

If starting a pos company, what credit card processor would you go with - grkballer44

Would appreciate any device on which credit card processor would go best with a POS. Particularly for low cost credit transactions, doesnt make sense to pay a $0.30 transaction fee for a dollar sale
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jeffmould
Without knowing what market you are targeting with the POS, that is an almost
impossible question to answer. What types of customers will be using your
system, what is the average charge, what countries will you be targeting are
also a good starting point. Also, will you be selling to companies that have
pre-established POS systems and credit card processing capabilities?

Your best bet may be to develop a processor-agnostic POS system, meaning that
your system will work with most major processors. Otherwise you will be
selling two solutions instead of one. The first solution will be the POS
system itself, but the most difficult sale will be getting an established
company to switch credit card processors to utilize your system. Unless you
can offer them some financial incentive to switch you will be the underdog
from the starting gate.

Also, since every business is different, having a one-size-fits-all credit
card processor is impossible. Different volume levels, monthly charge volume,
types of customers, types of business, and other risk factors will all
directly influence the rates a processor will give your customer.

