How much is a chip and pin machine?

You cannot decide which chip and pin machine is right for you without knowing more about what it will cost

Chip and pin machines enable small businesses in the UK to compete with their larger counterparts by processing transactions on an equal footing.

Customers expect to be able to pay using their credit or debit card, and chip and pin machines make this possible. However, small businesses always need to be careful regarding costs and overheads. Investment in technology must be done carefully.

So, how much is a chip and pin machine? In this article, we will look closely at chip and pin machine prices, whether cheap chip and pin machines are worth it, and what you can expect in terms of overall chip and pin machine costs.

Chip and Pin Terminal Price Comparison

On this page we will cover many of the costs associated with chip and pin machine usage. But we also need to consider the actual price of the machine itself. It can sometimes be difficult to set down the exact cost of the terminal itself, with different suppliers sometimes offering different prices depending on contract and services, however it is important to understand costing as much as possible.

In the section below we have included side by side comparisons of some of the best chip and pin machines available, including rough price estimates that you might expect to pay.

Average Chip & Pin Machine Costs

As mentioned, it can be difficult to estimate chip and pin machine costs with any certainty, however there are some averages that you can use to help.

For the cheapest, your business will probably be looking at around £30, while some of the more advanced can cost up to £200; it is even possible to purchase even more advanced machines, which will cost more again.

  • Basic Chip & Pin Terminal Cost – £30 to £80
  • Mid-Level Chip & Pin Terminal Cost – £80 to £180
  • Advanced PDQ Terminal Cost – £180 to £300

To get the most accurate pricing estimate, simply complete the form at the top of this page.

The table below contains the direct comparison of some of the top credit card terminals, with more information about each included further down the page.

Find out more in the sections below.

Hypercom Optimum T4210 Chip and Pin Terminal Cost

Hypercom Optimum T4210
For between £150 and £160, Hypercom’s Optimum T4210 chip and pin terminal is an excellent choice for small businesses. Versatile and useful in a range of sectors, this machine will allow your business to significantly improve the speed of payment taking, with authorisation and security built directly into the device.

The Hypercom Optimum T4210 terminal includes a printer and keypad, as well as a quality screen, with easy-to-use buttons, providing both staff and customers with easy access. This chip and pin terminal can be used as part of an overall merchant account system, and can connect to EPOS systems to provide top-to-bottom payment cover and support.

  • Type of terminal: Portable
  • Price: £150-£160

Ingenico iWL250 Wireless Chip and Pin Terminal Cost

Ingenico iWL250
For between £350 and £400, Ingenico’s iWL250 chip and pin terminal is one of the most expensive options available – as is often the case though, this is a clear reflection of quality.

Perfect for a huge variety of small businesses, this portable terminal can be used on-site by staff to provide a high level of flexibility when it comes to payment. This sort of functionality is most useful in hospitality businesses – bars or restaurants – where taking the payment terminal to the customer makes more sense than having it tethered in one location.This terminal works with a merchant account and EPOS system to provide your business with a clear process for payment acceptance.

  • Type of terminal: Portable
  • Price: £350 to £400

EFT Vega3000 Countertop Terminal

EFT Vega3000
For £300 to £400, EFT’s Vega3000 chip and pin terminal is another great choice for small businesses. Offering a huge range of options, this terminal can be used in a range of businesses and sectors to provide a huge level of versatility.

With a colour screen and large, easy-to-use buttons, this terminal promotes both accessibility and accessibility, allowing your staff to take payments easily, without turning customers off with safety concerns.

This terminal will work well as part of a larger POS system, and can operate with merchant account to ensure that your business can take payments quickly and efficiently.

  • Type of terminal: Portable
  • Price: £300 to £400

Cheap chip and pin machines

A ‘cheap’ chip and pin machine may not be the most cost effective option overall. Researching which machines are best and which fees apply can be complicated when working out how much a chip and pin machine as; to help, we have selected three excellent value for money chip and pin machines to help you choose.


iZettle price
iZettle represent fantastic cost-effectiveness and offer clear pricing which is easy to understand. The chip and pin machines themselves are currently available from £29. The technology and device are excellent, and this is a very high quality mobile chip and pin machine.There are no set-up fees, and no long-term contracts, just the individual transaction fees starting from 1%. The higher the volume and value of transactions, the less the fees are. Also included free is the POS app, daily reports, and customer phone support.

