If you own a coffee shop, ice cream or pizza parlor, deli or any other quick-serve-restaurant, you should take a minute to read below and make sure you're receiving all the benefits afforded to your industry.
Even if you're a vendor to any of these merchants, banks, restaurant supply, chamber or trade association, a partnership with FDIS to help serve your clients in these areas could prove valuable.
You will have to go back about ten years to remember a time when fast food restaurants like Taco Bell or Wendy's only accepted cash.
There were two big obsticles hindering the QSR owner from accepting plastic payments. First, when your average ticket and margins are small, the fees associated with accepting credit cards was simply cost prohibitive at one time. More importantly the QSR owner simply could not allow their lines to be slowed down by having to go through the steps to process a card at the point of sale.
First Data & McDonald's were two of the strongest advocates who persuaded Visa & Mastercard to make special allowances in regards to the specific needs of the QSR, resulting in special pricing & other benefits for this segment.
Unfortunately for some merchants, not all payment processors have programs that allow their clients to avail themselves of all of these special perks.
SPEED
Picture the difference under the old scenario: your customer hands over their card, your cashier swipes it and waits for the system to dial for an authorization, once it's approved they hand the ticket to the customer to sign. After signing the customer returns the ticket to the cashier and she returns their card and their receipt.
In constrast, today the customer would present their card, your employee would swipe it and ask the customer if they want a receipt. If the customer declines your employee says, "Next customer may I help you?"SECURITY
FDIS provides full chargeback protection to the QSR on tickets below $25.00 even though the merchant is not required to obtain a signed receipt.
To protect the QSR from being attacked by hackers and having your clients' credit card data stolen, the new TransArmor solution offered by FDIS will effectively encrypt the data during the authorization. More importantly it will replace the real card number with a randomly generated "tokenized" number while the data sits in your point-of-sale system throughout the day, rendering the information useless to criminals.
SAVINGS
Now let's talk about pricing. It's no secret that a QSR has small tickets and a fairly large overhead. The last thing you need is to have your processor taking 2% plus 20 - 25 cents out of every transaction. Visa & Mastercard have special interchange categories for the small ticket QSR so providing you have a processor like FDIS who has a QSR program in place, you can pay as little as 1.37% and 15 cents depending on the size of your average tickets.
Since the typical QSR will process more than 1,000 small tickets each month, many times for less than $10.00, reducing your fees by as much as 11 to 12 cents on every transaction can mount up to substantial savings. It's common for a restaurant to lower their monthly fees by as much as $250 just by being correctly placed on a QSR program.
Visa & Mastercard, along with FDIS have made payments faster, cheaper & safer for the merchant but it doesn't stop there. FDIS has gift card programs, business cash advances, and local QSR experts to guide you in all the options afforded QSRs to help your business grow.
Studies prove that as fuel prices increase so does the volume of the QSR segment over the "sit down" or "fine-dining" establishments. Your place in the economy is important. Be sure that your payment processor is treating you like the VIP that you are.
Jason Banther, CEO
Dynamic Payment Innovations, Inc.A First Data Independent Sales Agency
FDIS - QSR Program
In Chattanooga, click here for more information about FDIS' QSR program.
Jason can be reached at 423-648-9877
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