Accepting credit cards as payment is confusing, but it does not have to be!  Learn how to overcome the three most confusing parts of credit card payment acceptance with a merchant account service provider. 

Most people agree that the most confusing things about credit card acceptance are the merchant account service pricing.  People get confused here because most people do not do their research to find out what a competitive price is, and instead rely on a sales rep.  Since most small business owners are very busy, they will simply reach out to their bank for merchant account services.  Sometimes this is the best option, but it is still smart reach out to a few other vendors and banks to make sure you are getting the best deal on your merchant account service.

Small business owners often get confused because of the many different pricing models involved with various merchant account services.  While the pricing model depends on the provider, the two most commonly used methods are the tiered pricing and interchange-plus methods.  When utilizing the tiered pricing model, the vendors decide the rate that each merchant qualifies for.  On the other hand, interchange-plus utilizes rates that are pre-set by the credit card company. 

This pricing model is much more transparent, but can still be confusing because small business owners do not understand the pricing criteria.  To obtain total clarity, small business should decide which type of pricing model each merchant account service provider offers and which kind works best for their business. You should also make sure you understand the pricing structure 100% so that there are no surprises!

After you understand the process of getting an accurate quote and evaluating pricing models, you are on the right track to understanding payment acceptance!  

Restaurant tablet POS systems are an important tool that can benefit any restaurant.  They speed up ticket times, create an easy system for keeping track of checks and allow managers to keep tabs on what servers are doing.  For all of these reasons and more, restaurant tablet POS systems improve customer service.

How do they speed up ticket times?

Restaurant tablet POS systems speed up ticket times in many ways.  They can provide a uniform system for grill slips, which makes it much easier on the cooks.  The last thing a cook wants to worry about is trying to read the handwriting of a server.  Also, because the slip printer can be set-up next to the grill, it speeds up time for the server.

Why are check tracking features important?

Having slips tracked in a computer system is extremely important.  It helps expedite the process of cashing out customers, because you will have all of the information that you need right in front of you.  The ability to track checks also helps when making sure that customers do not walk out on their check.  You will be able to easily check to see if they paid their bill by looking to see if it is still in the system.

How can managers keep tabs on servers?

Restaurant tablet POS systems are also useful to oversee that servers are doing their job properly.  The manager on duty can go into the computer system and look at everything that a server has open and view what the customer is being charged.  This way, if an employee is attempting to give away food, it can easily be spotted and taken care of.

If you own or manage a restaurant and are not currently implementing a restaurant tablet POS systems, I strongly urge you to think about the advantages they provide.  Restaurant tablet POS systems can change your business in many positive ways.

Point of sale systems are common in the restaurant industry, primarily because of their numerous benefits. Restaurant tablet POS systems streamline the flow of food, increase accountability, and offer a wide range of optional add-ons making them customizable to each restaurant, bar, pub, and diner's individual needs. The decision to add restaurant tablet POS systems can be made before a restaurant opens or even after years of business. If you are considering a tablet POS system for restaurants here is what you need to know:

• POS Software: Since 1992 POS software has been created that runs on a variety of platforms. If you already have the hardware for a POS System or you are considering picking up refurbished hardware you will also need to look into POS Software. Some software offered is completely free but often does not offer customer support and are limited in their functionality. Other companies offer relatively low cost software options ranging in price from only $100 or even less to about $1000.
• POS Hardware: The cost of POS hardware depends on the number of terminals and accessories a restaurant wants. Because of this the cost of a POS system may vary and can cost anywhere from $5,000 to $20,000. Options typically included are a server, touch-screen monitors with credit-card processing attachments, a kitchen printer, receipt printers, and software, which can be customized for the venue's needs.
• IPad and Tablet POS Systems: Restaurant tablet POS systems may be new, it is rapidly gaining popularity. These systems are often a fraction of the cost of a traditional system and have a sleek modern look to them. Since this industry is new it is still rapidly adapting and changing, constantly adding new features and options.

If your considering upgrading from a standard cash register to a tablet POS system for restaurants the options and costs can seem overwhelming. However, POS systems have much to offer. They can simplify communication between your service staff and kitchen. They also can track food usage and item popularity, as well as payroll and labor.   More often than not, owners find that restaurant tablet POS systems pay for themselves rather quickly, offering a great return on their investment.

The restaurant business model is one of the most well established business models in history. There is almost no better way to fulfill a customer’s needs than to feed him. Therefore, it is no surprise that the restaurant industry is on the rise, and with that, the need for restaurant merchant services are increasing as well.

Unfortunately, for small business owners, the sheer cost of simply opening a restaurant is often overwhelming. Even as far back as 2009, without the purchase of land, one survey reportedly showed that the average start-up costs for a single restaurant was nearly half a million dollars. Restaurant ownership, though rewarding and often lucrative, is not a cheap enterprise.

