For ten years, Tony dreamed of owning his own restaurant. He knew just what the menu would look likehe planned out the table and lighting settings in his head repeatedly, and he also knew precisely which credit card processor and restaurant POS to pick.
… Okay, so maybe he did not have that last decision performed in his fantasies. But it is a decision that restaurateurs have to create before they can accept payment and make a profit. When it is time to pick your credit card processing and restaurant point of sale system, do you have a plan of action to get the most out of your investment?
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Can Credit Card Processing Become An Investment?
We had a board of experts, including Matthew Mabel of Surrender, Inc. and Marc Thomas of Upserve, talk about the consequences of credit card processing on your bottom line. Long story short, we wanted to understand how restaurateurs could turn their restaurant credit card processing into an investment with additional business value.
“You do not begin a restaurant because one day you would like to opt for a credit card processor.” — Matthew Mabel, Surrender, Inc.
Beginning a restaurant is all about diving into exciting fresh waters, and this Dallas-based restaurant consultant would understand. Restaurateurs like choosing credit card processors around as much as they prefer to choose insurance companies and chemical suppliers, he points out. This isn’t the fun part of the organization. They’re so incredulous about boosting their profits, they become obsessed with saving a quarter point, and all providers become a commodity that appears exactly the same to them.
This isn’t the best way to look at it, however. Your decision on processing can end up bringing you value far beyond the capacity to take a card — and it should — should you choose wisely.
“If interchange goes up or goes down, your pricing shouldn’t change.” —Marc Thomas, Upserve
Charges for processing can eat up as much as 3 percent of the final bill. And Marc would understand — a former credit card processing firm owner himself. Understanding pricing arrangements, and the fees that come together, is integral to making a decision that could affect your bottom line, ” he says. You need to pick a pricing structure that is suitable for you. Challenge the business, he urges merchants, inquire how the charges are applied to your company.
“No one needs data only for the sake of information. Actionable insights are very valuable.” —Matthew Mabel, Surrender, Inc
What can your credit card processor do to you outside a fantastic rate? Restaurateurs are bombarded with technology which was not available to them before, or just available to chains, Matthew points out. This is exciting if you can harness your management staff and arrange them to use these pieces to boost revenue, profit, and employee and guest satisfaction. A processor should explain how their services fit into earning money and strengthening a new, and what their point of difference is when they have one.
The better you can understand options and choices — the more you can decide how to take in technology that you can use. It’s great having all this information but if don’t know how to use it, or your resources aren’t matching your requirements, then what you’re paying for is useless and only a new additional cost.
The Way The Restaurant POS System Can Unite The Front And Back Of House
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