If you're a restaurant owner, then you know that finding the right merchant services provider is essential to keeping your business running smoothly. But with so many options out there, it can be tough to know where to start.
That's why we've put together this guide to the best merchant services for restaurants. We'll cover everything you need to know about merchant services, from the basics of credit card processing to the different types of restaurant merchant accounts available.
We'll also give you some tips on how to find the best merchant services provider for your restaurant's needs. So whether you're just getting started with credit card processing or you're looking for a new provider, this guide will help you make the right choice.
What are Merchant Services?
Merchant services are the tools and services that businesses use to accept and process credit card payments. This can include everything from credit card terminals and point-of-sale (POS) systems to online payment processors and mobile payment apps.
There are a few different types of merchant services, but the two most common are credit card processing and electronic check processing.
Credit card processing is the ability to accept credit cards as payment for goods or services. This can be done through a physical credit card terminal, an online payment gateway, or a mobile payment app.
Electronic check processing is the ability to accept electronic checks as payment. This can be done through an electronic check conversion service or an electronic check deposit service.
Types of Restaurant Merchant Accounts
There are two main types of merchant accounts: retail merchant accounts and e-commerce merchant accounts.
Retail merchant accounts are designed for businesses that process credit card payments in person, such as at a physical storefront or restaurant. These accounts typically come with a retail credit card terminal, which is used to swipe or dip credit cards.
E-commerce merchant accounts are designed for businesses that process credit card payments online. These accounts come with an online payment gateway, which allows customers to enter their credit card information on your website or mobile app.
What to Look for in a Merchant Services Provide
When you're looking for a merchant services provider, there are a few things you'll want to keep in mind.
First, you'll want to make sure that the provider offers the type of account that you need. If you have a retail business, then you'll need a retail merchant account. If you have an online business, then you'll need an e-commerce merchant account.
Second, you'll want to make sure that the provider offers competitive rates and fees. Credit card processing companies typically charge a per-transaction fee, as well as a monthly statement fee. You'll want to make sure that the provider you choose has competitive rates and fees.
Third, you'll want to make sure that the provider offers good customer support. You should be able to contact the provider by phone or email if you have any questions or problems.
Fourth, you'll want to make sure that the provider is compatible with your POS system. If you have a specific POS system that you use, then you'll want to make sure that the provider you choose offers compatibility.
Finally, you'll want to make sure that the provider is backed by a major credit card company. Visa, Mastercard, and American Express are all major credit card companies that provide merchant services. You'll want to make sure that the provider you choose is backed by one of these companies.
