Are You Ready to Expand Your Small Family Restaurant Business?

by Tony Gottleib on Jun 29, 2010

As the owner of a small family restaurant, how many times a week do you hear customers moan when they realize you don't accept credit cards? Sure the local customers think your policy is quaint ”“ but they know better than to enter your eatery without cash in their pocket. More and more people are going cashless and the businesses that don't catch up may find themselves off the menu. If this is the type of small family restaurant you run ”“ and you're thinking of expanding, the first step is to expand the forms of payment you accept. If you accept more forms of payment, more people will accept your restaurant as a place they want to spend their money ”“ be it paper or plastic. Actually, credit cards and restaurants go back 60 years. One of the first credit cards issued in the United States was designed for people eating in restaurants. Frank McNamara came up with the Diners Club in 1950 as an easy way for people to pay their restaurant bill. Diners could eat out at any restaurant that accepted a Diners Club card. After dinner, Diners Club paid the restaurant owner and, at the end of the month, the cardholder had to pay off the full tab. Those early restaurants recognized the wisdom of the process. Back then ”“ and today ”“ there are a host of benefits to the business owner who accepts credit cards. 1.Having that little sign in your window that tells people you accept credit cards will immediately increase credibility with your customers. People know that someone has already vetted your business before they allowed you to accept credit card payments. New customers no longer have to worry if yours is a shady operation ”“ one that's here today and gone tomorrow. 2.Accepting credit card payments is a convenience that your customers will appreciate ”“ and they will say thank you by frequenting your restaurant. They no longer have to wait for payday to eat out. They can do it when they want to. Credit cards allow customers to pay you right away for the meal you served, but they can put off paying the credit card company as long as they are willing to pay for the delay. 3.Accepting credit card payments will mean more money in your coffers. The truth is that most people spend more money when they're paying with a credit card, as opposed to cash. This can only mean a boost to your sales. Some studies show people will spend anywhere from 30 percent to 100 percent more if they can pay with a credit card. 4.By having the equipment to swipe credit cards in your restaurant, you will also be able to capture that percentage of your customer base that pays with a debit card. There's no point letting another form of payment elude your establishment. 5.Similarly, impulse purchases go up with the use of credit cards. That means that the dessert you offer on the menu has a better chance of getting purchased if your customer is using a credit card. People just seem to spend more freely when they do not have to pony up the cash. 6.There is also a convenience for the merchant, too. You will cut back on the number of bad checks you receive. Say someone books your restaurant for a small party and then tries to pay you by check. You will have given up a lot if that check bounces. After all, you closed the doors to all other business that night so you could serve this one customer. But if the same customer pays you with a credit card, you can be sure you will get paid within days of the credit card transaction. 7.Credit cards are safer. Many merchant account providers (the industry that sets up businesses to accept credit cards) screen users for credit card fraud. So now that you know that accepting credit cards will be good for your business, you're ready to get started. You first need to sign up with a credit card processing firm. You will receive a merchant identification number, a business credit card processing account and the equipment needed to swipe the credit cards to start the process. Expect to pay for this service based on your usage, as well as a service fee based on the percentage of your sales. When it comes time to collect the cash from the processing firm, you will need to submit a summary of the day's transactions. In return, the processing firm credits your bank account for the amount of sales, less the fees. This process will take two or three days and you're left holding the cash.

General

Source: Tony Gottleib is a freelance writer who writes about a range of topics including small business that accept credit cards.
No posts submitted yet.
Business 380 Views

Most Recent Articles

Author

Dedicated servers

  • Resellermarkets.com

    RE3-SAT-16G
    Starting from
    $80.00 USD Monthly 
    Processor Intel Xeon E3 1225v2

    Cores/Threads 4 cores/ 4 threads

    Frequency 3.2 GHz+

    RAM 16 GB DDR3

    Disks 2 x 2 TB SATA

    RAID Soft
    Network connection 1 Gbps

    Bandwidth 250 Mbps

    Traffic Unlimited

    IPv4 1
    IPv6 /64
    Anti-DDoS Included

     
     
    RE3-SAT-32G
    Starting from
    $90.00 USD Monthly 
    Processor Intel Xeon E3 1225v2

    Cores/Threads 4 cores/ 4 threads

    Frequency 3.2 GHz+

    RAM 32 GB DDR3

    Disks 2 x 2 TB SATA

    RAID Soft
    Network connection 1 Gbps

    Bandwidth 250 Mbps

    Traffic Unlimited

    IPv4 1
    IPv6 /64
    Anti-DDoS Included

     
     
    RSYS-I-32G
    Starting from
    $85.00 USD Monthly 
    Processor Intel Xeon W3520

    Cores/Threads 4 cores/ 8 threads

    Frequency 2.66 GHz+

    RAM 32 GB ECC

    Disks 2 x 2 TB SATA
    RAID Soft

    Network connection 1 Gbps
    Bandwidth 250 Mbps

    Traffic Unlimited

    IPv4 1
    IPv6 /64
    Anti-DDoS Included

     
     
    Rsys-Ip-16GEcc
    Starting from
    $70.00 USD Monthly 
    Processor Intel Xeon W3520 

    Cores/Threads 4 cores/ 8 threads 

    Frequency 2.66GHz+ 

    RAM 16 GB ECC

    Disks 2 x 2 TB SATA
    RAID Soft

    Network connection 1 Gbps
    Bandwidth 250 Mbps

    Traffic Unlimited

    IPv4 1
    IPv6 /64
    Anti-DDoS Included

     

Actions

Top Categories

Latest Articles

Single Sim Multi Recharge

Web Service API enables automated transactions over secure channel and Solutions to suite your requirements, Single API for all services....

on Feb 21, 2015

Recharge Software

Recharge software is a unique facility that offers recharge facility to a wide array of mobile, internet and DTH connections. Once you get access...

on Feb 21, 2015

Recharge API

Recharge API is a wonderful innovation in the mobile recharge business whereby by a single click of the button you can recharge a number of mobile,...

on Feb 21, 2015

Multi Sim Recharge

Multi sim recharge is a unique facility whereby using a single sim you can recharge a number of mobile and internet connections. Maintaining a...

on Feb 21, 2015

All Sim Recharges

The all sim recharges is a unique facility wherein by owning a single sim with a prepaid facility you can recharge your connection with various...

on Feb 21, 2015

Translate To:

Footer block #1

You can change this block in admin panel. Remember, if you change template, this block will be lost. We advise you to clone this block.

Ne lorem percipit efficiantur mei, ius ut simul vidisse. An vel probatus explicari appellantur. Has et comprehensam interpretaris, quo no inimicus maluisset temporibus. Ea mea quod. Learn more

Footer block #2

You can change this block in admin panel. Remember, if you change template, this block will be lost. We advise you to clone this block.

Ne lorem percipit efficiantur mei, ius ut simul vidisse. An vel probatus explicari appellantur. Has et comprehensam interpretaris, quo no inimicus maluisset temporibus. Ea mea quod.

Submit an article

Footer block #3

You can change this block in admin panel. Remember, if you change template, this block will be lost. We advise you to clone this block.

Ne lorem percipit efficiantur mei, ius ut simul vidisse. An vel probatus explicari appellantur. Has et comprehensam interpretaris, quo no inimicus maluisset temporibus. Get in touch Ea mea quod incorrupte.