There are plenty of options when it comes to finding the best restaurant payment processors, and knowing which one to choose can be confusing if you’re not an expert in the field of business. Luckily, you can use this guide to help you find six of the best restaurant payment processors out there right now, based on how easy they are to use, how good their customer service is, and how much they cost per month or per transaction.
1) What are payment processors?
Payment processors are third-party organizations that offer credit card processing services to online or in-person business owners. Once you have created an account with the processor of your choice, there is no need to go through a long and complicated application process with a bank or company like PayPal. The most popular reason restaurant owners choose payment processors is that they do not require any credit checks. Payments are also accepted on both a per-transaction basis or a monthly fee basis. The best part? All major types of cards, including Visa and MasterCard, are accepted without any additional fees whatsoever.
Businesses that accept crypto-currency will typically get much lower processing rates because all crypto transactions must be processed through the blockchain network, requiring significantly more power than credit card transactions.
2) The difference between PCI & non-PCI processing
When shopping around for a payment processor, it is important to know the difference between PCI and non-PCI. If you are currently operating your business as an establishment with low risk (less than $10,000 per month in revenue), then you can avoid registering with the PCI SSC. However, if you are operating as an establishment with high risk (more than $10,000 per month in revenue) then the use of a PCI-certified system is required. When using this type of system, cardholder data can be retrieved without storing cardholder data on site or printing copies of receipts that might be left at the business location.
3) Advantages of software payment platforms
When it comes to choosing a payment processor, there are a number of reasons why software is the better option. Firstly, these providers handle transactions behind the scenes which is ideal for small businesses that have limited capital and manpower. Secondly, using software usually means you don’t need to invest in hardware like card readers or terminals so that’s money you can save. Thirdly, the software will handle transactions no matter where they’re coming from which can be convenient if your restaurant has customers coming in on different platforms (e.g., iPad, laptop). Fourthly, some people argue that software payments can help protect their customer data more securely than accepting cash.
4) Benefits of POS terminals
A point-of-sale terminal is an essential tool to anyone in the food industry. It’s what lets you process credit card payments and manage inventory, making it possible to work smarter. Plus, POS terminals are easy to use; the latest models connect with mobile devices so everything can be done with a few taps or swipes. These 6 restaurant payment processors are leading the way when it comes to helping businesses stay ahead:
1) Payment Depot- Offers quick processing time and no monthly fees
2) iZettle- Provides comprehensive service including a payment reader that will help your customers pay by card
3) Shopify Pay- Enables merchants to accept payments without owning a POS system
4) PayPal Here- The largest global digital payments company which means that most people already have their information stored with them
5) Sage Payments- Experience includes creating industry-leading fraud protection services for major financial institutions such as Visa and Mastercard
6) Square- World’s most popular mobile payment service, giving businesses one low flat rate per transaction
5) Tips for choosing a restaurant point-of-sale software platform
Depending on the restaurant you have, there are a few key points to consider when looking for a platform to use. The most important thing is the flexibility of pricing; some platforms charge an upfront fee while others only take a percentage of your sales. It’s important to understand what your monthly costs are and whether they will be scalable as your business grows and gains more customers. Another great feature to look at is if a provider offers debit/credit card processing alongside POS or only one or the other. This way, you don’t have to worry about whether or not the customer has cash in their wallet-just let them know that credit cards are accepted with no extra charge.
6) How to choose an online payment gateway
Choosing the right payment gateway isn’t always easy, but these tips will help you find one that meets your needs. Consider:
*Do you need a global gateway? If so, do you need to support a large number of international currencies? *Do you want to be able to process cryptocurrency payments? *Is PCI compliance something that’s important to you? The more you know about what features are available and which ones are needed, the easier it’ll be to choose an online payment processor. To help get you started, here are six best restaurant payment processors for 2022!
*Stripe- Stripe is an online credit card processing company founded in 2010 by two Irish brothers from Limerick, Ireland. They have over 100 million users on their platform and were valued at $20 billion in 2016. Stripe provides merchant services that allow businesses like restaurants to accept cards and other forms of payments online with low rates and quick processing times.*