How to Get Restaurant Credit Card Processing
Any new restaurant or any cash only restaurant can boost their sales
and attract more customers by accepting credit cards. To do so, those
places need restaurant credit card processing, but getting card
processing can quickly get complicated. Knowing what to look for can
make the process go more smoothly.
Types of Credit Card Processing for Restaurants
may sound like common sense, but the first thing owners need to
establish is what kind of restaurant they have. Fast food restaurants
have different needs from full service restaurants.
service merchant accounts are specifically designed for fast food
restaurants. Any owner of a fast food restaurant knows that he or she
needs to process every credit card transaction quickly and efficiently.
Also, these transactions tend to be much more straightforward and rarely
involve the need for tips or multiple bills for one customer.
running a full service dining establishment there are additional
considerations to keep in mind. Credit card processing at a full service
restaurant must include the ability to accept tips, combine bar bills
with dinner bills, and separate a single bill for multiple credit cards.
In addition, full service restaurants have to find a merchant account
that will work with their point of sale software systems and equipment.
and more, restaurants are using wireless credit card terminals that
allow the waiter to enter the order as it’s being ordered as well as
processing that order at the table. If you’re interested in this type of
processing, you need to ask your merchant account provider if they
offer that service.
Process More than Credit Cards
many people use a credit card to pay for their restaurant bill, they
have plenty of other options available to them. As an owner, you need to
decide what other kinds of payment you want to accept and if they can
be processed by your merchant account provider as well.
most similar form of payment to a credit card is the debit card. While
some debit cards can be processed as a credit card, some customers
prefer to use their PIN. If you would like to offer this option to your
customers, make sure your merchant account will accept debit cards and
confirm that your terminal has a PIN pad.
cards are a great way to generate business, but before you can offer
them to your customers, you need to be able to process them. Most
merchant account providers offer this service, but you will need a card
terminal that is able to process that type of card.
everyone uses credit cards to pay their restaurant bills. Some people
really do still use checks. To be prepared for that type of payment and
to protect your business, get the proper check verification equipment
and ask for check processing services from your provider.
Credit Card Processing Fees
the fees associated with processing credit cards will help you find the
merchant account provider that is most affordable for your restaurant
business. While it does vary by provider, there are some basic fees that
you need to know.
charge a setup fee when you initiate the account, while others waive
that fee. You can save some money with a company that doesn’t charge
such a fee, but don’t make a decision on the setup fee alone. Setup fees
can also include an application fee.
maintenance fees can be a monthly charge, an annual charge, or both.
Find out how much these fees are before signing on the dotted line.
merchant account providers charge two types of transaction fees. One is
the discount rate and that rate is a percentage of every transaction.
The other is the per transaction fee and that is a flat rate, usually in
cents, charged for every transaction. These fees are very important as
they can accumulate quickly.
Monthly Minimum Fees
those transaction fees don’t reach the minimum set by your provider,
you will end up paying that minimum amount every month. Make sure you
know what it is.
sign up for an account with a provider you’re not happy with, you may
actually have to pay to end the contract. Read the fine print on any
contract to find out if it involves a cancellation fee.
card processing is important for your restaurant’s success, so it’s
important that you understand what you need, how it works, and how much
you’ll have to pay for it. Once you have that information, you can open
your restaurant merchant account .