Point Of Sale for Restaurants

Our feature-rich platform is a leading cloud-based POS system restaurants designed to make managing your business easier, so you can focus on why you opened your restaurant in the first place.

All Restaurants Created Equal

Our solution can adapt to any restaurant and hospitality use. The custom features and settings easily accommodate cafes, pizzerias, fine dining, bars, nightclubs, and more!

Streamline Operations

Increase the speed and accuracy of your restaurant. Our lightning quick and intuitive platform allows your staff to turn tables faster while operating error free.

Customer Experience

Provide a consistently great customer experience with smooth and efficient service. Never get the order wrong or keep your guests waiting again.

Who is Involved in Credit Card Processing?

The key participants involved in credit card processing include:

• Cardholder: The individual who receives a card from an issuing bank and uses the card to make payments. This individual can be either the card owner or an authorized user of the card.
• Issuing bank: The entity, also known as a card issuer, that underwrites and issues cards to individual and business cardholders who meet certain credit standards. The issuing bank maintains card accounts, bills and collects payments from cardholders and monitors the performance of credit card receivable portfolios.
• Merchant: A business that accepts cards as a method of payment. These payments can be made in person, online, or by mail order or telephone.
• Merchant bank: The entity, also known as an acquiring bank, that maintains the merchant’s account where deposits from credit card payments are accepted. Some merchant banks also provide merchants with credit card terminals, which may be purchased or leased.
• Payment processor: The entity that helps many merchants and merchant banks manage the daily settlement and information flows related to credit card activities.
• Issuer processor: The entity that provides a system for issuing banks to board accounts, provides authorizations and offers risk management tools to issuers to manage their card portfolios effectively.
• Card network: The organization, also known as a card association, that maintains infrastructure to support card transaction activities such as authorization, clearing and settlement. Examples of card networks include Visa, Mastercard, Discover and American Express.
• Payment gateway: The technology that provides the link between the point at which the credit card data is received by the merchant and the merchant bank. The payment gateway encrypts the data before sending it to the merchant bank and transmits both the authorization request to the issuing bank and the issuing bank’s response back to the merchant.

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How to Choose a Credit Card Processing Provider

When choosing a credit card processing provider, businesses should consider several factors to ensure they select the right partner for their needs:

Assess your business needs

Understand your transaction volume, average transaction size, and whether you require in-person, online, or mobile payment processing. Consider every market, audience segment, and channel where you currently do business or plan to expand. You’ll want a payment provider that accepts all the preferred payment methods and currencies in these areas.

Compare pricing and fees

Processing providers may charge various fees, including transaction fees, monthly fees, setup fees, and hardware fees. Compare different providers’ pricing structures to determine which one offers the best value for your business. 

Evaluate the provider’s customer support

Issues with your processing system can directly impact your sales and customer experience. Look for reviews from other businesses to gauge the provider’s reputation and reliability and consider asking for recommendations from your industry peers. Make sure you choose a provider that offers reliable customer support. 

Consider the provider’s security and compliance measures

Ensure that the provider complies with the Payment Card Industry Data Security Standard (PCI DSS) and other relevant security standards to protect your customers’ sensitive data and minimize the risk of fraud.

Review integration compatibility

Check if the provider’s payment-processing solution is compatible with your existing POS system, e-commerce platform, and accounting software, to ensure that integration is as seamless as possible and future operations run smoothly.

Analyze additional features and services

Some providers may offer value-added services, such as advanced reporting, recurring billing, or multi-currency processing. Determine which features are necessary for your business and which features would be a nice addition.

Carefully evaluating these factors and comparing different credit card processing providers is the best way for businesses to make an informed decision that suits their requirements, budget, and long-term goals.

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How Credit Card Processing Works

Credit card processing includes a series of steps that give businesses the ability to accept credit card payments and process those payments. Here’s an overview of the process:

1. Transaction initiation

The customer provides their credit card information to the business, either by swiping, inserting, or tapping their card at a POS terminal or by entering their card details on an e-commerce website or mobile app.

2. Authorization request

The payment gateway securely transmits the payment information, encrypting the data before sending it to the business’s acquiring bank. The acquiring bank forwards the transaction details to the appropriate payment network to start the authorization process.

3. Transaction authorization

The payment network routes the transaction to the issuing bank, which verifies the cardholder’s account, checks for available credit or funds, and assesses the risk associated with the transaction. Based on these factors, the issuing bank either approves or declines the transaction.

4. Authorization response

The issuing bank sends the authorization response—either an approval or a decline code—to the payment network, which forwards it to the acquiring bank. The acquiring bank relays the response to the payment gateway, which ultimately passes it on to the business’s POS system. At this point, the business receives the approval or decline message.

5. Transaction completion

If the transaction is approved, the business provides the goods or services to the customer. The approved transaction is added to a batch of other transactions awaiting settlement.

6. Settlement

At the end of each day or at another predefined period, the business submits the batch of approved transactions to the acquiring bank. The acquiring bank requests funds from the issuing bank through the payment network. The issuing bank transfers the required funds to the acquiring bank, which deposits the money into the business’s account, minus any fees associated with credit card processing.

Typically, authorization takes a few seconds and settlement takes a couple of days. International credit card transactions

Many modern businesses also conduct cross-border commerce. Although the customer-facing process might look similar, the backend typically requires international credit card processing solutions that are more in-depth than domestic payments.

Along with the need for an international payment gateway, cross-border transactions can carry more fees, such as foreign exchange (FX) markups, fees for cross-border use of card network infrastructure, and fees paid to intermediary banks.

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Happy Independence Day!

 

Happy Independence Day from us at Bankcard Processors LLC to all of you!
Hope you have a blessed and safe holiday weekend.

