What's New In Merchant ServicesJune 2017 / Share
Businesses large and small are benefitting from new merchant service products and technology that is helping them better able to both improve cash flow and custom-tailor marketing and loyalty programs to increase revenue.
Just one industry that is benefiting greatly from new merchant services technology is the restaurant industry. Today's technology allows restaurant owners to take payments right at the tables and helping them to better fight fraud with the advance of the chip card. New data analytics technology offers restauranteurs the opportunity to customize programs and menus.
Today's merchant services analytics help businesses know their customers–by following loyal customers and how much they spend on each visit. Merchant services providers can offer detailed information on new customers and help business owners better track inventory. This all helps restaurants develop their own, highly-customized reward program that is tailored to their business.
What does that mean for business owners? Our bankers work closely with our merchant services associates to analyze data and bring customized solutions to our clients. We were recently told of an example where our Merchant Service associate worked with a customer to review the data and learned that one percent the customers made up 10 percent of the revenue. That's invaluable information.
The client was then able to drill down even more to learn that on the weekends more than 80 percent of the people who come in are new customers. They now know precisely what dishes and drinks are most popular on which days, and how the weather affects their business.
This helps businesses not only learn what is working, but it also positions them to align advertisements, customize loyalty programs and choose customer rewards that make a difference by maximizing real-time information.
It could be as simple as moving from Taco Tuesday to Frittata Friday to boost sales and profits.
The information provided is presented for general informational purposes only and does not constitute tax, legal, business or investment advice.