In partnership with Stax
Finding the right payment platform is critical to the success of your business. With many options in the market it’s important to do your research and find the option that saves money, reduces costs, and allows you to maximize revenue. Knowing what to look for in the right payment processing solution can help you make the best possible decision for your business.
In this blog, we will discuss how the right payment processing solution can help you reduce costs, improve cash flow, and how to identify the right fit for your restaurant business.
THE RIGHT PAYMENT PARTNER ALLOWS YOU TO DECREASE COSTS AND IMPROVE CASH FLOW
Avoid paying high credit card processing fees
Restaurant owners work too hard to pay extraordinarily high processing fees. And most have no idea what they’re paying for in credit card processing, resulting in unnecessary money spent.
With the right payments partner, your restaurant business can avoid paying inordinate amounts in processing and reduce costs significantly. They will be upfront about their costs and help you understand the breakdown of different fees. The following are unavoidable charges every business must pay:
- Interchange – the required fee that credit card companies like Visa and Mastercard charge businesses to accept their cards – set by the credit card brands.
- Transaction fees – these are fees that are associated with each transaction run.
KNOW WHAT TO LOOK FOR AND RUN WHEN YOU SEE ANY MENTION OF EXTRA FEES
A few payment processing fees you should watch out for when evaluating a payment processing solution:
- PCI compliance
- Setup fees
- Account maintenance fees
- Statement fees
CHOOSE A PARTNER THAT OFFERS 0% MARKUP AND LETS YOU KNOW EXACTLY WHAT YOU ARE PAYING FOR
Opt for an all-in-one payment solution whenever possible
When evaluating the right payments solution for your business opt for an all-in-one solution that allows you to manage your entire payments experience from within one platform. An integrated payment solution allows you to automate your financial bookkeeping. By allowing you to consolidate your payments solutions you can save time otherwise spent switching between systems to manage your restaurant business. In fact, according to Small Business Digest, 91% of small to medium businesses that incorporated an integrated payment solution reduced overhead expenses by at least 21%.
With an integrated payments solution you’ll no longer have to perform repetitive data-entry tasks and you can save time on manual reconciliation. This process improvement goes a long way in helping you manage your employees’ time in a better manner.
Improve your cash flow
The right payments partner allows you to process your payments as soon as they go through. This means faster deposits and reduction of lag time with manual labor. Put simply, the money enters your account more quickly and you can use those funds to operate your business at peak efficiency.
HOW TO FIND THE RIGHT PAYMENT PLATFORM
When deciding what payment platform would be best suited for your business make sure to do your homework. Find out if the company charges different pricing tiers for different card types. With a tiered pricing model, similar transactions are grouped together and categorized into tiers, each tier is then charged a different rate. Depending on the types of transactions, you could be paying upwards of 3% in processing.
Integrated payments platforms should arrive to make your business operations as simple as possible and educate you throughout the process, so you are empowered to make processing decisions on your own.
A critical factor in selecting the right integrated payments platform is that it’s important to note if it provides real-life human customer service versus a robot or outsourced representatives. If you can access humans and solve your credit card processing problems, it’s a win. Don’t forget that you are the customer and the boss.
Selecting the right payment system is critical to the success of your business. So be sure to do your research before investing in a solution. Opt for a payment processing system that enables you to reduce costs, maximize revenue, and save money.
Ranked the #1 Best Credit Card Processors by US News & World Report in 2022, Stax has disrupted the payments industry with its subscription-based pricing model. Stax is a merchant service provider with total transparency built into its framework. All merchants have access to direct cost payment processing with 0% markups, no contracts, and no hidden fees.