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Taking Your Business To The Next Level! Boost Sales And Eliminate Chargebacks
Accepting credit cards is one of the biggest "must" in our world today, since more and more people are using credit cards to make a transaction, and restaurants is one in the food-service industry that greatly benefits from them.
In our world today, every cent counts so by adding them to your bottom line is also a big contribution. Are are some steps that will increase your profits, by boosting your sales, reducing debit card fees and expenses, and most of all block theft.
In the food service industry, if you're running a restaurant point of sale system then this simple tips can greatly help you grow your business!
They are still widely used, especially among older customers. If you haven’t been accepting checks, start soon. There’s equipment that will scan the check as quickly as a credit card, check out and measure them against a nationwide database of bad check writers, electronically deposit the money, and guarantee you receive your funds within a few days. In addition, it costs less than for credit cards and could add 10%-15% to your sales—and possibly more if you have many senior customers.
If you do accept credit cards, you're probably accepting Visa and MasterCard already. What about Discover and American Express? The latter, in particular, generally accompanies larger transactions. You might have felt hesitated because of the fee, but reconsider—the difference might be a paltry one percent or so, and since American Express transactions are often larger than those of other cards, you’ll make it up in gross profit. Furthermore, customers will coming back because they'll know that your business accepts all forms of credit cards.
Many vendors think their fees are 1.69% plus $.19 because that’s their qualified rate on a pricing program tier. Though fewer than 20 of 100 transactions receives low qualified rate and all the rest downgrade and cost one, two, or even three percent. By researching for alternate programs that offer different interchange rates could possibly help you more than you think.
Neither you nor your bookkeeper would have to scratch the back of your heads over complex credit card statements that just doesn’t fit. A few companies have made extraordinary efforts to simplify these reports. You should be able to come into terms with your statement and rates within 15 minutes or less.
Using The Internet To Get Reports
You'll never have to wait for the post office to deliver a letter disputing a charge. With Internet reporting, you will know within 24 hours, allowing you to aggressively defend against chargebacks. This type of quick action will increase your success rates and reduce your losses.
No need to scratch your head over complex credit card statements and for your bookkeeper as well.
Use the Card Validation Value and Address Verification System. These highly effective fraud screens proven to reduce losses, and when you use them correctly, you can get the lowest possible rate for discounts.
One more thing, avoid by being PCI compliant. Hackers can cause merchants huge fines, and they can drive you out of business. Take the time to read Visa’s report on noncompliant systems, be alert at all cost.
If you run an online business, either by internet orders or by phone, it's always a great idea to implement the “Verified by Visa” or “MasterCard Secure Code” plug-in on your web site. This helps eliminate cardholder nonauthorization chargebacks. Liability for these chargebacks will be shifted away back to the issuing card bank, and you qualify for the lowest discount rate available. This simple step could eliminate up to 80 percent of all chargebacks and increase your profits.
Want To Ask a Point of Sale (POS) Expert?
You can visit http://www.pos-
The author of this article writes for POS-For-Restaurants.com - a VP of Customer Relations with over 20 years experience in the restaurant point of sale industry.
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