Restaurants need an effective and reliable way to accept payments from their customers – that goes without saying. Very few companies can survive with a cash-only model, and even these merchants are leaving money on the table. A merchant account gives companies a way to expand the payment types they accept, ultimately making it easier for your guests to pay you. Choosing the right type of merchant account is an important part of growing your restaurant, so make sure you make the most of the process with these tips.
How to Approach the Buying Process
Restaurant owners need to take a look at the most common payment methods used by their customers. Do they primarily use certain types of credit cards? Are they looking for mobile payment options? Should you put an EMV compliant POS in place? The first step in making an informed payment processing decision is understanding the unique needs of your restaurant. What do you value in a payment provider? Speed? Service? Answering these questions before going on the hunt will reduce headaches and ultimately get your restaurant the best solution.
What the Merchant Needs
Your restaurant needs to go through an underwriting process before getting approved for a merchant account. The merchant services provider has a set of requirements that must be fulfilled before approval. While this list varies with the provider, common elements that are needed before approval include:
• Business bank account
• Business license
• Filled-out application paperwork
• Average processing volume
Regardless of who you apply to process with, it’s always good to have these items handy in order to make the process as smooth as possible.
Look for Restaurant Features
Restaurants should look for a merchant account provider accustomed to dealing with this industry. The features they offer cater to the needs of restaurants rather than only being useful for massive enterprises. Easy-to-understand terms, straightforward checkout processes, cost saving options and reliable support are just a few characteristics to look out for.
Evaluate the Options
Setting up a merchant account is a big decision. If you rush your decision, then it can have a domino effect throughout the business. Cash flow gets interrupted, customers have bad experiences, and it’s difficult to stay on top of invoices and payroll. The evaluation process should be thorough and include due diligence measures. Look into the reputation of the payment processing provider and what other restaurants say about them before making your final decision.