Restaurant Merchant Accounts
If you are looking for a merchant account for your restaurant, then here are a few things you need to know. Types of accounts available to restaurants include "regular" and "merchant-managed". Merchant accounts can be set up with one or two cards.
A regular account is simpler and cheaper. You will be limited in the types of transactions that you can use, but this type of account will work well if your business has fewer than four employees. A merchant-managed account offers more flexibility and control over what transactions are processed, but there is the cost associated with the higher risk. If you have an established business that has been around for more than six months, then this type of account would be best for your restaurant needs.
Most types of restaurants can get merchant accounts. The variety of restaurants that accept credit cards varies from the small mom-and-pop restaurant to the large chain restaurant. If your restaurant serves alcohol, then you will need a class A liquor license. This will be required by your processor and is usually not a problem.
Your restaurant customers may decline to pay with a credit card for any number of reasons, including their concern about high credit card fees and general distrust of using plastic for payment. What this means is that you have to have a backup system in place in order to deal with those payments that are not charged by credit card. In order to make up for any loss, you must have a bank account set up for receiving refunds or deposits.
If a customer refuses to pay with a credit card but insists on paying by cash, then you may not be able to get their payment. You do not want to lose that money because the restaurant did not receive it and it is not in your bank account.
When choosing merchants accounts for your restaurant, you should make sure that the processor allows you to receive payments from your bank account. Banks sometimes charge fees for accepting credit cards but do not pay much attention to the merchant's needs. When choosing a merchant account, you want to make sure that the processor will be able to refund or deposit payments from your bank account.
Depending on what type of restaurant you are running, your processor may offer additional services. Some processors offer management programs in which they handle all of the day-to-day operations of your restaurant. This means that you can focus on running your business and not worrying about poor customer service or how to manage employee payroll.
Another service that some processors offer is a payment guarantee program. You pay a small fee for this service and then they will guarantee that you will receive all of the credit card payment for up to 80% of the total bill. This is a good option if you need to guarantee payment for your customers.
Restaurant Merchant Accounts are an important part of your business and can have a big impact on your bottom line. If you are looking for answers about restaurant merchant accounts, then call us today.
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