dictate the new type of payment terminal you need.

Consider All the Services Your Business Offers

Business operations are diverse, and that means that your payment terminals need to be able to handle payment diversity as well. Take a look at the services your business offers, and consider whether or not this will impact the type of payment terminals you need.

For example, if you run a restaurant that also offers a delivery service, your payment terminals will need the range to work for not only customers paying in store, but for your delivery drivers as well. This could mean that multiple long-range wireless terminals are the best solution, or that you could benefit from having two different terminal types on-hand.

Research Possible Terminal Options

Having a high-level understanding of the terminal options on the market will help you to identify which one will work best for you. Take what you’ve learned about your business needs, and use this information to do some simple research into the different terminal types. This could be countertop terminals, short or long range wireless terminals, or even a virtual terminal.

Talk to Multiple Payment Providers 

There are a number of payment processors you could choose from, and this choice can make all the difference. Some payment processors are owned by banks, and offer unique benefits to businesses who use both their services and their parent banks. Some also offer value-added services beyond payment terminals, which could help you grow your business in the long run.

It’s important to take the time to speak to a number of different processors to find out what makes them unique in the market. Being able to choose from a selection of providers will help you make the right choice, and won’t leave you thinking of what could have been.

Make a Choice

At the end of the day, the most important thing is to make sure you’re payment ready. Don’t spend too long weighing the pros and cons of your final options, or you’ll miss out on important payments.

To learn more about the payment terminal options Moneris can offer you, take a look at our product pages, or contact us today!

The information in this article is provided solely for informational purposes and is not intended to be legal, business or other professional advice or an endorsement of any of the websites or services listed. 

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