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EMV Cards and Your Restaurant: What You Need to Know

EMV Cards and Your Restaurant
EMV Cards and Your Restaurant

A credit card is a credit card, and a payment terminal is a payment terminal, right? 😉
Many merchants and restauranteurs would agree with that statement, but they’d also be very wrong. As a result, a huge number of restaurants don’t have the hardware they need to process EMV cards – the current standard in the payments industry – and they’re opening themselves up to serious trouble as a result. So, what are EMV cards, what makes them so important, and how do they impact your restaurant?

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Should I Work with A Third-Party Processor?

Payment Processing
Payment Processing

Third-party processors, like PayPal, Square, and Stripe, are companies that provide payment processing to clients by pooling all client payments through their own master merchant accounts. For example, if you sign up with PayPal, you do not get your own merchant account. Instead, whenever you accept a credit card payment, that payment is processed through PayPal’s merchant account (along with every other transaction from every one of their members), and you are then paid out, in turn, by PayPal. 

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Is Toast POS Leaving Merchants Burnt? A Quick Look at Toast POS Part One of Two

Toast POS
Toast POS

Toast POS is a cloud-based restaurant POS provider and payment processor that offers restaurants a variety of POS options built on an Android framework. Toast has been growing rapidly since it launched its POS platform in 2013, and many restauranteurs are drawn to Toast both for its simplicity and the attractive pricing offers the company makes to new clients. But, despite its success, Toast POS has some notable drawbacks that make it a good choice for some restaurateurs, but a terrible choice for others. In this two-part article, we’ll examine some of the pros and cons of Toast and how it stacks up against some of the other competition. 

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Is Interchange Plus the Best Pricing Plan? How the Most Transparent Pricing Model on the Market Provides Huge Savings on Merchant Fees

Interchange Plus the Best Pricing Plan
Interchange Plus the Best Pricing Plan

One of the most important questions any business should ask themselves when looking for a new merchant account or merchant services provider is “how will this service impact my profitability.” It can be easy to simply write off merchant fees as a cost of doing business – and certainly, they are – but small differences in those fees can have big impacts on a merchant’s bottom line. A difference of a fraction of a percentage point or a few dimes in fees, when applied over every single transaction a business does, can easily be the difference between profit and loss – success and failure. So, it’s incredibly important for merchants to realize that not all pricing plans are created equal, and to understand the options they have available to them. One pricing plan that merchants looking for a new payment processor should keep an eye out for is interchange-plus pricing – a less common, but highly beneficial pricing model that helps to eliminate overcharging by keeping fees grounded and transparent. 

 

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