Payment service providers (PSPs) are companies specialized in processing financial transactions for businesses and merchants. Their role is to facilitate electronic payments by offering various solutions such as credit card payments, electronic wallets, SEPA direct debits, or payment in instalments. It's crucial for a restaurant manager to compare the offers of different PSPs, taking into account not only all the fees involved, but also the services offered, ease of integration and customer support. Here are the 10 essential questions to ask before choosing a payment provider for your restaurant.
Today's customers want to pay how they want, when they want. Before choosing a service provider, it's best to make sure that it covers a wide range of payment methods, to adapt to your customers' habits and make your service more fluid.
The PSP must accept all major bank cards, such as Visa and Mastercard. In addition, with therise of mobile payments (according to Le Parisien), the provider must support popular mobile payments such as Apple Pay or Google Pay, and new payment solutions such as Tap to Pay, QR code payment and click & collect.
A good payment provider is first and foremost a solution that adapts to your restaurant, not the other way around. Before signing, make sure the tool is compatible with your cash register and management software.
For example, IO Pay, the payment solution developed by Innovorder, integrates directly with cash registers, order kiosks and payment terminals for seamless checkout. It synchronizes transactions in real time and can accept a wide variety of payment methods (bankcards, Apple Pay, Google Pay, luncheon vouchers, etc.).
If you're using kiosks or an online ordering service, integration must be seamless to avoid bugs and data loss. Finally, simplicity and speed of installation are also decisive factors in minimizing service interruptions.
👉 To find out more: Why adopting a touch-sensitive cash register is crucial for your restaurant?
The speed with which funds are deposited into your account directly affects your cash flow. Some providers release funds within 24 to 48 hours, while others take longer, up to 7 days or more. Knowing these timescales will help you better anticipate your cash flow and plan your expenses.
For example, if a payment provider imposes a 5-day deadline for disbursing funds, the restaurant will have to wait that long before accessing its money. This can complicate the payment of suppliers, salaries or charges. Conversely, a 24-hour payment period facilitates cash management, especially for establishments with high fixed costs. It's best to opt for a PSP with short, transparent payment deadlines to avoid financial tensions.
The costs associated with PSP services can vary considerably. Ask for a detailed list of charges (commissions per transaction, installation fees, maintenance fees, hidden costs or penalties for early termination, etc.). A clear understanding of these fees will enable you toassess the financial impact on your budget and effectively compare offers from different providers.
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Transaction security is crucial to protecting your customers' sensitive data and maintaining your restaurant's reputation. Make sure your PSP complies with PCI DSS standards, which establish guidelines for payment data security. In addition, find out what measures are in place to combat fraud and ensure cybersecurity, such as detection of suspicious transactions and protection against cyberattacks.
Responsive and available customer support is essential to quickly resolve any problems that may arise. Check whethersupport is available 24/7 or only during office hours. The communication channels offered, such as telephone, online chat or email, are also important. Find out about average ticket resolution times and the location of customer support, as local assistance may offer a better understanding of your specific needs.
As your restaurant grows, your payment needs may change. So it's important that your PSP is able to adapt to any increase in sales volume. Additional functionality, such as loyalty programs or promotions, can also be beneficial. If you're planning to expand your business to several sites, or to franchise, make sure you have a scalable solution to meet these requirements.
Disputes and chargebacks can have a significant impact on your revenues and reputation. Ask whether your PSP offers dedicated support to deal with these situations. Understand the chargeback handling process and the tools available to minimize these incidents, such as automatic verification systems or real-time alerts.
Detailed reports and in-depth analysis can help you understand sales trends and make informed decisions. Find out more about the types of data available, such as sales figures, sales per hour or per item.
In a world increasingly aware of environmental issues, it makes sense to choose a PSP committed to sustainability. For example, the use of dematerialized receipts can reduce your restaurant's environmental impact. What's more, an innovative service provider will integrate the latest technologies to improve efficiency and the customer experience, enabling you to stay competitive with your competitors.
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Are you looking for a solution that integrates perfectly with your system and optimizes your management? Make payment management easier in your restaurant with IO Pay. Contact us today to find out more!
