In an era where digital payments dominate consumer preferences, restaurants face the ongoing challenge of maintaining profit margins while absorbing hefty credit card processing fees. Enter TrueMargin™, an innovative pricing technology developed by Radish that promises to transform how quick-service restaurants handle these costs.
What is TrueMargin?
TrueMargin is a groundbreaking proprietary technology that automatically incorporates the cost of processing card payments into menu item pricing. This innovative approach empowers restaurant operators with a multifaceted solution to their pricing challenges. With TrueMargin, businesses can maintain consistent profit margins regardless of the payment method. Simultaneously, it allows restaurants to offer cash discounts, creating an incentive for cash payments without compromising their bottom line. Perhaps most importantly, TrueMargin ensures full compliance with industry standards and regulations, providing peace of mind in an increasingly complex regulatory landscape.
How TrueMargin Works
Simplified BackOffice Menu Pricing
TrueMargin's magic happens behind the scenes in the restaurant's BackOffice:
- It uses a unique processing fee structure and automated calculations to determine processing costs per item.
- The system computes a "Listed Price" for each menu item, which includes the item's base price, processing cost, and applicable tax.
- This Listed Price is what customers see on the POS system, menus, and receipts.
- The system automatically deducts processing costs and deposits earnings daily, ensuring the business receives the same net amount it would have earned from a cash sale.
Enhanced FrontOffice Experience
TrueMargin goes beyond simple cash discounting programs by offering:
- Flexibility in payment acceptance, including partial cash payments with proportional discounts
- Real-time updates on remaining cash and card due totals
- Support for split checks and other customer-friendly features
Setting a New Standard of Compliance
One of TrueMargin's standout features is its meticulous adherence to complex payment processing regulations. The system is designed with a deep understanding of industry compliance standards, ensuring that every transaction aligns with the latest requirements. Moreover, TrueMargin navigates the intricate landscape of card brand regulations precisely, safeguarding businesses against potential violations. The technology also fully embraces cash discounting protocols, striking a delicate balance between incentivizing cash payments and maintaining fairness in pricing.
This unwavering commitment to compliance provides invaluable peace of mind for both resellers and quick-service establishments. With TrueMargin, businesses can confidently recoup card payment costs without the looming specter of legal concerns. By seamlessly integrating these regulatory considerations into its core functionality, TrueMargin simplifies financial operations and serves as a robust shield against compliance-related risks.
The Impact on Restaurants
By implementing TrueMargin, restaurants can:
- Protect their bottom line from fluctuating processing fees
- Offer transparent pricing to customers
- Streamline their payment processes
- Stay compliant with industry regulations
Conclusion
As the restaurant industry evolves, technologies like TrueMargin set new standards for financial management and customer experience. By addressing the long-standing challenge of credit card processing fees, Radish's TrueMargin is poised to become an essential tool for quick-service restaurants looking to thrive in an increasingly cashless world.
For resellers and restaurant owners alike, TrueMargin represents an opportunity to champion a compliant, efficient solution that could drive positive change across the entire market landscape.
