Never Lease a Credit Card Terminal
Would you pay $4800 for a $300 terminal? One merchant that we spoke to did exactly that. She had a $99/mo lease for 48 months on a terminal that could have been purchased for under $300. Terminal leases are great for processors and horrible for merchants. You can guarantee that any Credit Card Processor that pushes a lease on you is not looking out for your best interests. In addition to the lease they are probably going to overcharge you on the processing as well. Lease companies pay processors a lot of money in return for these lucrative deals.
At Payment Depot we are not going to sell our merchants out for a signup bonus from the leasing company. It is expensive when you are starting out or changing processors. Spending $300 on a terminal is difficult, but it makes sense in the long run. Purchasing your terminal and signing up with Payment Depot for an interchange + 0% merchant account will be save a lot of money in the long run. We know it is tempting to lease the terminal or to take the “free” terminal option from a processor. The short term savings are not worth higher fees over the lifetime of your account.
Our Interchange +0% plans don’t take a percentage of your processing. We know that some companies offer “Free” equipment, but they make up that cost many times over on the processing. We decided not to take a percentage of your sales so we cannot give away the equipment, but we are also not going to take advantage of you by singing you up for a lease either. Buying the terminal upfront and paying Interchange +0% is the best possible way to accept credit cards for most businesses.