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.