Bankcard Processors, LLC

850-228-5571

Bankcardprocessors.biz

The Evolution of Payment Cards

From hybrid cards to digital wallets, the future of payments is innovative and diverse. With the ongoing digitization of payments, it’s easy to get caught up in the narrative that the traditional payment card could become obsolete. However, this couldn’t be further from the truth. In fact, card payments are thriving, adapting to the new age of fintech and smartphones.  

Having worked in the payments space for many years, I have travelled across global markets, and I've observed firsthand the evolving landscape of financial transactions. My conclusion is that one size does not fit all. Different markets have different payment requirements.  

In mature markets, I've witnessed the swift adoption of instant payment solutions, revolutionizing the way transactions occur. Meanwhile, in developing markets, the focus shifts towards the proliferation of card-based systems, both physical and virtual, along with the rapid expansion of instant networks. In these diverse environments, traditional notions of card usage are undergoing profound transformations.  

While some regions are still familiarizing themselves with physical card formats, the true innovation lies in the integration of cards with cutting-edge technologies. This entails the emergence of virtual cards, digital wallets, and tokenization mechanisms, heralding a new era of convenience and security in financial transactions. 

The advent of hybrid cards 

One of the most exciting developments in this area is the emergence of hybrid cards. These are not your typical single-function payment cards. Instead, hybrid cards flip between debit and credit functions, switch currencies, and even enable the conversion of digital assets. This opens up a wide variety of possibilities for consumers, allowing them to navigate through an increasingly digital financial landscape with ease. 

Such changes are not only increasing the use cases that cards can support but are embedding ‘payment by card’ into a wide range of user journeys. This enables faster and hyper-personalized customer experiences where the payment is invisible and can drive increased customer satisfaction, loyalty and engagement. It demonstrates that whether for in-person transactions, online payments, international transfers, or navigating blockchain technologies such as Web 3.0, the physical card remains fundamental. 

A new payments landscape 

Another important point to consider is that the landscape of payment methods is as diverse as it is innovative. Digital wallets, wearable technology, and biometric authentication are becoming increasingly popular – as well as contactless payments. The contactless payment market is set to grow at an 18% compound annual growth rate to reach more than $12 billion globally by 2032. The physical card is not diminished with this recent innovation but embedded throughout the next generation of payment technology. It now enables a wide range of unique customer journeys, transforming its role to a source of truth in the sprawling payments ecosystem.   

However, it’s important to remember that attitudes towards these new payment methods vary significantly across different demographics, geographical regions, and between consumers and businesses. For example, in Kenya, the mobile money pioneer M-Pesa reigns supreme offering a range of P2P payments, virtual wallets and credit cards – and mobile money transactions make up more than half of Kenya’s $110 billion GDP. Meanwhile, in North America, credit cards are practically extensions of self, with 82% of U.S. adults having a credit card in 2022. Rewards programs and ingrained financial habits keep plastic firmly in wallets. 

Understanding these geographical nuances is key to appreciating the broader context of payment evolution. 

Tokenization and connectivity 

At the heart of these new payment innovations is tokenization and the connection to payment rails - be it local networks or global giants like Mastercard, Visa, and Union Pay. This connectivity is not just a technical feat; it is what enables a smooth, embedded payment experience, whether through mobiles, wearable tech, or even more futuristic avenues. 

The ultimate aim of these developments is to make payments as seamless and unobtrusive as possible. The idea is to embed the ‘payment by card’ process into various user journeys, making it faster, more convenient, and almost invisible. This seamless experience is key to driving customer satisfaction, loyalty, and engagement. 

The future of cards 

Looking to the future, the question is not about which technology will replace the card. It is about understanding how the fundamentals of card technology will continue to influence and shape new payment methods. The physical card's widespread adoption enables interoperability, ensuring seamless transactions across continents and platforms. 

The world of payments is witnessing a transformation, with cards playing a central role. The challenge and opportunity lie in anticipating which payment methods will evolve from this technology and dominate the market and which will fade away. One thing is certain: the journey of the payment card is far from over. Ultimately, we are not the ones to decide where the journey will go – it is about users, and our role is to give them the choice.  Source

5 Reasons to Choose Vivid for Credit Card Processing Over Square

 

Switching from Square to Vivid's Credit Card Processing can be a significant decision for your business, and it should be based on a careful evaluation of the advantages and disadvantages of each option. Here are five potential reasons why you might consider choosing Vivid for Processing:

• Lower Transaction Fees: Vivid offers more competitive transaction fees compared to Square. Lower fees can directly impact your bottom line by increasing your profit margins on each sale.
• Customizable Payment Solutions: Vivid provides more flexibility in tailoring payment solutions to your specific business needs. Whether you need customized pricing structures, specialized reporting, or other features, Vivid's offerings may be more adaptable.
• Enhanced Security: Vivid offers advanced security features to protect your transactions and customer data. Improved security can help you gain your customers' trust and reduce the risk of data breaches and fraud.
• Customer Support: Vivid offers a higher level of customer support and assistance than Square. Better support can help resolve issues quickly and ensure that your payment processing runs smoothly, reducing downtime and potential revenue loss.
• Integration and Compatibility: If your business relies on specific software, hardware, or integration needs, Vivid's credit card processing system offers better compatibility or integration options that align with your existing tools and systems.

Remember that the decision to switch credit card processors should be made after careful consideration of your unique business needs and a thorough evaluation of the costs and benefits. It's essential to compare the specific offerings of both Square and Vivid to determine which is the better fit for your business. Additionally, you should factor in any contract terms, early termination fees, and potential challenges associated with making the switch - all of which Vivid does not implement.