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First Data Review Paper

1535 Words7 Pages

First Data Review

Your restaurant uses a Payment Gateway, Merchant Account and Operating System to process credit cards at the restaurant and take mobile payments online. There are fees associated with every step of payment processing. (We probably don't have to mention that to you; restaurateurs complain regularly about the necessity of taking credit cards and the mandatory fees that entails.) First Data is a major name in the financial services industry, and your restaurant probably uses the company's services, even if you don't recognize the name.

The quiet giant of payment processing is directly involved with creating and operating Google Wallet, the online payment system that has the power to transform how people pay for goods and services. …show more content…

The company is concentrating heavily on building the direct payment processing part of its business. Your restaurant can benefit by using this turnkey POS solution that will grow and adapt with your restaurant, and First Data offers ancillary financial services that can help your restaurant grow. You can offer your customers key benefits like cash advances or let them make commercial payments at one of your Clover terminals. Adding value helps to build customer loyalty and drive repeat visits and related sales.

First Data Competitors

First Data competitors include a range of credit processing companies, third-party restaurant services and established players in the financial and restaurant-services industries like PayPal, Square, Revel Systems and ShopKeep. Getting a First Data Merchant Account is like getting the Secretary of the Treasury personally to cash your paycheck -- great for security and bragging rights, but not essential as long as he or she signs each federal reserve note. You should investigate the options based on your needs before committing to any system.

Areas of concern might include the equipment for traditional terminals, or you might do fine with a single iPad POS if you own a food truck. Just remember that scalable systems are the best, unless you plan to stay small and never grow. Some of the best systems for restaurants …show more content…

Costs of Using First Data

Some restaurant owners complain that First Data's merchant services are more expensive than other processors, and we always recommend comparing at least two processors before choosing a system. That said, other issues are often more important than costs in today's connected, competitive and fast-moving marketing environment. Restaurateurs have to consider whether their systems will accept all kinds of emerging payment technologies and whether the system supports tableside ordering, payment processing and payments made through third-party Internet services.

Concluding Observations

Restaurant ownership is like being a parent -- you're either involved in every aspect of your business, or things get away from you. Payment processing is more crucial than ever when people are ordering online, prepaying for their meals on their phones and buying products on eCommerce restaurant websites. Some restaurants are even requiring deposits, prepayments and premium payments for guaranteeing reservations for prime seats and dining times. Payment processing is a critical issue that influences every aspect of the

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