In part one of this article, we examined Toast’s discounting and billing structure and how it impacts merchants. Essentially, Toast offers significant discounts to restaurants on hardware and software but then charges significantly inflated transaction fees, which wipe out any other savings for restaurants doing any kind of significant volume. In part two, we’ll look at the functionality of Toast POS, what it does well, and where it leaves restauranteurs wanting more in comparison to its competitors.
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?
For obvious reasons, the major credit card companies take fraud and excessive chargebacks very seriously, and companies like Visa and Mastercard have put forward thorough monitoring and tracking systems to try to prevent the losses associated with them. In October 2019, both companies made changes to their chargeback and fraud defense programs, and it’s important that merchants keep up on the details of those changes, as getting tied up in any of these programs can result in costly fines and burdensome assessments.
From retail stores to restaurants and beyond, hardwired cash registers are giving way to flexible, mobile point of sale (POS) systems designed to make it as easy as possible for customers to pay and for employees and management to go about daily tasks like inventory management, stock ordering, reporting, and more. LightSpeed Retail, ShopKeep, TouchBistro, and Vend represent four of the best mobile touch screen POS solutions available in 2019, and below we’ll take a look at what makes each special and how much merchants can expect to pay to put each to work.
Ever since the introduction of the original Square Reader – the small, white plastic magstripe reader that plugs right into the headphone jack of a smartphone – Square has been a widely recognized brand name among small businesses and entrepreneurs. There is no question the Square Reader was revolutionary for pop-up shops, mobile businesses, and hobbyists, but for all the convenience it offers to small retailers, the question remains as to whether it’s the right choice for larger, fixed-based businesses, including restaurants.
Your supermarket depends on the people that live in your local community, and just as importantly, they depend on you. Your success and growth come down to the quality of service you provide and the value your customers get for their hard-earned dollars, and both of those factors are impacted by payment processing.
BAMS is the ultimate payment processing partner for small businesses like yours because we enable you to give your customers the payment options they want, help you streamline their payment experience, and help you pad your bottom line in the process. Here are just a few of the benefits partnering with BAMS can provide to your supermarket.
Whether you’re a start-up or an established business, at some point you’re going to be faced with the decision of how to accept electronic payments and whether or not to apply for a merchant services account. That can be a tough choice, as there are a lot of misconceptions surrounding merchant accounts, from the difficulty of approval to their usefulness to different kinds of businesses.
While some businesses find a way to get by without one, most companies will eventually come to the decision that a merchant account is a right choice for them, and with good reason. The alternatives that exist, while serviceable, aren’t ideal, and the benefits to be gained from a merchant account are hard to ignore.
Updating payment equipment by companies to chip cards with embedded microchips has added a level of security to businesses and their customers. Fraudulent transaction risk has significantly reduced due to chip card technology. Implementing point-to-point encryption reduces payment card fraud from counterfeit cards. The liability shift from financial institutions favors applying EMV technology to great effects.
Over the last few years, many credit and debit card issuers have added the EMV chip to their cards. These are the little golden spots on cards that look somewhat like mini circuit boards. Inside them, microprocessors are embedded that encrypt data and make it more secure during transactions. There are many upsides to enabling your point-of-sale (POS) equipment for reading these chips. Here are some of the main benefits: