Cheapest Credit Card Machine for Small/Medium Businesses

Running a small or medium business comes with its own set of challenges, and managing costs is often at the top of the list, especially with inflation on the rise. It's crucial to evaluate every aspect of your business to ensure you are delivering the right value to your clients. One of the most significant expenses to consider is payment processing.

This article compares the costs of credit card machines from five popular providers: Helcim, Clover, Moneris, Square, and Stripe. Whether you're operating in Canada or the United States, this guide will help you make an informed decision.

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1. Helcim

Helcim offers competitive pricing for their credit card machines, making it an attractive choice for businesses on both sides of the border.

Category	Details
Credit card machine cost	United States: USD $329 or 12 monthly payments of USD $29 Canada: CAD $399 or 12 monthly payments of CAD $35
Pros	Low transaction fees Premium features like online/in-person tools with a single account advanced reporting/analytics, and integration capabilities included at no extra cost No monthly fees
Cons	Not ideal for high risk businesses Not ideal for very low-volume businesses
Transaction fee	0.4% + $0.08 per card-present transaction, plus interchange fees
Monthly fee	None
Hardware upgrade cost	Discounted for existing customers on a case to case basis
Premium tools cost	Included in the free Helcim account

Fit for Small and Medium Businesses:

Excellent for medium businesses due to low transaction fees and comprehensive features. Suitable for high-volume small businesses.

Ranking Rationale: Helcim ranks high due to its low ongoing transaction fees and robust feature set, making it ideal for businesses processing a high volume of transactions.

2. Clover

Clover provides flexible pricing options, though the cost can vary significantly based on your location and choice of purchase or rental.

Category	Details
Credit card machine cost	United States: USD $599 or $9.99 monthly rental Canada: Pricing not available Suitable for various business types
Pros	Flexible pricing options Provides for a complete POS solution for different types of businesses at a cost Suitable for various business types
Cons	Higher hardware costs Contract based which range from 12 to 48 months
Transaction fee	USD $14.95 for software
Monthly fee	26.37%
Hardware upgrade cost	Full cost of new hardware
Premium tools cost	Varies by tool, starting at $9.95/month

Fit for Small and Medium Businesses:

Flexible and versatile, suitable for various business types and sizes.

Ranking Rationale: Clover ranks high due to its flexibility and comprehensive features, although its higher hardware costs and monthly fees might be a deterrent for some small businesses.

3. Moneris

Moneris offers a straightforward monthly rental option, which can be ideal for businesses looking for manageable ongoing costs.

Category	Details
Credit card machine cost	United States: Not available Canada: CAD $29.95 per month
Pros	Manageable monthly rental cost Custom packages available for high volume merchants Discounts for long-term customers
Cons	Higher transaction fees Limited availability in the US
Transaction fee	2.65% per transaction
Monthly fee	Included in the hardware cost
Hardware upgrade cost	Discounted for long-term customers
Premium tools cost	Varies, custom packages available

Fit for Small and Medium Businesses:

Ideal for businesses looking for manageable ongoing costs in Canada.

Ranking Rationale: Moneris offers a manageable monthly rental cost and custom packages but is limited by its higher transaction fees and availability only in Canada.

4. Square

Square is known for its user-friendly devices and competitive pricing, making it a popular choice among small businesses particularly restaurants and cafes.

Category	Details
Credit card machine cost	United States: USD $299 Canada: CAD $399
Pros	Industry specific features like table management and advanced inventory controls for restaurants No monthly fees for basic plan Versatile upgrade options
Cons	Higher transaction fees compared to some competitors Hardware upgrades can be expensive
Transaction fee	2.65% per transaction
Monthly fee	None
Hardware upgrade cost	Purchase required
Premium tools cost	Varies, starting at $10/month

Fit for Small and Medium Businesses:

Ideal for small businesses due to ease of use and low initial costs.

Ranking Rationale: Square is popular due to its user-friendly devices and lack of monthly fees, though higher transaction fees and upgrade costs are considerations.

5. Stripe

Stripe, known for its robust online payment solutions, also offers credit card machines at competitive rates.

Category	Details
Credit card machine cost	United States: USD $349 Canada: CAD $449
Pros	Robust and highly customizable payment solutions Tax solutions and sophisticated fraud protection No monthly fees for basic service
Cons	Higher transaction fees Hardware cost can be high
Transaction fee	2.9% + $0.30 per transaction
Monthly fee	None
Hardware upgrade cost	Purchase required
Premium tools cost	Varies, starting at $15/month

Fit for Small and Medium Businesses:

Ideal for businesses needing robust online payment solutions.

Ranking Rationale: Stripe offers competitive rates for businesses with strong online sales, but its higher transaction fees and hardware costs might be less attractive for very small businesses.

Summary

Here's a quick comparison table summarizing the pricing details for each provider:

United States

Processor	In-person rate	Online rate	Hardware	Monthly fees
Helcim	0.30% + 8¢	0.50% + 25¢	Card readers from $99	None
Clover	2.6% + 10¢	2.9% + 30¢	Various devices starting at $49	$9.95 to $39.95+
Moneris	2.65% + 10¢	2.65% + 25¢	Various devices starting at $100	Varies based on plan
Square	2.65% + 10¢	2.9% + 30¢	Card reader at $49, terminal at $299	None for basic, $60+ for advanced features
Stripe	N/A (online-focused)	2.9% + 30¢	No proprietary hardware	None

Canada

Processor	In-person rate	Online rate	Hardware	Monthly fees
Helcim	0.30% + 8¢	0.50% + 25¢	Card readers from $109	None
Clover	2.7%	2.9% + 30¢	Various devices starting at $49	$15 to $60+
Moneris	2.65% + 10¢	2.65% + 25¢	Various devices starting at $100	Varies based on plan
Square	2.65%	2.9% + 30¢	Card reader at $59, terminal at $299	None for basic, $60+ for advanced features
Stripe	N/A (online-focused)	2.9% + 30¢	No proprietary hardware	None

Notes:

Helcim: Offers interchange-plus pricing, which can be more cost-effective for some businesses. No long-term contracts or hidden fees.
Clover: Known for its versatile hardware options and plans that can be tailored to different business needs.
Moneris: Offers a range of hardware and pricing plans, typically requires a contract.
Square: Known for its simplicity and ease of use, with no monthly fees for the basic plan.
Stripe: Primarily focused on online payments with robust API support and no proprietary hardware.

These tables provide a snapshot of the key aspects of each provider in the US and Canada, helping businesses make an informed decision based on their specific need.

Conclusion

When choosing a credit card machine for your business, consider both the initial and ongoing costs, as well as the features that best fit your operational needs. Helcim and Square offer compelling features for small and medium businesses, while Clover provides flexible pricing and comprehensive tools. Moneris and Stripe offer robust solutions but come with higher transaction fees or hardware costs.