When starting a restaurant, coffee shop, or other foodservice business, the payment processor you choose will have a significant impact on your overall success. When it comes to anything from the amount of money you spend to process credit card transactions to suitable POS systems to mobile card readers, your processor must satisfy your company demands and accommodate your objectives.
When you take into account the specific feature needs of the restaurant sector as well as the growing industry practises of the COVID age, you have a lot to think about and evaluate. As a result, we wanted to provide you with a primer on the top merchant services for restaurants that are available.
What is the purpose of having a restaurant merchant account?
It is possible that you may be tempted to skip a merchant account in order to operate as a cash-only business if you take into consideration such components of credit card processing as transaction fees and the cost of card readers and other equipment. While it is possible to save money in this manner, there are significant drawbacks.
In the first place, cash isn't the preferred means of payment for the majority of restaurant patrons. According to research conducted in 2018, just 15% of guests at dine-in restaurants prefer to pay with cash. In addition, this was before the epidemic made people wary of even touching currency, so you can guarantee that this figure is significantly lower today.
Another point to consider is that many consumers utilise credit cards that provide additional advantages or increased reward earning opportunities while making restaurant-related expenditures. This group of credit cardholders will hunt for a restaurant that will allow them to accrue credit card points with their dining purchases when they go out to dine. A restaurant that accepts just cash will be excluded from the equation.
What is Next Generation Restaurant Credit Card Processing?
Traditional merchants consider credit card processing to be a utility, similar to electricity or gas, that they should set up and then forget about for as long as they can. As a result, your bottom line is suffering as a result of the outdated manner of doing business.
These days, there is a new group of next-generation processors that are creating a stir in the business and altering how restaurateurs see the process of accepting credit cards. They are not utilities; rather, they are technological firms that are continuously inventing and looking for new ways to bring value to your company's bottom line. That is, if you are collaborating with the appropriate individual. Traditionally, the only place where you could add value to your company was by negotiating the rate you paid to process credit card payments.
Merchant Account with Connected.co
With a large network of high-risk banks both domestically and internationally, Connected.co is constantly expanding its client base and increasing its revenue stream. We have extensive experience in the placement of merchant accounts. We will take use of these ties and our expertise to secure a merchant account for your company in situations where others have failed. Simply put, if your company is lawful, we can help you become authorised! High-risk merchants can also apply for a merchant account with Connected.co, which makes the process simple.
JW Epply has been a senior executive for over 10 years, during which time he has met and exceeded growth and revenue goals in exceedingly difficult verticals. Epply is recognized as an efficient, dynamic leader with a strong background in sales and sales process, management, and organizational strategy. He holds a Bachelor’s Degree in Organizational Management from the University of Wyoming, and is an accredited Certified Payments Professional (CPP) from the Electronic Transactions Association (ETA).