How Any Restaurant Can Get a Leg Up on the Competition
It is a commonly held axiom that nine out of ten new restaurants fail
in the first year. Now there is some research out there that purports
that this may be a slight exaggeration, but anyone in the restaurant
business can tell you that it is still pretty tough out there.
restaurant business is a fickle industry. You can have the best
location in town, the finest chef, and a menu that will have mouths
watering just reading it and still fail.
How does this happen?
Nobody knows. Maybe the tastes of the people in your neighborhood are
just different. Maybe it is the ambiance or the décor. Maybe it is just a
bad time to be opening a new business.
Though there are plenty
of things that you can’t control about how your business succeeds, there
are also a few things that can increase your business in a hurry. One
way you can help to grow your restaurant is by signing up for a
restaurant merchant services account.
A merchant services account
that is tailored specifically to the restaurant industry can allow you
to process credit and debit cards, electronic checks, and even gift and
loyalty cards. Your focus should be on making the best food and the
finest dining experience you can offer, not worrying about how you
There is no reason to turn away business
because you are stuck in the antiquated “cash only” model. You might
send your customers down the street to hit an ATM the first time they
come for a meal, but you can also be sure that is the last time they
visit your establishment. Your customers are savvy enough to realize
that when you sign up for a merchant account, it is because you respect
them and their business.
The first thing a restaurant merchant
account can offer your business is the ability to process credit cards.
One thing you will definitely need is a retail swipe terminal. This is
the same type of thing you would see on the counter at any convenience
store or retail outlet.
The nice thing about these swipe
terminals is that they have very low fees, since studies show that fraud
occurs far less when people pay in person. All you have to do is swipe
their card. The funds will go through a series of complex transactions
that your merchant account will take care of and the money will be
deposited in your business account within a few days.
also process debit cards in much the same way. On your end, it all works
the same. The only difference is that the funds will be deducted
directly from the customer’s account.
There are other features of
a merchant services account that are very specific to the restaurant
industry. Your provider will make it easy for you to start a running tab
for your clients if they want to have a few drinks at the bar before or
after dinner. It will also be easy for you to combine the tab for the
bar and for their meal if they move from the bar to a table with a
Another convenient feature of a restaurant merchant
account is the ability to split a bill among multiple credit cards.
People don’t carry cash as much as they used to, and they often expect
to be able to hand you a stack of credit cards and say “Can you split
this up for me?” In the past this could be difficult, but a restaurant
account can make it easier than ever before. This is something your
clients will surely appreciate.
You can also increase your
business by utilizing wireless terminals. With a wireless terminal, your
restaurant can start offering curbside pickup for takeout orders. They
can just call in their order and give you a call back right from their
car when they come to pick it up. All you have to do is send someone out
with their food and you can swipe their card right at their car.
terminals are also convenient for expanding your delivery services.
When someone orders delivery, it is usually because they don’t feel like
getting in the car and going anywhere. So what do they do if they don’t
have any cash lying around the house? They most certainly aren’t going
to go out and hit an ATM. If they were going to do that, they might as
well get some food while they are out. Nope, they are just going to call
somewhere that can process their card with delivery. And with a
restaurant merchant account, that delivery service can be you.
are countless ways that a restaurant merchant account can help to
expand your business. But the main way is simple. When you offer
conveniences like these to your customers, they recognize that it is
because you respect them. A respected customer is a customer who will
return to your establishment again and again for years to come. That is
how you run a business that is bound to succeed.