Accepting credit and debit cards is a must for you if you run a restaurant. People today are unlikely to carry cash and mostly rely on payment methods such as cards or online modes, which are quick and easy to conduct. So if you do not have payment processing services for your restaurant yet, you must get one installed as soon as possible!
In this article, we will discuss how payment processing works, and how to choose a payment processing service for your restaurant.
How Does Payment Processing Work?
The following steps illustrate the working of a payment processing system.
- A consumer orders dine-in or takeaway food from your restaurant, and offers a credit/debit card as a payment option.
- You take the credit card and insert it into your payment processing appliance, given to you by the payment processing company.
- The information about the payment is sent to the credit card processor, who then relays it to the card network.
- Further, the information is sent to the bank or the issuing authority of the card.
- The bank verifies the amount (whether it is there is the customer’s account or not) to complete the transaction. It also runs a security protocol, which verifies the purchase and consequently approves or declines it.
- The credit card facilitator receives a message conveying if the transaction is approved or denied.
- After the transaction is approved, the issuing bank releases funds from the customer’s account to your merchant account. Both you and the customer receive a message from your banks regarding the transaction.
- After the completion of the settlement, the respective amount is transferred to your account, after subtracting the processing fees from it.
Choosing the Best Payment Processing Service for Your Restaurant
There are a plethora of payment processing services available in the market. But how do you choose the best option for yourself?
Choosing a payment processing service for your restaurant is not easy, and requires a lot of consideration. In each service, the prices differ, and the service terms are not the same. Maybe you already have a payment processing system, and are looking for a better and upgraded version! You should think carefully about factors such as –
- Customer Service, etc.
To find out the perfect solution, you must make proper research. You need to understand the features and pricing plans of multiple payment processing services, and then choose the ones that meet most of your needs. You should have complete faith in the security features and parameters of the service because after all, we are talking about dealing with the private information of your customers and their financial data!
At Elmore Merchant Services, we offer some of the most exclusive and dynamic payment processing services for your restaurant. If you are looking to inculcate a payment processing service into your restaurant’s working, or want to upgrade to a better option, you need to hear about the services that Elmore has to offer!
With 15 years of experience in providing services to our customers, Elmore has the best resources to cater to the varying needs of restaurants and their customers. With regular checks, upgrades and metrics, we analyse the user requirement and offer them the aptest solutions. Talk to our experts today!