Equipment Pricing for Credit Card Terminals

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Equipment Pricing for Credit Card Terminals

For the most part, purchasing a credit card terminal represents a rather small cost to your business. It is likely to last up to five years or more, and when you are ready to buy a new one, it is possible (if you make use of merchant account provider terminals) to turn it in for a small credit.

Is it more efficent to buy a terminal or get one though my merchant account provider?

Be sure to check fees when purchasing from a merchant account, provider, though. Often a very low cost for a terminal is forwarded as a loss leader. You will spend more in fees on your merchant account than you will ever spend on terminal equipment, so it is very important to make sure that you have a merchant account that fits your needs. $75 savings does not make up for an account that charges high fees or offers poor service.

It is best to purchase your credit card terminals outright. There are leasing programs, but they can cost as much as $1,000 for 48 months. Compare this to spending much less (around $300 or $400 on a traditional or $600 or $700 on a wireless) when you simply purchase a terminal. Plus, if you take proper care of your terminal, it can last well beyond the two years that a lease generally lasts.

Also, do not be afraid to spend an extra $50 or $100 for a terminal that is “perfect” for your needs. The little extra money will not affect your business very much in the long run, but inconvenient terminals and slow or inconvenient service for your customers can have a more lasting impact on your business.

Approximate Cost of a Credit Card Terminal

  • Basic traditional terminals: $150-$300
  • Separate receipt printers: $100-$450
  • Traditional with built-in printers: $200-$600
  • Wireless: $600-$1,000
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