December 2017 Digital Issue
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EQUIPMENT<br />
ON THE MONEY<br />
Finding the right<br />
payment processor<br />
for your restaurant<br />
impacts the bottom line<br />
BY ANDREA VICTORY<br />
Your restaurant works hard for its money and as<br />
a restaurateur, you know the value of a dollar.<br />
So, when it comes to processing payments, your<br />
restaurant needs more than just a terminal.<br />
Payment processing for consumers and merchants<br />
is a big deal. According to Payments Canada’s 2016<br />
Canadian Payment Methods and Trends report, in 2015, the<br />
payments market in Canada grew to 20.9 billion transactions<br />
worth more than $8.9 trillion.<br />
As a restaurateur, concerns go beyond simply accepting<br />
payments and having the most up-to-date technology. The<br />
impact of payment processing for restaurant owners can<br />
best be summed up by Dan Ferracuti, owner of Safari Bar<br />
& Grill and Drums & Flats in Toronto. “Payment processing<br />
is a huge expense. When we first opened it was probably<br />
a 50-50 split as far as people paying cash as opposed<br />
to credit, and now it’s probably 90-10 as far as credit cards<br />
go. Nine out of 10 transactions are either credit or debit —<br />
there’s very little cash anymore.”<br />
FOODSERVICEANDHOSPITALITY.COM<br />
DECEMBER <strong>2017</strong> FOODSERVICE AND HOSPITALITY 47
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