Many restaurant owners think that once they have overcome that first financial hurdle of gathering seed money, things will get easier.  However, that is not always the case either.  With potentially high employee turnover; the constant need for planning, restocking and ordering new ingredients to keep up with the next new health trends and diet fads; planning for competitive specials; and sometimes making accommodations for outside entertainment and private party hosting, the costs of running this type of business are high.  Then add the ongoing financial costs of supplies, building repairs, interior design, professional cleaning, ingredients and wages; and in essence, you are talking about a lot of money and time. 

It is for that reason that selecting cost-effective restaurant merchant services in the beginning is so important. As Benjamin Franklin once noted, “A penny saved is a penny earned.” You want your restaurant to earn as many pennies and to run as smoothly as possible.  Restaurant merchant services can help you do just that!

While restaurant merchant services are not free, they are well worth the investment. Some credit card payment processors, for instance, will charge between 2-5% of a sales total to relay the sale information. Reducing that number can really have an impact on your bottom line. If 80% of a business’ annual $2 million in sales comes through credit cards, then dropping the surcharge (even less than 2%) can save as much as $25,000. That is $25,000 you could put into your employees’ wages or back into the business, thanks to a restaurant merchant services account.

Saving money is often just as important as earning it, and with restaurant merchant services, saving money is a much more realistic goal.  Additionally, with competition increasing each day, it is even more important to find a restaurant merchant services provider that is flexible to your needs and one that grows with your business.

Commerce as we know it today is quickly changing.  From an increase in business regulatory efforts, to enhancements when it comes to point-of-sale, or POS systems, there is no denying that the past couple years have been revolutionary for the payment processing industry.  A major factor that has entered the landscape is the merchant account service offering.

There are several technologies that have emerged as leaders in the payment processing industry, but there are a few methods that have proven themselves to be irreplaceable for small businesses. For example, it is simply crucial that small businesses accept non-cash payments at this day in age.  This is where a merchant account service can assist in the success for small businesses.  Besides assisting with traditional debit and credit transactions, most merchant account services can enable small businesses to process mobile transactions.

A leading financial institution reports that, 60% of potential customers believe contactless payments are a quicker payment option, and that 36% believe that mobile transactions are preferable than purchasing goods with a card in person.  Small businesses have the technologies in place to keep up with this demand from consumers, or they will miss potential opportunities. Luckily, small businesses are typically able to be flexible and should be able to fill this customer need.  However, with technologies in this industry constantly changing, it is crucial to stay up to date on the merchant account services and products.  For more small business resources, check out this blog.

According to modern statistics, people in the United States spend an average of $181 a month on restaurant meals, making it easy to see why opening a restaurant is such a popular entrepreneurial dream.

Many new restaurant owners make the mistake of thinking they have to choose a credit card processor they've never heard of to process transactions; the sort of company they imagine established restaurants and other larger business models already use. However, new entrepreneurs can and should turn to a familiar bank when possible as long as it offers the type of merchant services that can handle a restaurant's unique needs. In fact, most established restaurants and larger business models already work with the same banks you are familiar with on a personal and consumer level.

A restaurant merchant account should offer a few simple things to make it easier for you to:

• Get paid
• Get through the business day with fewer headaches
• File taxes, and
• Pay employees

What to Look for in a Restaurant Merchant Account

1. Software with a Simple Learning Curve

Right out of the box, any software that accompanies your merchant account should be easy to use, yet offer you fluid and modern functionality.

2. Software with a Digital Mind for the Restaurant Business

Because you have to spend enough time keeping staff members on their toes and your customers happy, a good merchant processor's software package should easily keep up with the fast pace of your food business without much input from you. The software should also be able to handle new information, menu changes and course of business changes with ease like:

• Sales
• Daily plate specials
• Expanding menus
• Seasonal items

The restaurant merchant account software should also handle administrative tasks for you, putting out easy-to-read, correct printouts for your records. In the food business, inventory is especially important because of seasonal price fluctuations and food spoilage. Your software should help you keep track of items that you need reorder and the items you already have in stock.

3. Modern Expectations Met

The merchant processor you choose should also accept every credit card out there. Though this is easier now than ever before, (since most cards have one of a few major logos), it is still important to make sure for yourself that the company you choose accepts everyone.

Customer service is also incredibly important. So many merchant account processors outsource their customer service to other countries and to people who are not qualified to handle your important business concerns in a timely, professional manner. When it comes to your business and livelihood, you should know that you are going to receive excellent customer service every time you contact your service provider via chat, phone, social media or email.

More people than ever are starting online businesses, which means more people than ever are feeling the need for merchant services credit card processing.  Merchant services companies serve as a liaison between credit card companies and banks and both small are large businesses. When you invest in merchant services for your credit card processing, you have someone that will monitor the payment process and ensure that funds are transferred from your customer’s accounts to your account.  No matter what type of business you own, there are a few factors you should consider prior to selecting who to utilize for your merchant services credit card processing needs.  The main items to explore are the equipment choices, the security options, the cost, and finally how you can apply.

