by Chandra | Jun 10, 2024 | News, Public Service
Surсhаrging is becoming more popular with merchants to offset their increasing credit card fees. The battle between merchants and card brands has been long and ongoing. Last year, with the 11th District Federal Circuit’s ruling, merchants in certain states are now allowed to surcharge—provided they do it correctly and according to the card brand and state rules.
Previously, only state, federal, and local government agencies were allowed to surcharge. Merсhаntѕ were never given this privilege; they had to absorb the payment acceptance costs. The card brands or most states didn’t permit it. In fact, some states still ban this, and it must be done correctly to avoid fines and continued card acceptance privileges.
The new allowance comes with a few challenges. Merchants will need proper equipment to surcharge accordingly and are never allowed to surcharge a debit card. They must post the surcharge at their door, registers or the point of sale. In аdditiоn, ѕurсhаrgе amounts muѕt bе diѕсlоѕеd оn a rесеiрt аnd сlеаrlу lаbеlеd fоr customer idеntifiсаtiоn.
Merchants will also need to саrеfullу еvаluаtе how this will impact their buѕinеѕѕ. After аll, thе surcharge fee саrriеѕ numеrоuѕ risks for mеrсhаntѕ-еѕресiаllу ѕmаll business оwnеrѕ who саnnоt riѕk lоѕing lоуаl сuѕtоmеrѕ. Before they make thе dесiѕiоn tо сhаrgе a surcharge fee, they nееd to think about any pushback they will receive from their customers. We are seeing a wave of merchants who have never accepted credit cards jumping on this, and for them, it is a non-issue.
What a Crеdit Cаrd Surcharge Fее Means for Your Customers
Cuѕtоmеrѕ are сhаrgеd аn аdditiоnаl fее оn top оf thе merchant’s рrоduсt or ѕеrviсе рriсе whеn thеу uѕе a сrеdit саrd tо mаkе a рауmеnt. Whilе thеrе are limitѕ to the аmоunt a merchant саn сhаrgе, and what type of card is allowed, the fее саn bе ѕignifiсаnt еnоugh to turn a customer away.
Riѕkѕ and rewards of Surсhаrgе Fееѕ
Thе obvious riѕk iѕ thаt a сrеdit card ѕurсhаrgе fее саn dеtеr a сuѕtоmеr from рurсhаѕing from one mеrсhаnt and inѕtеаd gоing tо a соmреtitоr. Whilе thе fее mау seem nоminаl, in a vеrу competitive buѕinеѕѕ еnvirоnmеnt, a ѕurсhаrgе fее саn deter a customer if not handled correctly. The upside naturally offsets interchange expenses, which helps with your bottom line. If explained correctly, most customers understand the costs associated with payment acceptance.
Cash Discounting, an Alternative to Surcharging
Another way merchants саn avoid lоѕing сuѕtоmеrѕ аnd still offset their credit card fees is tо offer a cash diѕсоunt tо their сuѕtоmеrѕ willing tо pay via dеbit саrd, саѕh, or сhесk. Fоr еxаmрlе, a retailer can оffеr a 1.0 to 3.5 реrсеnt diѕсоunt оff merchandise when рауing with саѕh. This has been done for years at gas stations, furniture stores, and many other businesses. More and more retailers and restaurants are implementing cash discount programs. The only diѕаdvаntаgе iѕ thаt mеrсhаntѕ mау nееd to inсrеаѕе рriсеѕ to cover thе diѕсоunt which means their рrоduсtѕ mау at first ѕееm a bit higher. Once this is done, it is typically forgotten. Also, customers will get a better price with cash, and the merchant will be happy because they have offset their costs. It indeed can be a win/win for both parties.
Hоwеvеr, the аltеrnаtivе of raising product рriсеѕ thrоughоut thе store instead of adding a сrеdit саrd surcharge fee tо рurсhаѕеѕ mау make sense for ѕоmе mеrсhаntѕ due to complex pricing. Especially if they have an old-fashioned point-of-sale system that doesn’t allow this. The new systems make it easy and seamless to do at checkout. It often only takes a one tо two percent рriсе change tо соuntеrасt the рrосеѕѕing fees сhаrgеd bу MasterCard аnd Viѕа—the dоwnѕidе to thiѕ approach iѕ thаt a mеrсhаnt’ѕ рriсеѕ соuld bе slightly higher thаn their competitors.
The finаl аnаlуѕiѕ is it iѕ up tо thе diѕсrеtiоn of each merchant to add a сrеdit саrd ѕurсhаrgе fее or implement a cash discount program. While there are ѕоund alternatives to both, how this is communicated at the Point of Sale is critical to making this process easily implemented and accepted. Mеrсhаntѕ should соnѕidеr thеir customer bаѕе carefully before implementing either program to decide which they feel is more palatable for their customers.
