Are you in the process of opening a new restaurant? If you are, it is imperative that you have the ability to accept credit cards. Searching for a credit card processing company may seem overwhelming. There are so many companies out there, with all different types of offerings. How do you know what is best for you?
As a restaurant owner, the first thing you will need to do is distinguish between what type of restaurant you have. This may sound silly, but different types of restaurants have extremely different needs. There are two main types of restaurants: Quick Service and Full Service. Quick service merchant accounts are for fast-food type restaurants. The processing needs of this type of merchant are very simple compared to full service restaurants. They typically do not collect tips and rarely involve the need for multiple bills for one customer. A full service restaurant has to accept credit cards of all varieties. Not only do they have to accept credit cards, but they should have the ability to accept debit cards, gift cards, and checks. Their credit card processing is more complicated in that they must have the ability to accept tips, combine bar bills with dinner bills, and separate a single bill for multiple credit cards. Full service restaurants must also find a merchant account that is compatible with their Point Of Sale (POS) equipment.
Understanding fees associated with processing credit cards will help you find the merchant account provider that is most affordable for your restaurant business. Some basic fees that you need to know are:
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