If you own a restaurant and are looking to reduce your existing merchant account fees then you’re in luck.
That’s because it’s easy to cut your existing rates by 15%… or more.
It’s simple — just read these three tips to find out how.
Restaurant credit card processing tips
If you are looking for a new restaurant merchant account, there are a few things you may want to check out.
For example, some merchant account providers may be able to offer you free equipment as an incentive for you to open a new account.
Before you go and sign on the dotted line, however, check out these three tips…
Tip #1: Get a merchant account review
Chances are that if you’re still with the same processing company for more than 3 years you’re paying too much in fees.
And yes, I know, people cold call or walk in just about every other day promising you big savings. However, getting a free merchant account review from a few processing companies makes financial sense… provided, of course, that you get an honest review.
- Make sure that any rate comparisons accurately reflect what you’re already paying
- Then, ask to see if the proposed rates they offer you are guaranteed for any length of time
- And finally, get it in writing
After all, it you’re going to switch to another company to reduce your processing fees you need to be sure that you will actually save money in the process. And knowing how long the quoted rates will be in effect is important for obvious reasons.
Tip #2: Ask about equipment deals
As you go through the process of getting a merchant account review ask the person you’re talking to about any free equipment deals they might be offering as an incentive to sign up.
Some companies have incentive programs for:
- credit card terminals (including wireless ones)
- electronic cash registers
- POS systems
Now, some of these free deals may only include 1 terminal or POS system, so if you need more than 1 for your restaurant you may have to pay for additional equipment.
One key is to make sure that any free deals don’t come with “strings attached.”
In other words, you don’t want to end up paying more for accepting credit cards because you accepted “free” equipment.
Also, make sure the equipment you are getting is:
- new, rather than refurbished
- PCI compliant (since many companies will charge you a “non-compliance” fee for using old/outdated equipment)
- ask if they offer replacement for damaged or defective equipment
Tip #3: Check the fine print
This last tip is key.
Having to sign a 3 or 4 year contract is not necessarily a problem. However, getting stuck in a contract that requires you to pay an “early termination fee” to cancel if you’re not satisfied IS a problem.
So make sure you avoid any and all early termination fees.
Also, avoid any credit card terminal leases. There’s simply no need to pay a lease for a machine or POS system for 4+ years when there are other options available, like free equipment deals or just buying what you need outright.
Does that make sense to you?
By following these three tips you should on the right track to get the best restaurant merchant account.
I hope you found this information helpful. Please feel free to share your comments below.
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