Several credit card processing companies advertise a free machine but what is the catch? Let’s get into that.

Well, as with anything free, nothing is really free. Not really, the companies that offer this put a value on the machine and you pay for it in other ways. Such as, your card processing fees may increase to absorb the initial cost of the machine. However, there are pros and cons. You may be in a start up business that is on a tight budget that doesn’t mind paying a higher fee and just needs the initial cost savings. The only problem with this is that, more than likely you may be paying more than the machine value in the long run. In addition, there may be other criteria such as; qualifications to receive this free credit card machine.

Who may qualify?
1. Good credit
2, Retail swipe
3. Low risk business
4. Large volume with proven track record
5. Strong financials

Who may not qualify initially?
1. Bad Credit non-swipe
2. New Online business
3. TMF listed business
4. Offshore or high risk merchant accounts which
5. No processing history
6. No financial paperwork

Either way, whether you decide to purchase your credit card machine up front or within your processing fee this does generate some sort of commitment to your payment processor and they will be more willing to work with you as well as to help you manage your account.

Whatever your business situation is there are a handful of processors out there in the market that can find a bank for you. These companies will have a very high track record of approval ratings, such as WMS. They have a rolling list of solid banking relationships that will get your business qualified.

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