LPA Retail Systems offers credit/debit card processing fees that are among the lowest of nearly all other POS system providers.
MINNEAPOLIS Nov. 13, 2019 LPA Retail Systems, a recognized leader in omni-channel retail technology solutions, offers credit/debit card processing fees that are among the lowest of nearly all other POS system providers.
LPA Retail Systems President Tim Lano said, “Many food service and retail owners get talked into thinking that a slight difference in processing fees doesn’t matter than much, but it can actually mean sink or swim for some establishments. In addition, there’s the myth out there that changing to a POS system with lower fees will be a hassle that’s not worth it. When you actually look at the savings involved and the ease of transitioning from one system to another today, there’s just no question that no one should be stuck with these high fees.”
In the following example, which involves a real-world 11-terminal business doing about $4 million a year in business and paying 2.49% and $0.15 per swipe to an LPA Retail competitor; the owner ended up paying $40,000 more annually than with LPA Retail’s equivalent cloud-based, iPad-based POS system. This equates to10% more revenue.
For this, and many other reasons, NerdWallet named the POS system that LPA Retail offers “Best for Quick Serve and Full-Service Restaurants with Multiple Locations.”
According to NerdWallet, it is ideal for larger restaurants such as franchises, catering services and restaurants with multiple locations. The review goes on to say, “It’s customizable, with various hardware options and applications available to add-on. Restaurant-specific features include ingredient inventory tracking, table layouts, tableside and online ordering, franchise management, catering and delivery.”
This isn’t all about credit cards. Another LPA Retail competitor is set to drop its longstanding 2.75% point-of-sale rate for a new pricing plan of 2.6% plus 10 cents. Experts say that while this will generate 1% less on the average card credit transaction, it will add almost 4% more for an average debit purchase. Debit now accounts for 66% of U.S. bank card purchase transactions.
It is also worth noting that a provision for randomly raising processing fees during the contract period is typically added into this LPA competitor’s contract—leaving contract holders at the mercy of the POS provider for three or more years.
“These card fees are worth looking into,” Lano added. “They should be simple, straightforward and relatively low. A lot of POS providers will offer a confusing tier of fees with the express purpose of hiding the actual amount until the owner has already committed. Our customers are very clear about the transaction fees before they sign a contract. It’s just the way we do business.”
Headquartered in Greater Minneapolis, LPA Retail Systems Inc. is a recognized leader in omni-channel retail technology that includes POS software, hardware and related services. The company is also a leading POS customization expert. They are a complete solution provider for multiple sectors including gift shops, corporate stores, liquor, lawn and garden, specialty foods, apparel, and sporting goods. LPA Retail enables clients to leverage the Web and POS —reducing labor costs, better managing inventory and increasing sales. The company’s ability to customize POS software and link to ecommerce insures a solution that is tailored to each client’s business.