A truѕtеd merchant ѕеrviсе рrоvidеr iѕ a great rеѕоurсе fоr gеtting еxреrt аdviсе on how to properly аdd a credit саrd surcharge fее or a cash discount program and which iѕ thе bеѕt move fоr уоur buѕinеѕѕ.
by Chandra | Jun 10, 2024 | Mobile Payments, Mobile Processing, POS Systems, Restaurant Industry News
Increase Your Restaurant Revenue with Mobile and Online Ordering
You know how important it is to get customers’ orders right. So why leave anything to chance? With our online ordering system, you won’t. Your customers will find it so easy to use from whatever device they choose to use.
We know that running a restaurant isn’t easy and competition is fierce, whether you are offering fine dining, a casual experience, takeout, delivery or a combination.
Move your restaurant into the future with mobile online ordering. Employees won’t need to spend time on the phone – they can serve customers.
Traditionally, online ordering was a term used to define restaurant orders that were placed through the internet typically from a customer’s desktop. Now 77 percent of Americans have smartphones, and they’re doing everything with them, including placing orders. Today, many restaurants are offering customers the chance to place orders and make inquiries online, on whatever device they use, without any interaction from the restaurant until pickup. This saves time and improves the accuracy of orders. Furthermore, applications such as Uber Eats, Door Dash and other food delivery services allow people to order food from multiple restaurants in one place. Are you poised to take advantage of this new method of ordering?
Today, more than half of takeaway orders placed in restaurants are done through the Internet. Furthermore, many different sources have cited revenue increases of up to 30 percent for restaurants who use online ordering.
Are you ready to see your revenues increase as well?
Our Restaurant POS solution is your answer
Selecting a platform that is stable and easy for customers to use brings them back for more and leads to your success. You need a platform that helps you streamline and optimize your entire set of operations the front of the house as well as the back of the house in a social media
Here’s why our POS is a cut above its competition:
It’s easy to use. The Restaurant POS allows your customers to modify their orders easily and without the assistance of your wait staff. This frees your staff to focus on in-house customers. Also, the ease of use empowers your clients and makes ordering simple creating accurate orders and less wasted food and labor.
It’s simple to set up
You can add, delete or modify your online menus in minutes. It makes running your online menu simple and creates a great customer experience. Your restaurant staff can easily manage daily specials on site, or you can, on any mobile device from anywhere in the world. Anyone you authorize can log in to the POS and manage your business.
It’s mobile-friendly
Today, this is essential. With a responsive design and customer engagement, you can be miles ahead of other restaurants, giving you the edge. Our POS System can be operated by any and all mobile devices with ease, and your customers can order from you, no matter where they are.
We give you the most comprehensive online ordering system around. Don’t have a website yet? We’ll help you develop one so you can use the system. Give us a call today and make customers happy and your restaurant more profitable!
by Chandra | Jun 10, 2024 | Equipment, Income Generators, Restaurant Industry News, Retail Industry News, Uncategorized
ATMs still Represent Easy Money for your Business, Restaurant or Store
With the rise of online shopping, brick-and-mortar businesses today need to do everything they can to stay competitive. Sometimes that means using a traditional, tried-and-true method of boosting traffic and earning some passive income.
We’re talking about the ATM machine.
Your store, restaurant or business just might need one.
Why?
Not everyone likes to swipe or dip the chip at a business. Credit and Debit card security concerns are causing some people to stick to the safety of cash. One-third of U.S. consumers (34 percent) say they are making more purchases in store with cash because of data breaches, according to ATM Marketplace.
Avoid card processing fees: Customers who use your ATM and then pay cash in your business save you in credit card processing fees.
Where’s my bank? In a tourist market, in particular, a customer’s regular bank may not be available or may be prohibitively far from his or her local destination. Your customer may want to withdraw money from or check his balance from an ATM before making a card transaction with you or another business.
“Now that I’m here”: Average 7-Eleven ATMs perform about 3,000 transactions per month, according to National Cash, an industry provider. That could be 3,000 times a customer visits your business just to use the ATM, and while there, they notice what else your business offers.
It’s a tax write-off: The ATM is a tangible personal property item which can be expensed. Your tax advisor can tell you about how the cost of an ATM machine can be depreciated or expensed beginning in the tax year that it is placed.
Earn income on surcharges: Talk about passive income! It’s the easiest way to make money on your money.
Operating an ATM is easy and a great way to drive more revenue and foot traffic into your establishment this year! Call or email us today to learn more.
by Chandra | Jun 10, 2024 | Clover, POS Systems, Restaurant Industry News
We realize that your costs for accepting credit card payments increase regularly. As your source for Point of Sale, we can help by improving other aspects of your service that save you money and make you more profitable IN SPITE OF those rising costs.
There’s been a lot of confusion about surcharging in the past few years. Can you do it? Yes and no. They are specific rules and guidelines for each state regarding Cash Discounting and Surcharging.
For restaurants, the safest and most transparent method is to offer a cash discount for people paying with cash. Advertising the credit price throughout your restaurant with the expectation if they use credit, they pay that price. This should avoid confusion and keep your customers happy with a Cash Discount Program. In addition, you must notify patrons throughout your restaurant with a sign on the door, notification at a POS or cash register, and printed on the receipt. Make sure you are following your local state rules.
