How to increase profitability with the right merchant services

Saving money is paramount in any business no matter how big or small. Tiny, effortless adjustments such as regular contract renewals can save hundreds if not thousands of pounds over a matter of years.

Let’s face it, no business owner likes to ‘waste’ potential profits. Here we will look at two adjustments that can not only save you money, but generate more profit for your hotel business.

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Switching merchant accounts

Although switching merchant accounts can seem like a mammoth task, the benefits will far outweigh the effort required to get your account in order. Merchant account providers make their money by charging a percentage of the transaction values you process and it could be that you’re paying well above the odds for this. Although you may feel loyalty towards your current provider or it seems too much hassle to switch, you could save up to 40% of these charges by shopping around.

In fact, you could make your business even more profitable by earning some of these costs back too. Some providers will give cashback on foreign card transactions, which is the perfect model for hotels located in tourist spots, or business hotels in city centres or near airports.

Merchant comparison services work with industry experts to compare merchant accounts on a pound for pound basis. They provide advice in plain English and do most of the hard work for you, to make sure you get the very best account for your circumstances. Many will also help you make the switch to a better-suited solution, taking away the stress of switching and allowing you to concentrate on the more important issues for your business.

EPOS and front of house

Another crucial way to make savings is to consider switching your EPOS system to an integrated service, helping you get the most out of your business, with value added extras such as:

• Cloud based systems to assess live data and reporting anytime/anywhere
• An EPOS which work alongside any app you may have developed for your business, easy for customers to access
• Staff prompts to upsell foods, upgrades etc.
• Staff statistics, so you can get to know your biggest earners and rota them on for the busiest shifts
• Loyalty systems, encourage repeat business
• Stock count and orders to saves time and manual input/human errors

Once again, using a service to help you switch your EPOS and front of house software to a more modern implementation can help you save costs and generate more revenue, making your hotel business as a whole more profitable in the long run.

If you are considering making the switch, it’s important you carefully consider your key requirements when choosing an EPOS or merchant account to ensure the change will benefit you in the long run. Using an independent advice service will not only help you make the right decision, but it can also guide you through the steps you need to take in order to make the transition as smooth as possible.