Credit card & PDQ machine rental – How to hire, guide to getting it right, and detailed FAQ

Are you looking for credit card machine rental? In the modern commercial landscape, businesses of all sizes are acclimating to the shift from cash to card transactions. Now, more than ever, having a robust and efficient payment processing system is critical to any business’s success.

This guide will comprehensively cover the essentials of credit card and PDQ (Process Data Quickly) machine rental, the different types of machines available in the market, and how to ensure you’re making the right choice for your business.

What is a PDQ machine?

A PDQ machine, also known as a card reader or card machine, is a device that processes card payments. It interacts with a customer’s credit or debit card to deduct the correct amount and transfer it to the retailer’s account.

The “Process Data Quickly” acronym quite fittingly describes its primary function. PDQ machines have evolved significantly over the years, with contactless payments and mobile integration becoming common features.

Why rent?

Many businesses opt to rent credit card machines for a host of reasons.

• First, renting can be a more cost-effective approach, especially for small and medium-sized enterprises (SMEs) or start-ups that cannot afford the high upfront costs of buying.
• Renting also offers flexibility; it enables businesses to switch machines as technology advances, ensuring they always offer the latest payment methods to their customers.
• Additionally, many rental contracts include maintenance and support, which can be valuable for businesses without the technical knowledge to manage the machines themselves.

Types of PDQ machines

There are four main types of credit card machine available for rental, each suited to different business models:

1. Countertop PDQ Machines: These are the most common type and are usually found in retail outlets where all transactions occur in a single location. They’re connected to the business’s network via a phone line or internet connection.
2. Portable PDQ Machines: Portable machines are ideal for businesses like restaurants or cafes, where payments may need to be taken at different locations within a limited range. These machines operate via Wi-Fi or Bluetooth.
3. Mobile PDQ Machines: Mobile machines are designed for businesses on the go, such as delivery services, pop-up stalls, or tradespeople. They use mobile data or a Bluetooth connection to a smartphone to process payments.
4. Virtual PDQ Machines: A virtual PDQ is essentially software that allows businesses to process card payments online. This option is suitable for e-commerce businesses.

Selecting the right credit card machine rental provider

When considering a rental provider for a PDQ machine, there are several factors to consider:

1. Rental Cost: The cost of renting a PDQ machine can vary greatly. Factors influencing the price include the type of machine, the length of the rental agreement, and any additional services such as support and maintenance.
2. Contract Length: Rental contracts can range from monthly to multi-year agreements. While longer contracts can reduce monthly costs, they can also limit your flexibility.
3. Transaction Fees: Most providers will charge a fee per transaction, typically a small percentage of the transaction value. It’s crucial to understand these fees, as they can significantly impact your bottom line.
4. Reliability: Look for providers with a track record of reliable machines and excellent customer service. Downtime can be costly, so swift resolution of issues is crucial.
5. Integration with Existing Systems: Ensure the PDQ machine can integrate with your existing systems, like your point of sale system and accounting software. This will make managing transactions and financial records easier.

Steps to renting a credit card machine

Here’s a step-by-step guide to credit card machine rental:

Getting it right – Making a success of your first credit card machine rental

Renting a PDQ machine is an important decision with potential implications for your business’s customer experience, efficiency, and profitability.

It’s essential to do your research, understand your needs, and make a choice that provides value for money, while also meeting your operational requirements.

By doing so, you can ensure your business is well-equipped to handle the evolving payment preferences of modern customers, all while maintaining streamlined operations and robust financial tracking.

Costs and fees of credit card machine rental

Understanding the costs and fees associated with renting a PDQ machine is vital to ensure that it fits within your business’s budget and doesn’t lead to unexpected expenses down the line. These costs can be broadly divided into fixed and variable costs.

Fixed costs

Rental Fee: This is the primary fixed cost associated with renting a PDQ machine. It’s usually a monthly fee, although the actual amount can vary widely depending on the type of machine, the length of the rental agreement, and the specific provider. As of the time of writing, rental fees typically range from £15 to £30 per month.

Setup and Installation Fee: Some providers may charge a one-off fee for setting up and installing the machine. This fee is generally less common with longer-term contracts, as the provider can spread the setup costs over a longer period.

PCI DSS Compliance Fee: The Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards designed to ensure that all companies that accept, process, store or transmit credit card information maintain a secure environment. Some providers charge a fee for assisting your business in meeting these standards.

Variable costs

Transaction Fees: On top of the fixed costs, most providers also charge a fee for each transaction processed. This fee can either be a flat rate per transaction or a percentage of the transaction value, and sometimes, it can be a combination of both. The specific rates can vary widely depending on the provider and the type of card being processed. Debit card transactions generally have lower fees than credit card transactions, and premium or corporate cards often come with higher fees.

Chargeback Fees: If a customer disputes a transaction (leading to a ‘chargeback’), the provider may charge a fee. This fee covers the administrative costs of handling the dispute.

Paper Statement Fees: Some providers may charge a fee if you opt to receive paper statements instead of digital ones.

Before signing a contract, it’s crucial to understand all the costs involved. Make sure to ask the provider about all possible fees and read the contract carefully to avoid any surprises. When comparing providers, consider both the fixed and variable costs and how they align with your business model and expected transaction volume.

List of top rental providers

When renting a PDQ machine, it’s important to consider a range of providers to ensure that you’re getting the best deal. Here’s a list of some of the top PDQ machine rental providers available in the UK:

1. Worldpay: Worldpay is one of the largest providers of PDQ machines and payment processing services in the UK. They offer a range of devices suitable for different business types and sizes, with flexible pricing plans.
2. TakePayments: TakePayments (formerly Payzone) offers a variety of PDQ machines, including countertop, portable, and mobile options. They’re known for offering short-term contracts, which can be appealing to businesses needing flexibility.
3. Paymentsense: Paymentsense provides a range of card machine options, as well as additional services such as online payment gateways and virtual terminals. They cater to both small and large businesses.
4. Square: Square is known for its mobile card reader, which is a popular choice for small businesses and sole traders. They offer simple pricing with no monthly fees, charging only for transactions.
5. SumUp: SumUp is another provider offering a simple and easy-to-use mobile card reader, with competitive transaction fees and no monthly rental costs.
6. Zettle (now part of PayPal): Zettle provides a mobile card reader with a one-off purchase cost and competitive transaction fees. Now under PayPal, they also offer seamless integration with PayPal’s suite of payment services.
7. Barclaycard: As part of one of the UK’s largest banks, Barclaycard offers a variety of card machines and has the added benefit of seamless integration with Barclaycard merchant accounts.
8. Handepay: Handepay offers competitive pricing and prides itself on transparent pricing with no hidden fees. They offer a range of machines to suit different businesses.

Remember, it’s crucial to obtain quotes from several providers and carefully review the costs, terms, and conditions before making a decision.

FAQ