How to Choose the Best Credit Card Payment Processing System for Your Restaurant

How to Choose the Best Credit Card Payment Processing System for Your Restaurant

Your restaurant needs to accept card transactions (credit and debit cards) in order to provide customers with simple and quick checkout experience.

If you are looking for a new credit card payment processing system, you may want one with lower fees. Credit card processing fees are a basic and yet necessary cost for any business. It is a simple service – your business pays a fee for the option to receive funds through customer’s cards.

The good thing is that there are a lot of options on the market, and as long as you know what your restaurant needs, you will find the best and most affordable option of them all.  

How Can Card Payment Processor Help Your Restaurant

All restaurants need solutions that will help them create a better experience, serve their guests, be more efficient, quicker, and help them increase their sales.

 

The main purpose of a credit card processor is to help your business accept payments through restaurant POS (Point of Sale system). However, there is so much more a credit card payment processor can do for your restaurant.

 

Here is how your restaurant business can improve:

Customer Loyalty Programs

Did you know that an average US-based household is a member of 18 different loyalty programs?

 

And another information – the restaurant industry is claiming over 9.7 million of that piece.

 

The restaurant loyalty programs help restaurants collect information about customers and use it to increase revenue through those who come back or visit most.

 

In order to use one such program, you need people to sign up for your loyalty arrangements. The rewards and benefits will show whether or not it seems right.

 

While most programs offer a discount, you can try something else. For example, you can set your restaurant apart by providing your customers with a cash back option. If your credit card payment processor has this type of program, it will enable you to put money back on customers’ credit cards. The quick gratification will satisfy your guests and motivate them to come back to your restaurant again and again.

Single Out Repeat vs New Customers

Each transaction that occurs at your restaurant, can provide you with valuable analytics. Information is created by the customer’s visit and each customer is either a returning or new customer.

If your restaurant maintains a mix of new vs repeat guests, you can take advantage of your credit card payment processor and examine the transaction history. This will allow you to gain insights about your customers and their purchase habits.

If you notice that the ratio of new customers vs repeat is high, this is a possible indication that you aren’t building loyalty. It is time to do something about it.

Safer and Quicker Checkout

One of the most common causes of credit card scams in a restaurant happens when servers take the credit cards of the guests and swipe them at the register, instead of at the table.

To avoid this risk, offer your guests a tablet so they can check out themselves. This way, the credit card doesn’t leave the table. It is not only increasing the transparency of the payment process but it also makes sure the credit card information is protected.

Another advantage of using a restaurant POS system is that guest can authorize the cost of the meal, as well as, the tip in a transaction. This reduces your fees and authorizations.

Your guests will be happy with the new service and you will be satisfied when your restaurant serves more customers per day.

4 Ways to Choosing a Credit Card Payment Processing System

Finding a payment processing system for your restaurant is not an easy task. There are many options to consider, service terms are difficult to understand and rates vary greatly.

If you already use a restaurant POS system and you aren’t looking for a new one, you want a processor that can integrate with your current system.

Keep these 4 things in mind when choosing a processor:

1. Consider Multiple Processing Companies

Before making a decision, we recommend researching at least 3 processors. You need to choose a company that provides your business with the best card processing service at the best rate.

Even though, it is time-consuming, choosing the right provider will save you both money and energy. In other words, researching and comparing will pay off.

2. Discuss Possible Options with Restaurant Owners

As experts what experiences they have had with the credit card payment processor they have worked with. See what their fees and rates are and whether you can negotiate better terms and rates.

3. Research Reputable Companies Online

Today you can find everything you need online and a payment processing company is not an exception. You can read consumer reviews, share experiences, analyze, and compare.

 

If you already use a restaurant POS system, talk to the representative about what services and features are competitive with your system and which ones are recommended.

 

Bear in mind that many Points of Sale providers offer card processing and your system may only work with their service.

4. Look at Other Companies Beyond Your Bank

You may be satisfied with your bank and the bank may provide affordable processing rates, however, there is nothing wrong in considering other options as well.

 

You may get better terms, rates, and service from providers that specialize in credit card payment processing.

Make Your Final Decision

You’ve already called multiple credit card payment processing companies, read full contracts, requested pricing plans, and discussed the possible options with your team.

Now, you should feel confident enough to choose a company that is best for you, your restaurant, your employees, and your guests.

Once you make your final decision, you can submit an application and wait for the company to approve it. You can set up an account, purchase the equipment you need, and start processing credit card payments immediately. More Info https://en.wikipedia.org/wiki/Point_of_sale

The time is now – make the right call!

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