Choice is good. It gives us power as consumers. It means we are in a position to make better decisions. When there are more choices in the marketplace it means there’s competition. We can find the solution with the best features at the best price.
That’s why it’s frustrating when you’re looking for a point of sale for your restaurant or bar. Most point of sale systems are tied to an additional stipulation you might not expect—one that can have long lasting repercussions for your business. There is a lack of choice when it comes to your credit card processor.
Why most POS companies don’t let you choose your processor
When you think about choosing a new restaurant or bar point of sale you probably think about the features, the marketing promises and the cost.
What you probably aren’t prepared for is how these surface features can really be acting as “bait”, like other businesses that use a “loss leader” strategy. The real plan is to get you locked in with their preferred credit card processing service.
The “bait deal” strategy is a bit of a shell game, moving the upfront cost of hardware and service out of the picture, in order to get you into an expensive long term processing contract with high fees. This is where they make their profits.
A POS that appears to be a good deal initially may not be such a great deal after all. It can cost you hundreds or thousands of dollars more than you bargained for over the life of your point of sale.
They know that once you’ve been enticed to sign up, they’ll make more money from you in the long run, recouping an artificially low upfront price through higher service fees, hidden fees and per-transaction fees on the back end.
Additional disadvantages of a POS with “closed processing”
The first disadvantage is the obvious one. When you’re limited to one or two credit processing options with your restaurant point of sale, they can charge you whatever they want. You’ve already bought or signed a lease for the hardware. What can you do? Your only option is to change POS systems (again!).
This leads us to the next expensive disadvantage. If you don’t like your credit processor you have to change POS systems completely. This means:
- Purchasing all new compatible hardware and software
- Training your staff from the ground up and paying for staff in-service hours
- Taking time away from your business to go through management training
- Absorbing the costs and downtime associated with installation and setup of a new POS
When your bar or restaurant’s point of sale is tied to one or two credit processing companies you lose the power to determine the direction of your business. They have the power.
Maybe the credit processor isn’t your problem. Maybe it’s the POS you have that’s not up to par. If you’re happy with your processor will your new POS let you keep using them? In most cases, the answer is no.
Advantages of a POS that gives you processing choices
What if you were able to keep your power as the primary decision maker for your business? What if your restaurant point of sale wasn’t tied to just one or two processors, but an open platform that let you choose the processor and rates that worked best for you? How would that change things?
- Credit processing companies compete for your business so you get the best rates and the least fees
- Changing processors is easy. Without the need to completely change systems you save money and avoid costly downtime
- Changing your POS is easy. If you like your processor you can keep them. Maintain your relationship with a processor you like and get a POS system that actually works
The pain of change is minimized. Open processing means you get more choices, more power and more control.
Rezku POS is an open POS — BYOP or shop the best rates!
Rezku POS makes changing your point of sale and getting a great deal on processing simple:
- BYOP — Bring Your Own Processor that you already love along for the ride. Hook up and go!
- Shop the best rates — Not sure who to go with? We’ll find you the best rates from hundreds of different credit card processing options.
Rezku POS is designed with features for every concept in the food and beverage service industry. Designed for the real world and tested every day by demanding restaurant and bar owners just like you, from QSR to nightclubs, fine dining to pizza parlors.
Founded by veteran restaurateur Paul Katsch in 2012, our team of industry experts has been successfully designing and implementing the most innovative and advanced technology for real hospitality businesses like yours.
Book a free consultation today with one of our product specialists to find out how we can help you save money on your credit card processing rates. Get straight answers to all of your point of sale questions in minutes.