Do you source your EPOS and payments processing from the same provider? For some restaurants, that’s proved a controversial decision recently – but there are also seriously significant upsides.
So what’s the argument about EPOS/payment bundling?
What you don’t want:
- Your credit card provider has given you some ‘free’ restaurant EPOS software but bundled the contract so if you wish to change the credit card payments provider you need to change the point of sale well.
- An unscrupulous provider can hold you to steep processing charges per transaction – and you are unable to escape without investing in a new restaurant EPOS.
- Some providers charge high fees to terminate your contract early.
- Some providers are keen to sell – but not so keen to provide after-sales support.
That’s not a great recipe for success.
In one recent example, a large Manhattan restaurant chain got burned on a 10-year EPOS agreement that saw his processing rates rise to a whopping 4% – with no easy way out of the deal See more.
But that’s not to say you should shy away from sourcing your restaurant EPOS and payment processing from the same provider – if you find the right one.
If you do, the benefits are huge.
What you do want:
1. Dealing with one reputable company for communications and billing support makes your life a whole lot easier.
In the day-to-day hurly-burly of a restaurant business, who has the time to call a number of providers when the system gets a glitch?
Having one point of contact – and having a great relationship with that person – can make sure issues are ironed out post-haste so your business can continue making and taking money uninterrupted.
2. Because you are buying into an integrated system, you can be confident that the technology will work together, and that the pdq machines will communicate with the restaurant EPOS.
This is crucial for an uninterrupted business flow – and for maintaining the business continuity that is so important in the volatile world of hospitality provision.
3. You can gain access to your payments data. This gives enormous insight into your customers – you can understand where they are located and where else they spend their money (including what they spend with competitors).
Then you can incorporate this into your customer relationship management (CRM) system to create amazingly well-targeted marketing campaigns that really engage with what your customers want and like.
4. Having integrated EPOS and payments capability helps streamline your business, offering benefits such as ease of cashing up and a strong integration with your accounting system.
7 questions to ask your potential supplier
- Will I be able to change my credit card payments provider if I want to?
- What are your charges for processing payments – and will they remain the same?
- If I need to terminate the contract, is there a fee?
- Is your restaurant EPOS technology supported by a 24/7 technical helpdesk?
- Will I have one point of contact after the sale?
- How can I be sure the technologies work together?
- Will the technology integrate with my other back end systems?
Don’t be taken in by the hard sell from a rep who simply wants to clean up and move on. Instead, seek a consultant who will work with you to understand exactly what your very individual business needs – now and after installation.
And remember, don’t rush into this decision – it’s one of the most important you can make for your business.
Discover more benefits of a leading restaurant EPOS system.