Credit Card Processing Equipment

Each merchant services company has different options when it comes to the equipment available for lease or purchase.  For example, some credit card processing equipment options might be POS terminals, swipers, terminals with PIN-pad, or even wireless terminals.  Those with online businesses should ensure that their merchant services provider has the eCommerce capabilities that they will need, like a payment gateway or virtual terminal.

Credit Card Processing Security

Credit card processing security is monitored by the Payment Card Industry, which is in charge of the Data Security Standard.  These guidelines are in place to make sure that business follow the standards that were created to prevent credit card fraud and security issues.  The PCI also ensures that credit card information is kept safe.  The PCI is available to assist with any issues that arise between the customer and merchant.  Credit card processing security is a major item to consider when evaluating merchant service providers.

Merchant Services Cost

Like any other service worth having, there are fees associated with merchant services credit card processing.  When selecting a merchant provider, this is often the most important factor to consider.  It may take a little extra time, but be sure to compare prices to make sure you get the best deal available.  Normally costs include one statement fee per month, one minimum fee per month, one monthly gateway payment, and a fee per transaction.  However, every merchant account provider has a different cost structure, so do the research to find out which option is best for you.

Applying for a Merchant Services Account

The application process is also an important factor in the merchant provider selection process. You will first need to be approved, but also be aware of any fees that you will be expected pay to start your merchant services account.  You will also need to evaluate the customer services choices and select the level of support that fits your needs the best.

The benefits of offering customers alternative means of payment through restaurant merchant services processing are limitless. It is important to choose a provider who offers a comprehensive, efficient, and budget friendly system. PCI regulation compliance is also a major concern of restaurant owners, employing a system that maintains PCI compliance is essential to success.

Choosing a merchant service provider that is right for your business depends on outlining your unique restaurant credit card processing needs. Your service provider should offer a scalable system which allows for growth or downsizing. Restaurant tablet POS systems should be technologically advanced but easy for you and your staff to use. Having a system that quickly submits and processes information allows your staff to be efficient, productive, and accurate with meal ticketing and sale finalization.

If your business relies on mobile services, your restaurant merchant account provider must allow your staff to process sales in the field. Mobile credit card processing enables your staff and can boost your sales. When your restaurant is attending a festival or foodie event, you can offer your customers the convenience of paying for your services with their debit or credit card.

PCI compliance regulations outline how restaurant owners can avoid customer information fraud. Customer and company data breach can be a serious hindrance and maintaining PCI compliance will help you avoid unneeded risk. 

Restaurant credit card processing & PCI Compliance?

The Payment Card Industry Data Security Standard outlines the requirements for all merchants that store, process, or transmit customer data. By using a POS system that is PCI compliant you are mitigating compromises, preventing storage of sensitive customer data, and supporting the PCI-DSS standard for cardholder safety and security.

If your restaurant tablet POS system is not PCI compliant, you could incur penalties and fines that reach the amount of $50,000 or more. You will also be classified as a Level 1 merchant which faces yearly audits of PCI regulation compliance. These audits can cost between $25,000-$35,000 per year. 

In order to ensure your restaurant merchant account provider is PCI compliant, it is important to check the validation list often. Remember PCI compliance regulations can change and adjust each year, be sure to check with your provider annually to ensure your systems remain up to date with compliance regulations.

Statistics show an increasing percentage of American shoppers are using credit cards over cash when they arrive at the checkout counter. In fact, only 27% of USA sales transactions are completed using physical tender (Source: Forbes.com). As higher plastic payment rates show changes in consumer behavior, small businesses accepting credit cards is likely to increase. Although many businesses disregard credit card transactions due to fees, the pros outweigh the cons.

Credit card processing usually incurs payment fees of 2-5%. While many see this as a hindrance, it is important to consider the potential value of a secure merchant services account. With credit card transactions on the rise, many businesses are finding additional processing fees are well worth the ROI (Return on Investment). Of the numerous advantages, small businesses accepting credit cards benefit from a simple, fast and safe transaction process. Data encryption and fraud protection maximizes security measures while wireless online connectivity has greatly surpassed dial-up transaction speeds, making credit card processing easier and more attractive to consumers.

A common question among credit card merchants is “how do I take credit cards without a merchant account?”  Unfortunately the answer is that you cannot.  Fortunately, however, there are several great options out there for credit card merchants.

Although some people will argue that Paypal is the exception to this rule, even they utilize a least some type of merchant processing account depending on what service you need.  Other people may try to avoid merchant processing accounts by sharing accounts.  For example, if someone owns two businesses, they would try to use one account for both companies.  However, most major credit card companies do not allow shared merchant accounts.  It is crucial to have one merchant processing account for each of your businesses.

If you are a credit card merchant, the easiest way to accept payment is simply to embrace the merchant processing accounts.  Countless credit card merchants have already done this, and are now reaping the benefits of utilizing a merchant account.  Credit card merchants give their customers the convenience of using their favorite method of payment, are decreasing checkout time, and can get paid at any time or in any place.