Your restaurant is more than a place to order food and sit down to enjoy it; it’s also an entrepreneurial venture that requires you to keep your finances in order so you can plan and budget accordingly. If you have an e-commerce component as well, you need payment processing that integrates directly with your point-of-sale (POS) software so payments are seamless, quick, and accurate at the table and online — no matter which one your customers choose to use to pay. If you’re looking for the best restaurant payment processors, here are the top six options on the market right now.
1) Braintree
Braintree makes running your restaurant easy with the best payment solutions. Braintree’s POS app lets you keep track of your inventory, order, and customer data all on your tablet or phone. Plus, Braintree has partnerships with most major card networks to provide one-touch payments from more than 130 different devices. This means no more fumbling around for cash at the end of the night! Once you complete this quick installation process, setup is pretty much automated. All it takes is plugging in your device once and installing the free app – then your company is ready to start processing payments right away.
Braintree also provides instant refunds with an industry-leading guarantee which will be sure to give customers peace of mind when paying for their meal tonight.
2) PayPal (without credit card fees)
Accepting credit cards is the best way to go about accepting payments for your restaurant. However, you need to pay 3% plus $0.10 per transaction (this is known as a swipe fee). With PayPal, on the other hand, you pay 2.7% plus 30 cents per transaction (without any swipe fees), and you can also accept other forms of payment like bank transfers, ACH transactions, checks, and more. Plus, it’s easy to integrate with most POS systems and enables you to take advantage of new features that will be released this year like Person-to-Person payments and Express Checkout which allows customers to check out faster by entering their email address or phone number. While Square charges a flat rate fee of 2.75%, it’s limited to certain types of businesses and has higher setup costs than others. So if you’re looking for an affordable option that’ll make processing payments quick and easy, then look no further than Stripe! Their rates are lower than PayPal at just 2.4%, but there’s no requirement for monthly fees – so you only pay when you process transactions!
3) Square (no monthly fees, no contract & no transaction fee)
Square is an innovative startup that offers small businesses the ability to accept credit card payments anywhere with any device. The company has no monthly fees, no contract, and no transaction fee. Square is well-suited for restaurants because it’s compatible with most POS systems and can be used by staff members without specialized knowledge of point-of-sale systems. It’s also best suited for restaurants who have a limited number of tables because it can be used as a tabletop device or integrated into the restaurant’s POS system. Square provides instant deposits to the restaurant owner, which means they are able to use the funds right away without waiting days or weeks.
4) Stripe (lower rate, exclusive access to your customer’s data and website integration tools)
Oracle Payables streamlines the process of payments by working with over 150,000 restaurants and using their expertise to reduce administrative tasks. Oracle Payables has increased the number of restaurants they work with by 10% each year since 2017, which is a remarkable feat. They have also improved the payment process by creating an interactive platform that allows diners to pay at their table and provides real-time notifications on status changes. The company has plans to expand its service offerings in 2020.
Oracle Payables offers restaurants protection from chargebacks and fraud so that they can focus on what matters: cooking great food! Egnyte (best price, ease of use): Egnyte is compatible with POS systems such as iPad or Square Register. Their integrations allow you to see all your transactions within one dashboard and make adjustments without having to log in elsewhere. With Egnyte’s best price guarantee, you’re sure you won’t find lower rates anywhere else – including other providers like Google Drive or Dropbox. It takes less than a minute for businesses to sign up and payments are processed quickly.
5) Shopify Payments
Shopify is a robust payment processor that can help your business grow and manage payments more efficiently. Shopify Payments includes everything you need to accept credit cards, debit cards, Apple Pay, Android Pay, and PayPal on your website or mobile app. Shopify’s built-in fraud protection tools help you reduce chargebacks and improve the customer experience. Plus, if you’re looking for an integrated point-of-sale system that supports in-person transactions and inventory management, Shopify’s POS software is one of the best options available. With Point of Sale, you’ll be able to control what products are visible on your sales floor as well as how they are priced – all while managing customers through queueing. Additionally, Point of Sale offers support for major card providers such as Visa®, MasterCard®, Discover®, American Express®, JCBTM, and Diners Club International®.
6) Oracle Payables
Oracle Payables is a cloud-based solution that provides a reliable, real-time payment processing system. Oracle Payables offers easy setup and integration to provide business owners with an efficient way to process payments without the need for third-party software or hardware. The Oracle Payables system also provides custom tools designed with restaurant owners in mind, including customizable reports and simplified data entry. With Oracle Payables, your restaurant will be able to offer both credit card and cash processing options that are quick, secure and easy to use.
