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Restaurant Merchant Account
Category Merchant Account News
Benefits of A Restaurant Merchant Account
If you are seeking a restaurant merchant account you probably already understand that a restaurant merchant account is different from other merchants who may take payment via telephone orders or internet orders where the card is not present. The point is, of course, that the chances of fraud or charge backs are substantially less, thus the fees you encounter will be less too. That is but one of the benefits you will encounter. Following are various benefits listed for you especially for restaurant merchant accounts:
a) Free merchant account setup*. With a “card not present” situation as encountered in telephone merchants or merchants who deal with internet sales, there is no merchant account setup fee for restaurant merchant accounts.
b) Lower processing fees. There is usually quite a difference found in processing fees as well when the customer and the card are both present as in a restaurant merchant account.
c) Transaction is processed in seconds. Technology has come a long way when it comes to processing credit cards. Having credit card terminals at the restaurant is now universally common due to the rapidity of the process as well as the convenience. Technology has also provided the merchant with PC processing software, which enables some restaurant business owners to simply add a magnetic card reader to their PC to process credit cards. On the negative side of this is the fact that other items have to be hand entered on the PC using the standard keyboard.
d) Telephone and IP terminals. Most terminals proceed via the telephone line, but many restaurateurs prefer to have IP based terminals that are connected to the internet. By using a high speed internet connection, many restaurant merchant account holders find that it provides a very quick turnaround, thus extremely busy restaurants feel that this to be a tremendous help.
e) New Technology. There is new technology that is extremely helpful in restaurant merchant account holders especially, and that specifically deals with a new “pay at table” processing. Customers love it, as there’s no standing in line to pay for the meal, and their card never leaves their hands. The processing speed factor is fantastic too and quite impressive. Another benefit to the restaurant owner is that there is never any employee skimming with this new process.
f) High Security. As mentioned above, processors using new innovative technology are being created daily that will offer better and higher security for both the merchant account holder as well as the customer.
g) Address Verification Services. Commonly referred to as AVS, this is especially important to restaurant merchant account holders when they are forced to key in transactions because, as an example, the magnetic stripe has been worn out, or it is a small restaurant which does not need to have the latest sophisticated equipment, thus they normally key in all of their transactions. Matching the address of the cardholder with the recorded billing address is a very useful verification to be made to reduce the possibility of fraud.
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