Why You Should Own Your Credit Card Machine
If you take the step to honor credit and debit cards, your credit card machine will become the most important piece of equipment for your business. A machine that has this much value to you needs to be owned. Would you lease the refrigerator in your restaurant? The sewing machine at your tailor shop? Your computer with all your client’s personal information? It is essential to own your credit card machine because it is an investment in your business’ future.
A credit card machine is not very expensive. Models usually range from 400-1000 dollars. Integrated Card Service will even set you up with a free credit card machine. A leasing contract is simply not practical for something so moderately priced.
When you lease a credit card machine, you actually overpay. Leasing contracts include the possible value of the machine in the next two years. You’re paying for what the supplier thinks the machine will be worth in the future. Adding to that cost, you have to pay for equipment insurance because you are borrowing a machine from someone else. Contracts are also extremely hard and costly to get out of. If you decide you want to return your machine before the contract is up, you still have to pay for the remaining months in your contract. If you buy a machine up front, all of these costs disappear.
If you are serious about your business, buying your own credit card machine is the smartest option. Although the initial cost may seem daunting to a smaller business, it does not compare to the monthly cost you are stuck with borrowing a company’s machine. In addition, if you plan to stay in business for long,the cost of a lease, even if it is lease to buy, is not economically efficient. Your business will run smoothly with its own credit card machine.
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