Taking Charge Of Everything

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, either by boosting sales, reducing credit card fees and expenses, or blocking theft.

For businesses in the food service industry, running a restaurant point of sale system, this can greatly help you!

 

Take Checks

Checks may not may not seem appealing to younger customers, but their 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 transfers the money to your account, and guarantee you receive your funds within a few days. In addition, the cost is typically lower than for credit cards and could add 10-15 percent to sales—maybe more if seniors make up the majority of your customers.

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Accepting All Cards

Of course you already accept Visa and MasterCard. Do you also accept Discover and American Express? The latter, in particular, generally accompanies larger transactions. If you’ve hesitated because the fee is higher, reconsider—a 1% difference may not look worthy of consideration for you, and because American Express transactions are often larger than those of other cards, you’ll make it up in gross profit. Furthermore, your customers will coming back because they’ll know that your business accepts all forms of credit cards.

 

Do A Research

Most merchants think their fees are 1.69 percent plus $.19 because that’s their qualified rate on a pricing program tier. But often fewer than 20 out 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 that may save more than what you expect.

 

Understanding Statements

Neither you nor your bookkeeper would have to scratch the back of your heads over a complex credit card statement that just doesn’t fit. There are several companies that have made far more than usual efforts to simply their reports. You should be able to reconcile your statement and rates in no more than 15 minutes.

 

Get Reports by Internet

Don’t wait for the post office to deliver a letter disputing a charge. With the help of internet reporting, you will know within 24 hours, allows you to aggressively defend against chargebacks. With this kind of quick response, it can increase your success rates and reduce your losses.

So you won’t have to scratch a head over a complex credit card statement, as well as your bookkeeper.

Use the Card Validation Value and Address Verification System. These highly effective fraud screens are proven to reduce losses, and when you use them correctly, you can achieve the lowest possible rate for discounts.

Also, you need to avoid computer hackers by being PCI compliant. There are mammoth fines charged to merchants who are hacked, and even drives them out of business. It’s always a good time, you need to be alert in order to protect your business.

 

Reduce Chargebacks

If you run an online or phone ordering business, 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. The state of being legally obliged and responsible for these chargebacks is shifted away back to the issuing card bank, and you qualify for the lowest discount rate available. Just by following this simple step, you can eliminate up to 80% of all chargebacks and increase your profits.

 

 

With over 20 years of restaurant point of sale experience and helping businesses in the food-service industry nationwide increase their efficiency and bottom-line profits, the author of this article is the VP of Customer Relations at POS-For-Restaurants.com.

You may visit POS-For-Restaurants.com for further understanding of how our national network of restaurant point of sale professionals can help your business achieve greater success in these difficult economic times.

 


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