5 Things to Consider Before Changing Your Payment Processor

Cash flow is crucial to run a restaurant successfully. Today’s diners prefer to pay with a card, and when such an option is not available, it can be a major inconvenience for your customers that can cost you repeat business. If your restaurant is running an outdated payment processing system, it’s time to change it to one that can accept contactless payments from phones, read the chips on new credit cards, and work well with traditional credit cards.

Before you change your credit card processor, consider these five things to make an informed decision that’s right for your business:

Consider Processing Fees

Rising processing costs are significant factors that prompt businesses to leave their current provider and switch to a competitor. The credit card processing industry is known to lure merchants in with low fees and raise it after a few months. Most payment gateways charge a fee in exchange for each payment they process for you. While some charge monthly or yearly fees, some take a small transactional fee for each payment. For instance, if you want to change from a gateway that charges a 4 percent transactional fee to one with a monthly usage, consider the overall costs you’ll pay at the end of every month.

Review What Customers Said

Customer feedback holds great importance if you are looking to improve your payment experience. If your customers tell you about the problems they are facing with your payment gateway, it’s time to change. Your customers might be asking for additional payment methods or supported credit card types. Some of the best ways to collect feedback are asking your customers direct questions or handing out a questionnaire with all the essential questions.

Find a Fully Integrated Solution

Ensure that the payment processor you are choosing is compatible with the software of your choosing. A payment gateway integrated with customer relationship management (CRM) and backend software will streamline business functions and reduce unnecessary duplicate work. A fully integrated payment system allows your employees to process credit cards, debit cards, and ACH payments without leaving the CRM system. This will enable you to keep your customers firmly embedded in your brand experience while serving up a high-quality checkout experience.

Make Sure the Vendors Are Experts within Your Industry

While there are many companies you can select, not all are created equal. Narrow down your search by looking at companies that have in-depth experience within your industry. Select someone who understands the unique challenges that your restaurant is facing. Don’t be afraid to ask important questions like:

• How long have they been in business?
• What experience do they have in your business field?
• How is their solution better than the rest?

When selecting a payment processor, look for a business partner and not just a vendor. A processing company with a vast network will help your business grow long term.

Understand the Security Features

Security features are the most essential part of payment processing for both the restaurant owners and their customers. Any breach in security could spell disaster for the customers and destroy the reputation of your business. Here are a few key features to consider when deciding on a processor.

EMV-Chip Readers

EMV card processing uses fraud-reducing technology to protect issuers, merchants, and consumers against losses from the use of counterfeit or stolen payment cards at the point of sale (POS).

PCI

The Payment Card Industry Data Security Standards (PCI DSS) is a security standard that ensures that all companies that process, store, or transmit credit card information maintain a secure environment.

Need more guidance incorporating a restaurant management POS system? Total Touch POS is here to help! Contact us today about a free POS software demo.