The ability to accept credit cards is often seen by restaurateurs as a necessary calamity or rather a price that must be paid to survive in the business landscape. However, if the fees they paid for credit card processing benefited businesses, it would no longer be associated with a negative connotation.
With integrated credit card processing or payment processing linked directly to the point of sale system, businesses can gain a deeper understanding of their customers. Through this feature, restaurateurs have been able to access a resource that is typically treated like a taxing commodity, negotiated down to the lowest price and repurposed to strengthen businesses.
What Is Integrated Credit Card Processing?
Payment processing integrated into the restaurant technology stack includes POS, loyalty programs, reporting, analytics and more. With these features, credit card and transaction data can be synchronized with your technology solutions, allowing you to track your customers’ transactions and form a database of loyal guests.
As such, the following are three benefits of integrated credit card processing and how restaurants can leverage them:
- Gather valuable information about diners
Restaurants gain immediate benefit from integrated credit card processing in the ability to securely capture customer data right at the point-of-sale. With this system and their use of preauthorization, guests can start tabs with customer names attached just by swiping a credit card. It allows staff to hold and capture guest information without having to keep physical cards behind the bar.
In restaurants with loyalty programs, integrated credit card processing eliminates the need for guests to carry loyalty cards around with them. As a result, businesses will have access to the customer behaviour data they need to better understand the market. It also enables them to run targeted marketing campaigns and offer a rewards program that will convert guests into loyal repeat customers and improve the business’s ROI.
- Reinvest processing fees in the restaurant
The reinvestment of credit card processing fees is one benefit of integrated credit card processing that is often overlooked. Dedicated credit card processors turn a profit through credit card processing.
By using integrated credit card processing, they can reinvest the revenue generated from credit card processing into continually improving your POS, loyalty, reporting, CRM, and ordering systems. For greater leverage, companies need to ask their integrated credit card processor how they reinvest their processing fees within the company.
- Engage with a single support team
Despite the best technology and integrated payment processing solution, questions are bound to arise. This is where technical support comes in, and it should be among their top considerations when choosing a credit card processing partner.
Due to the many vendors used across payment processing, point of sale solutions, and other restaurant technology solutions, it often falls to restaurateurs or staff to troubleshoot problems or call each vendor concerned when something goes wrong. Nonetheless, with a restaurant technology vendor that is integrated with the credit card processor, they can rely on a single source for restaurant-related issues.
Integrated credit card processing allows restaurateurs to gain a deeper understanding of their consumers and achieve greater loyalty among them. Additionally, an integrated technology partner can help them invest in better technology to grow their business and provide specialized customer support when problems arise.