How to make bundling restaurant EPOS and card payments work hard for your hospitality business
When it comes to EPOS and payment processing, do you source them from the same provider? For some hospitality businesses, doing that has been controversial — but done right, there are definitely upsides.
So what’s are the two sides of the argument about EPOS/payment bundling?
What to avoid:
Your credit card provider gives you ‘free’ restaurant EPOS software but bundles the contract. It means if you want to change the credit card payments provider, you have to change the point of sale into the bargain.
An unscrupulous provider holds you to high processing charges for every transaction — and you can’t escape without investing in new restaurant EPOS.
Some providers charge steep fees if you want to terminate your contract early.
Some providers love to sell — but not happy about providing after-sales support.
Not a great recipe for success is it?
We saw a recent example where a large New York restaurant group got its fingers burned on a 10-year EPOS agreement that saw processing rates rise to a massive 4% — and had no easy way out of the deal. See more.
But having said that, we wouldn’t want you to shy away from sourcing your restaurant EPOS and payments processing from the same provider — it’s just a matter of finding the right one.
Because the benefits are MASSIVE, whether you are a restaurant keen to expand revenue streams or looking for hotel EPOS to boost your F&B revenue.
How you benefit:
The 7 questions you should ask your potential supplier
Can I change my credit card payments provider if I want to?
What do you charge for processing payments — and will the charges stay the same?
If terminate the contract, is there a fee?
Is your restaurant EPOS technology supported by a technical helpdesk 24/7?
Will you give me one point of contact after the sale?
How can I be confident the technologies work together?
Will the technology you provide integrate with my other back end systems?
Don’t be persuaded by a hard sell from a rep who just wants to clean up and ship out. Instead, seek a genuine consultant who works with you to understand what your very individual business needs — both now and after installation.
And above all, don’t feel you need to rush into this decision. Remember, it’s one of the most important choices you can make for your business.
