Restaurant Credit Card Processing Misconceptions: Debunked

Restaurant Credit Card Processing Misconceptions: Debunked

Don't let misconceptions make your decision about restaurant credit card processing any harder than it has to be. Credit card processing is a complex subject. And as a busy restaurant owner, you don’t have time to read through pages of statements and documentation to get to the bottom line. This cycle lends itself to a lot of misconceptions about payment processing. Luckily, the top 10 most common “untruths” about restaurant payment processing are debunked in this guide.

Ten things to understand about restaurant credit card processors

Nearly 4 trillion dollars in purchases are made on average using cards. For restaurants, this makes keeping up not just an option, but also a necessity for running a successful business. With a growing number of customers using credit cards and cashless options for purchases in restaurants, payment processing is necessary for accomplishing the hospitality mission. However, as a restaurant owner, you may be left feeling confused about your options, the restaurant credit card processing rates, and your options. Payment processing can feel like an item line in your utility bills. And you don’t have time to make sense of it all. As a restaurant owner, the best way to handle all of this confusion is to understand the basics of credit card processing so you can make more informed decisions about your payments… and save money!

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All payment processing is not the same

While the actual flow is the same, the value that the acquirer (or ISO) delivers is not. Today, you can receive much more from your credit card processor than just an exchange of money. Consider an innovative payment solution that can provide you with data, insight, and restaurant analytics as well to help you make better business decisions.

All credit card processing pricing models are not the same

Every restaurant payments pricing model has different rates and fees associated with it. For most restaurateurs, one of the biggest mistakes they make is to assume the rate they pay is the cost. Which usually means they’ll pick the lowest “cost,” without truly understanding all of the restaurant credit card processing fees they’ll be paying.

Don’t make your restaurant credit card processing decision without reading this quick, informative guide first!

Myth

Myth

The rate they quote is the 1 rate you pay, right?
Myth

Myth

I should choose a processor 4 with a low rate.
Myth

Myth

Processors are not to be trusted.