In this time of uncertainty, business owners are taking a closer look at all cost-cutting options to keep their doors open. In addition to concerns about cash flow or having the infrastructure in place to weather the storm, most small businesses, especially food and beverage establishments, struggle with several other challenges in their attempt to comply with mandated measures and persevere in what may be the new normal. Chief among them include the high-commission charged by third-party pickup and delivery services and the fees associated with payment processing–costs that are challenging for any small business to come to terms with, even in a thriving economy.
There is no denying that the number of credit card transactions has increased significantly as a result of the pandemic, resulting in another rising cost that impacts the merchant’s bottom line. This shift in payment behaviors is a direct result of the concerns associated with the circulation of cash, as well as how digital payments and online ordering channels can be leveraged to mitigate the impacts of the crisis. While it is still too early to tell if these trends are here to stay, one thing is clear–restaurant establishments have faced a massive disruption in their traditional business models and income streams.
To cope with the increased costs, more and more business owners are leaning on specialized programs offered by software vendors and payment processors that allow them to share their credit card processing costs with the customer. No-cost processing solutions, for example, true cash discount and surcharging programs, help business owners recover the transaction fees of accepting plastic and digital payments. “In addition to focusing on new point-of-sale software solutions, we now offer fully-compliant, no-cost processing programs that results in real savings for clients,” says Mark Hardwick, co-founder of Parse Pay, a POS software company for bars and quick-service restaurants. “Customers understand that their favorite bars and restaurants are at risk and are genuinely receptive to covering a marginal service fee to support the business.”
Merchants that participate in Parse Pay’s No-cost Processing Program are able to eliminate 100% of the fees associated with credit card processing simply by passing the cost of acceptance onto the customer. For many small businesses, offsetting the cost of merchant fees can result in thousands of dollars saved each month. To learn more about Parse Pay’s No-Cost Processing program, visit parsepos.com/cash-discount.