Renting vs. Purchasing Credit Card Machines

When it comes to your favorite POS system for processing cards, should you go ahead and buy it, or just lease it?

Just like cars, houses, and even clothing, the decision on whether you want to buy or rent your credit card machine is very much a personal choice. Either decision has its pros and cons, so it comes down to what your plans are for your credit card machine: do you plan to keep it for the long haul, or will you be eager to upgrade to something else when you have the chance?

Depending on who your merchant services provider is, the company may make you buy your machine outright or allow you to rent it, or give you either option. Rental fees can also vary among the various merchant service companies, so be sure to research the cost before making a decision. On the other hand, the average credit card machine costs about $200 or less depending on how current it is and its features.

To get a better idea of what you are in for in both camps, here are a few facts about each:

Buying a Credit Card Machine:

The bulk of the expense is paid upfront, usually $200 or less

You are responsible for maintenance of the machine

If you want to upgrade your machine, the burden of the cost is your responsibility

Renting a Credit Card Machine:

You must pay recurring monthly fees to keep the machine

Upgrades and maintenance are taken care of by the merchant services company

You might get stuck in a contract with leasing a machine, and might incur additional fees if you try to get out of it early

In the long run, buying can be more cost effective if you care for your credit card machine. However, if you like to have things taken care of and get the next best toys in much the same way people get new smartphones, leasing your equipment may be more your speed.

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Sally Wells
Contributing Editor

We know how time consuming it is to choose the right card processing provider so we did all the hard work for you. We collected user reviews from the top merchant services to help you decide with card processing company is right for you. Choosing the right provider will save you time while you work on growing your business. 

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