Taking Charge Of Everything

In our world today, every cent counts so by adding them to your bottom line is also a big contribution. Are are some steps that will increase your profits, by boosting your sales, reducing debit card fees and expenses, and most of all block theft.

For businesses in the food service industry, running a restaurant point of sale system, this can greatly help you!

Take Checks

They are still widely used, especially among older customers. So if you’re still not accepting checks, start soon. There’s equipment that will scan the check as quickly as a credit card, check out and measure them against a nationwide database of bad check writers, transfers the money to your account electronically, and can guarantee that you’ll receive the funds within a couple of days. In addition, the cost is typically lower than for credit cards and could add 10-15 percent to sales—and possibly more if you have many senior customers.

Cards

If you do accept credit cards, you’re probably accepting Visa and MasterCard already. How about cards like Discover and American Express? Particularly, the latter accompanies larger transactions in general. You might have felt hesitated because of the fee, but reconsider—a 1% difference may not look worth it for you, and because American Express transactions are often larger than those of other cards, you’ll make it up in gross profit. Furthermore, it can help keep your customers coming back because they know that your business is accepting all forms of credit cards.

Researching

Most merchants think their fees are 1.69% plus an additional $.19 because that’s their qualified rate on a tiered pricing program. But often fewer than 20 of 100 transactions receives low qualified rate and all the rest downgrade and cost one, two, or even three percent. Researching alternate programs that offer different interchange rates could end up saving more than you think.

Insist of Understanding Rather Than Having a Conflict

Neither you nor your bookkeeper would have to scratch the back of your heads over complex credit card statements that just doesn’t add up. There are several companies that have made far more than usual efforts to simply their reports. You should be able to come into terms with your statement and rates without exceeding 15 minutes.

Getting Your Reports Online

The post office is slow, don’t wait any longer for them to deliver you a letter of disputing a charge. Using the internet, you will know within 24 hours, which gives you the ability to aggressively defend against chargebacks. This type of quick action will increase your success rates and reduce your losses.

You or your bookkeeper shouldn’t have to scratch your heads over a complex credit card statement.

Using Card Validation Value and Address Verification System. They are highly effective fraud screens proven to reduce losses, and by using them the right way, you can obtain the lowest possible discount rate.

One more thing, avoid by being PCI compliant. Hackers can cause you mammoth of fines, and they can drive you out of business. Find time to read Visa’s report on noncompliant systems, so you don’t get caught napping.

How To Lessen Chargebacks

If you run an online or phone ordering business, it’s always a great idea to implement the “Verified by Visa” or “MasterCard Secure Code” plug-in on your web site. This helps eliminate the chargebacks on cardholder nonauthorization. The state of being legally obliged and responsible for these chargebacks is shifted away back to the issuing card bank, and you qualify for the lowest discount rate available. Just by following this simple step, you can eliminate up to 80% of all chargebacks and increase your profits.

The author of this article is the VP of Customer Relations at POS-For-Restaurants.com with over 20 years experience helping restaurants nationwide increase their efficiency and bottom-line profits with restaurant point of sale systems.

You may visit POS-For-Restaurants.com for further understanding of how our national network of restaurant point of sale professionals can help your business achieve greater success in these difficult economic times.