How hospitality businesses can improve their bottom line with banking and merchant services cost benchmarking.
In the wake of the pandemic, the hospitality industry grapples with the dual challenges of reviving customer demand and mitigating the impact of mounting inflationary pressures. A recent article by the BBC highlighted some of the challenges for businesses in Wales.
While attention often centres on running cost issues, one critical aspect frequently goes unnoticed: optimising banking and merchant services costs. Surprisingly, many hospitality businesses remain unaware of how much their profitability is impacted by excessive payment processing fees and that solutions are at hand to fix this issue.
Enter benchmarking—a powerful tool that unveils the hidden areas where hospitality businesses overpay, facilitates negotiations for better rates, streamlines payment methods, and bolsters cash flow. On average, 80% of companies that use Bankbrokers benchmarking services and data improve merchant services costs without moving providers.
Conducting regular benchmarking analysis with industry specific data allows hospitality businesses to compare their payment processing costs with industry averages and identify where they are overpaying. Armed with this information, they can negotiate better rates with existing payment service providers, optimise payment methods, and reduce payment processing fees.
Read about the four key steps hospitality businesses can take to lower costs is a straightforward way to combat inflationary pressures and pave the way for improved profitability, often without needing to move providers.
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