How to Choosing correct POS Pin Pad Terminals for restaurant business?

[boriZZ123]

Howdy, everyone
I am Boris. I am a new joiner on this site. For an introduction, I am from Montreal, CA. I need an advice ,forgive me if this is the wrong box.

We have a small restaurant running here. Now most of our customers are willing to swipe cards instead of direct cash payment. I am planning to buy card processing pin terminal. I searched and found wireless devices are suitable for a restaurant business. I need advice on this matter.
thanks
Boris:afro1:

 

[reCharge]

Hello,
do you have already a credit card merchant account (for POS/Retail sales) which you use when you swipe the cards of your customers?
If not don't buy or lease such device because many merchant account providers offering such devices for a small rental fee.

If you don't have a credit card merchant account for Retail/POS services you need to apply for one. Go to your local bank which provides you already with your business current account and ask for their fees. As a retailer you processing fee should not be higher than 5,5% plus a rolling reserve (which will be payed back to you after 6 months) of 15%.
Don't take large companies like PayPal or other online payment providers for this task, due money has something to do with trust and PayPal tends to embezzle the funds of their merchants.

 

[boriZZ123]

Yes, from last two days onward we are using Ingenico ICT250 Card Payment Terminal from this week.

I have a friend in FL he told me to buy this one as it has good power backup and is lightweight to carry around serving tables.

@reCharge as you said, I know Paypal is a big cow and will not fit in my pocket. But the main issues with these local providers are the security concerns and hidden charges.

I approached some local providers, later came to know that they have some hidden processing charges and some extra deductions.

 

[reCharge]

reCharge

In the end it does not make so much difference if you lease a device from your merchant provider or use your own.
What about the merchant account do you use PayPal or what's your choice?


To the (hidden) charges: Well, it is a complex subject you're right but you can always visit a local business partner when something goes wrong wile PayPal could be countless miles away, that's the point.
The fee-structure of PayPal is transparent yes but their TOS are not, so a certain risk will be left.

 

[boriZZ123]

boriZZ123

Thank you for your advice. As you said now I am using Merchant account from versapay.com. As you said their service is good enough.
As per your suggestion , I asked them and ensured that I will not charge for hidden charges.



I found ECRI are very useful both for billing and payment collection.