Restaurant Merchant Accounts from eMerchantBroker.com

Sep 03, 2012

Best Merchant Account for Restaurants

You might not have expected to have such a hard time setting up a restaurant merchant account – but you wouldn’t be the first restaurant manager or owner to hit a road bump when it comes to setting up an effective transaction processing system.

Why Your Restaurant Merchant Account Matters

Operating a restaurant generally involves a high volume of relatively small transactions. If you’re paying a transaction fee on every one of those, your profits are quickly eaten up in the simple process of getting the cash from your customers’ credit card into your own account.

A merchant account allows you to eliminate a lot of the fees involved in processing a high volume of payments by other means. Trying to run a restaurant without such an account is highly impractical – but the Catch-22 is that most banks and other traditional merchant account providers are reluctant to open merchant accounts for restaurants, and in some cases will flat-out refuse simply because of the industry you’re in.

Restaurant Start-Up and Operation Dangers

Why are banks so reluctant to set up a merchant account for restaurants? In large part it’s due to the fact that food service is seen as such a risky industry, with extremely high business failure rates.

Most restaurants operate on a knife-edge with thin profit margins, so a few percentage points of difference in your transaction processing fees can make a huge difference to your profitability and, ultimately, the survival of your business.

It’s a well-known fact that few start-up restaurants survive more than a year or two. Even if your restaurant is established, the constant threat from new competition means you can’t afford to be running at a sub-standard level of profitability. You don’t want to be groveling to a bank for a merchant account, only to find the ones that will offer you an account will slap a bunch of set-up, maintenance and high transaction fees on it.

Getting Lower Fees on a Restaurant Merchant Account

At eMerchantBroker we recognize these particular challenges facing restaurants, and we aim to offer solutions that will help your business thrive – rather than simply adding another risk. That’s why we actually offer lower pricing options for restaurants, to offset the natural industry risk that arises as a result of thin and ever-changing margins. Most providers and brokers won’t even let you in on the fact that you can qualify for special pricing as a restaurant.

Ensure Compatibility

We work hard to ensure compatibility between our merchant accounts and a wide array of hardware used by various businesses all over the world. One major frustration for restaurant owners is that once they do finally come across a bank willing to give them a merchant account, they can’t integrate it with their point-of-sale hardware and software. We’ve eliminated that risk to a large extent by having the foresight to ensure compatibility with all the most common hardware and software used by restaurant businesses.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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