There are very many questions that people are asking about Restaurant Merchant Services. Here are some of the most common ones:
What are Restaurant Merchant Services?
Restaurant Merchant Services refers to a wide variety of financial services which are customized to suit the needs of restaurants. These financial services may include setting up payment gateways, setting up loyalty programs, and processing payments and so on.
Merchant services is a term that can also be used sometimes to refer to the use and selling of POS (point-of-sale) terminals and equipment, and related customer loyalty programs or gift cards. The term merchant services is also used sometimes in conjunction with the food stamps’ processing and processing of other forms of EBT or Electronic Benefit Transfer.
What are Restaurant Merchant Services providers?
Restaurant Merchant Service providers are companies that supply restaurants with every payment component required to accept the non-cash modes of payments offline and online. Simply put, Restaurant Merchant Services providers make it possible for you to accept debit or credit card transactions through online, your POS system, or a payment card reader. Merchant services providers are also referred to as merchant account providers.
What is a merchant account?
This is another term that is widely used. Just as the name suggests, a merchant account is basically a bank account which enables you to accept and receive electronic payments from credit and debit cards. The funds from card transactions are first deposited into a merchant bank account. After that, those funds at the merchant bank account are then transferred directly to your business bank account weekly or on a daily basis.
Is credit card processing secure?
Credit card processing is one of the most essential Restaurant Merchant Services that you will definitely need to have to operate smoothly. About whether they are secure, your concerns are genuine. Since there will at all time be some extent of risk associated with transmitting and handling sensitive data, it is vital to use processing credit cards with a trustworthy payment processor. Above and beyond securing your networks, computers and terminals, there are several other security measures that you can implement in order to boot your overall security. You can discus your opinion or idea in detail with your payment processor if it is a reputable one.
What is a high-risk merchant?
Basically, merchant are classified as “high-risk” or “low-risk” (normal risk) based on a number of factors. For example, if you sell to high-risk countries or you have high number of chargebacks, you could also be labeled “high-risk”. If your average monthly sales volume is more than $20,000 US dollars and your average card transaction exceeds $500 US dollars, you are most likely to be able by card and payment processors as “high-risk”.
There are also other factors that could sometimes get you labeled “high-risk”. For example, if you offer subscription products, sell products that are seasonal, or accept multiple currencies, you could be labeled “high-risk”.
How do I know that my business qualifies for a merchant account?
It is important to note that most types of businesses will usually qualify for merchant accounts. Depending on the type of your business, the application process may vary from one payment processor to another. The associated risk that the credit card networks have assigned will also affect the application process.
What is PCI Compliance?
PCI Compliance refers to meeting the Payment Card Industry Data Security Standards. It means compliance to the established data security standards that are required for all businesses that accept major credit cards. Any merchant, regales of size, who accept credit cards, is required to be in compliance with those set security standards. Those security standards have been set by law. Those security standards have been put in place to protect cardholder data, and to also provide basic security for anyone who purchases from the company.
What type of point-of-sale terminal do I need?
Within the point of sale terminals are lots of options. The type of terminal you choose depends primarily upon the payment options that you want to accept, and how and where you want to accept those payments. For instance, a countertop model might be the best option for you if you only want to accept payments from a physical location. On the other hand, a mobile point of sale system may be the ideal option if you will be accepting payments offsite, such as farmers’ markets, trade shows or festivals.
We hope that the answers we have provided to your most common questions will help you understand everything you have always wanted to know about Restaurant Merchant Services, and also help you get the best Florida merchant services.
