Payments

Restaurant payment option aims to slice charge-back costs

Photo: iStock.

March 22, 2021

In a restaurant climate that demands increasing payment options to enhance customer safety and convenience, POS provider, SpeedLine is releasing a SpeedLine Pay product that allows restaurants to accept payment at the table, curbside and — as it previously offered through Pay@ the Door — upon delivery, according to a press release.

"Last year saw a massive increase in restaurants offering online payments through their websites," Brad Brooks, SpeedLine sales and marketing director said in the release. "The problem is that the dramatic increase means restaurants are experiencing higher instances of chargebacks and higher transaction fees, and customers are demanding more payment options.

"We're getting reports of restaurants seeing losses in the thousands of dollars due to fraudulent and card-not-present transactions. SpeedLine Pay solves that by using EMV and by requiring a card to be present when finalizing the transaction, whether upon delivery or for curbside pick-up."

The product pairs an EMV card reader with a Windows-based tablet or an iOS device. This allows the end consumer to stay in their vehicle or at their table and tap to pay. The company said the approach provides better credit card security for consumers and reduces transaction fees for restaurants.

Card-not-present charges, where consumers pay online or over the phone, can cost as much as 40% more than card-present transaction fees, according to the release.