The payment processing industry is highly competitive—and confusing—for merchants who turn to you to make sense of the process that makes it possible to accept payments with their POS. Your recommended choice of POS and payment processing partner makes a difference in the future of your client’s business.
It’s no secret that merchant service providers own many POS systems. This arrangement has many benefits for your clients and the potential growth of your business through monthly recurring revenue.
The Impact of Rising Costs on Processing Fees
Rising costs present a difficult challenge for restaurant owners and managers to control. According to the National Restaurant Association, post-pandemic restaurant recovery has grown significantly since 2021. Much of the increase is due to inflation, which means higher costs are here to stay.
Their research on the restaurant recovery showed menu prices at restaurants and bars went up by well over 7% in 2021 alone. Higher prices on food and beverages mean higher credit card processing costs.