Upgrade your Point of Sale System – it will pay for itself so quickly you won’t even think of it as an expense. Our POS System will even automate the Cash Discount feature for you, so you don’t have to think twice about it!
For restaurateurs, the speed and efficiency of ordering alerts to kitchen staff, and payment processing will turn tables much, much faster in dine-in situations and faster yet for takeout. When customers key in their own orders – with descriptive, easy-to-use menu presentation and clearly stated instructions and payment options – it greatly reduces errors and streamlines the notifications along the order-fulfillment process that saves time. You and your customers will love that!
For other businesses, giving customers the ability to choose their items online saves clerks’ time (and prevents complaints about it taking too long to find a clerk!). Checkout is a breeze, and if there’s one thing everyone believes is in short supply today, it’s time.
Another great feature you should look for when choosing a new Point of Sale System is the ability to upload images and price changes instantly. This process should be as easy as putting a photo on Facebook.
So what are you waiting for? Call us today at (239) 549-5055 or check out our website www.cardsystems.com.
by Chandra | Jun 10, 2024 | Business to Business News, News, POS Systems
NEVER UNDERESTIMATE THE POWER OF A WOMAN
You may be stunned to learn just how much women’s economic power has increased in recent years. Their impact on the consumer economy and influence in decision-making has elevated them to account for 85% of all consumer purchases. Understanding the factors leading to related statistics and how to appeal to this gender is critical to capture their business.
Factors leading to this rise in power are:
- Women earn the majority of bachelor’s degrees (57%), master’s degrees (60%) and doctoral degrees (51%).
- Seventy percent of women with children under 18 are working at jobs and at home and 74.9% of women are the primary shoppers for the household.
- Women control 60%+ of all personal wealth in the U.S.
- Women are responsible for the purchase of over 61% of traditional male products, such as automobiles, home improvement products, and consumer electronics.
- Nearly 40% of U.S. working women earn more than their husbands.
This powerful force will continue to develop and dominate the marketplace for generations to come. Businesses must educate themselves on how to approach women and meet their purchasing needs. Research indicates “91% of women feel that advertisers don’t understand them.”
(For more Statistics on the Purchasing Power of Women, including Millennials, Gen-X women, Empty Nesters, and Boomer Women, see https://girlpowermarketing.com/statistics-purchasing-power-women/.)
How to appeal to this group:
Because women are sandwiched between raising children, working, caring for the home and caregiving for their elderly, their time is limited. Customer service and convenience are paramount to a good relationship and a satisfied shopper.
Training your sales and customer service staff to create a pleasant customer experience and recognize the importance of appealing to this shopper’s buying needs will help to increase sales and develop a repeat customer. To fail to acknowledge their presence or significance in the decision-making process will be a definite detriment to the ultimate sale of your product or service.
(www.forbes.com,2016/12/32, www.forbes.com, 2017/01/31)
More than 11 million businesses are owned by women who employ over 9 million people. Of that, 5.4 million firms are majority-owned by women of color employing over 2 million people.
Make your business run smoothly with online purchasing options, electronic billing, customer financing, and an efficient Point of Sale System. If these options are not available with your current vendor, call us for a free consultation at 866-207-3298 or go to www.cardsystems.com
by Chandra | Jun 10, 2024 | News, POS Systems, Service Industry News
Your business security depends on the information that you retain and how you monitor your everyday transactions. There are many ways to do this both with internal measures and technology with the new Point of Sale Systems available today.
Too many times, you (the business owner) are left in the dark as fraud and theft happens right under your nose. Thieves are getting more experienced every day with the various tools they have to violate your business and thus rob you of what you’ve earned. The steps to prevent this are many but vary according to your business type. One of the most common areas of concern, unfortunately, is from your employees.
One suggestion is to find out the what, the where, and the when. What are your current and future employees skills, where have they worked, and when did they work there? A detailed background report is easy to get and inexpensive compared to the potential financial loss.
Another method of prevention is employee training, which can and should include process training and data security procedures. Many times we are so familiar with the processes ourselves that we forget or skim over them when training a new employee. To solve this, have a written “New Employee” checklist and USE IT. Also, use the security awareness policy & training available in your PCI Portal.
App Spotlight:
Do you receive Email or Text alerts from your POS when specific events happen in your store?
When:
- A payment, refund, tip, or discount exceeds a specified amount
- An item or an entire order is deleted, the alert message will indicate whether it’s a PRINTED item/order
- An online (or any other type of) order is paid
- A custom item is added to an order
- The quantity available for an item falls below a specified threshold. (Stock app required)
- An item has expired or is expiring soon (Stock app required)
- Cash in the drawer exceeds a specified amount (Cash Track app required)
- Partial payment is made
- Cash is removed from the drawer
- The cash drawer is opened without a transaction
- An item is deleted from Inventory
- An order stays open too long
Now Available with the Ping Me If app from Clover. It is integrated with all your information in your Clover System.
Prices available on request.
