How to Create a Bestselling
Book and a Million Dollar Business

Taking Charge Of Everything

As of today, every cent counts and adding them to your bottom line is possible in the middle of economic crisis. The steps here 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!

Checks

Checks are still widely used, especially among older customers. So if you're still not accepting checks, better 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, electronically deposit the money, and guarantee you receive your funds within a few days. In addition, it costs less than for credit cards and adds up 10-15% of your sales—and could even be more if majority of your customers are seniors.

Accepting All Cards

If you do accept credit cards, you're probably accepting Visa and MasterCard already. What about Discover and American Express? Particularly, the latter accompanies larger transactions in general. If you’ve hesitated because the fee is higher, reconsider—the difference might be a paltry one percent or so, and because American Express transactions are often larger than those of other cards, you’ll make it up in gross profit. Furthermore, customers will coming back because they'll know that your business accepts all forms of credit cards.

Do A Research

Many merchants think their fees are 1.69 percent plus $.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 on Understanding

You or your bookkeeper shouldn’t have to scratch your heads over a complex credit card statement 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 reconcile your statement and rates within 15 minutes or less.

Online Reports

The post office is slow, don't wait any longer for them to deliver you a letter of disputing a charge. Using the help of internet reporting, you will know within 24 hours, allows you 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.

Use the Card Validation Value and Address Verification System. These highly effective fraud screens can reduce losses, and when you use them correctly, you can get the lowest possible rate for discounts.

Also, avoid by being PCI compliant. There are mammoth fines charged to merchants who are hacked, and drive them out of business. Find time to read Visa’s report on noncompliant systems, you need to be alert in order to protect your business.

Reduce Chargebacks

For Internet and phone orders, implementing the “Verified by Visa” or “MasterCard Secure Code” plug-in on your web site eliminates all cardholder nonauthorization chargebacks. Liability for these chargebacks will be shifted away from you to the issuing card bank, and you qualify for the lowest discount rate available. This simple step could eliminate up to 80 percent of all chargebacks and increase your profits.

With over 20 years of restaurant point of sale experience and helping businesses in the food-service industry nationwide increase their efficiency and bottom-line profits, the author of this article is the VP of Customer Relations at POS-For-Restaurants.com.

Visit POS-For-Restaurants.com for more information on how our national network of restaurant point of sale professionals can help your business achieve greater success in these difficult economic times.

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