Merchant Services for Restaurants

Merchant Services for Restaurants

A merchant services provider (MSP) is a processor that facilitates all the purchases and credits done by a business and transfers the proper amounts into the respective bank accounts. When it comes to the ever-competitive restaurant industry, Payment Depot is the one-stop merchant service provider because we offer low transaction fees, versatile subscription plans with no contracts and no cancellation fees, and in fact promise you no hidden fees at all!

When looking to select a merchant service provider, there are hundreds of options to look at which can make it difficult to settle on one. The number one factor that all business managers should look into are processing fees. This fee is charged by the credit card processing company and typically ranges from 1 to 5 percent or more if other processors are involved. The processing fee can vary depending on the type of credit card that a customer has provided, their bank ,and also the nature of the transaction. If, for instance, a customer has a preferred signature card then the merchant will pay more than if they were transacting with a traditional card. A restaurant manager should avoid any MSP that charges three tier pricing, and should focus on those that provide an interchange rate with little or no markup – just like Payment Depot.

Payment Depot has three different plans: The Basic Plan which is $199 per year ($20/mo.), the Most Popular plan which is $399 per year ($40/mo.) and the Best Value Plan which is $599 per year($60/mo.). The higher the plan, the lower the cost per transaction – for instance, while the Basic Plan offers the low cost of 25 cents per transaction, the Best Value Plan offers the incredible processing rate of only 10 cents per transaction. Compared to the percentage-based markups charged by most processors, these rates are exceptionally low – even when added to the “True Cost” fee charged by VISA, Mastercard, etc. to process their respective cards.

As any restaurant owner knows, the PIN pad used to run debit or credit card transactions does not come free. Fortunately, restaurants can save money by opting to have Payment Depot reprogram their existing terminals, or they can buy brand new hardware from Payment Depot for discount prices if they so desire.

How long it would take to deposit revenue into the merchant’s bank account should be another point to consider for restaurant owners, especially if this would determine cash flow. If the merchant is on one coast and the bank on another, there could be delays in the time to see posting of the funds into the merchant’s accounts. Payment Depot ensures funds are available to a restaurant promptly so that cash can be available for other expenses and contingencies – and that’s what being a good processor is all about.

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