PayPal Here chip and pin card reader

Paypal Card Reader Cost
PayPal Here is a small, versatile chip and pin machine that can be used either as a mobile chip and pin machine, or a portable one using Wi Fi connection. The upfront cost is £45 per machine.There are then no monthly fees or fixed contracts. As with the iZettle, you just pay per transaction. Transaction fees start at 2.75% but drop as low as 1.5% dependent on total sales volume. These rates are for contactless payments. If you use the magnetic strip, or manually enter the card details, this will cost more at 3.4% + 20p.


Square Card Reader Cost
Another good option of small UK businesses is Square. They have a great and affordable chip and pin machine at £39 upfront. Once again, there are no hidden fees and there is no monthly tie-in.You are only charged per transaction at 1.75% for payments processed via inserting, swiping or contactless payment, or 2.5% for keyed in and online payments. They have a handy and useful free POS app, and customer services are available free, by phone.Despite the costs, chip and pin machines are of huge value to many small businesses and should be viewed in light of their overall return on investment. They improve customer service, build confidence, and minimise the risk of fraud. They also help to streamline the administration of transactions.

Chip and pin machine costs

Chip and pin machine prices do not fully reflect the real chip and pin machine cost. Costs associated with chip and pin machines are much more complicated and include a range of different fees and costs you need to be aware of.

Therefore, you should research carefully what the costs are behind the purchase price of the device itself.These costs range from set-up costs to authorisation fees, transaction fees, and merchant services charges.

The list below includes a brief roundup of the costs you can expect to encounter:

  • Upfront costs – Upfront costs include the cost of your chip and pin machine – these costs, as discussed elsewhere on this page, can vary based on a number of factors.
  • Monthly fees – Monthly fees will depend on the type of machine you have, as well as on the number of machines. This will depend entirely on your business.
  • Usage fees – Usage fees are determined in your contract, and will include a range of things. MSC, minimum monthly charge and chargeback fees are all examples of usage fees you are likely to encounter.

Find out more about these extra costs by visiting our ‘how much will it cost to process card transactions?’ page. For information about suppliers, visit our ‘top credit card processing company’ page.

chip and pin machine costs

Buying versus renting

Pros of buying outright:

  • No monthly commitment
  • Competitive advantage
  • Cost effective longer term solution
  • You own the machine
  • May be even more cost effective when purchased as part of a larger EPOS system
  • You choose exactly the right device for your business needs

Cons of buying outright:

  • Initial costs
  • No maintenance or replacements if needed
  • Lack of good customer service in the event of difficulties
  • Technology may become obsolete sooner than you wish to replace

Pros of renting:

  • No initial purchase costs
  • Maintenance and replacement likely included
  • Good for short term or seasonal needs
  • Access to customer service in event of difficulties
  • Always have the latest technology

Cons of renting:

  • You do not own the equipment
  • Higher overall costs
  • Not always a cost-effective long-term solution
  • Contract lock ins, and exit fees

Considerations before purchasing or renting

Before deciding whether to purchase or rent your chip and pin machine, it is important to take several considerations into account.Primarily you need to be aware that you will need a merchant account in order to use chip and pin machines and accept credit card payments. It is important to realise this before you invest in a chip and pin machine, as you need to ensure your choices are compatible with each other. For small businesses, care needs to be taken to select your merchant account wisely – find out more by visiting our small business credit card machines page.

It is also important to consider which type of chip and pin machine your business needs: countertop, portable, or mobile – this will depend on the nature of your business.You should also avoid buying or leasing used chip and pin machines. These may seem like cheap chip and pin machines but they are rarely cost-effective. They often suffer from technical difficulties and outdated technology.

Compare Chip and Machine Costs

The best way to compare chip and pin machine costs is to speak to suppliers – fill in the form at the top of this page, and we can help put you in touch.

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