How Much Does a Card Machine Cost? Everything You Need to Know
A card machine has become a necessity for nearly every business, especially as Ireland continues to make strides in becoming a cashless economy. Everywhere you go card machines are used, from the supermarket to public transport.
One of the most common enquiries for anybody running a business is just how much does a card machine cost, as there are many factors businesses need to be made aware of when deciding if it’s right for them. In this blog post, we’ll explain what exactly a card reader machine is and break down all the associated expenses to help put your mind at ease.
What is a Card Reader Machine?
A card reader machine enables businesses to accept debit and credit card payments via a customer’s physical card or smartphone device. The machine processes the customer’s card details for payment, thus creating a seamless consumer experience at the tap of a card.
Buying vs Renting a Card Machine
The first decision you’re going to have to consider is whether you’d rather purchase or rent a card machine. New businesses might find it beneficial to manage the low monthly payments that come with renting a card machine.
The advantage of outright buying a card machine is you won’t be restricted to long-term contracts, but it does require a larger upfront payment. When determining how much does a card machine cost, be sure to consider potential fees for renting or if it’s worth it to just pay more up front.
How Much Does a Card Machine Cost to Run?
There is no set cost to run a card machine, as this differs between every provider. What you need to be aware of are upfront costs, monthly costs and transaction fees.
Upfront cost
The expenses associated with setting up your card machine are referred to as upfront costs, and they can include the hardware itself, along with setup and activation fees. Businesses opting to purchase a card reader machine will face higher upfront costs compared to those who opt to rent and spread the costs for more manageable payments over time.
Monthly costs
Once you’ve got your hands on a card machine, you’ll most likely have to pay a monthly fee in order to use it. Monthly card machine costs begin as low as €9.99 a month for card machines and €29.99 per month for EPOS solutions.
Transaction fees
The final cost to be aware of are transaction fees, these are charged every time you make a sale using the card machine. At NPI, transaction fees start at 0.3% meaning you will pay €0.30 for every €100 a customer spends. These fees apply to consumer debit and credit transactions, as well as business card payments, which often incur higher charges.
Additional Fees to Be Aware Of
Minimum service charge
A merchant will pay what is known as a minimum monthly service charge to maintain their account only if their transaction fees for the month do not meet the minimum amount required. If transactions exceed this amount, the merchant won’t be assessed a balancing fee.
Merchant account fees
Merchant account fees start at 0.3% per transaction for debit card transactions. Transactions involving business cards might be charged at a higher rate due to larger spending amounts. These processing costs cover the fees associated with securely transferring funds from a customer’s bank to the merchant’s account.
How Much Does a Card Machine Cost from NPI?
We offer competitive rates, with rental fees starting as low as €9.99 a month with transaction rates as low as 0.3%. Total costs will depend on the number of transactions your business processes and the machine model you decide to go with.
Explore NPI’s Card Machine Solutions Today
NPI specialises in providing transparent services, so you will know exactly how much a card reader machine costs. You’ll also have access to online, electronic POS systems and virtual payment solutions. Whether you manage a small retail shop or you’re a taxi driver, we have the solutions to take the stress out of managing card payments.
Getting in contact with us has never been easier, simply fill out our contact form, give us a call on (01) 447 5299 or email us at getintouch@np.ie, and a member of our expert team will be in touch.
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Frequently Asked Questions
Can I buy my own card machine?
Yes, you can buy your own card machine, however NPI offers low rental fees, some of the lowest transaction rates, next day pay outs and responsive customer support, which make renting a card machine a cost-effective and convenient choice for businesses of all sizes.
Do banks charge for card machines?
Yes, there are fees for bank account payouts. These rates will vary based on a few factors such as your bank and the specific services chosen. We recommend consulting with our helpful team directly if you have any enquiries regarding bank charges.
