In the fast-paced world of hospitality, technology is both a boon and a challenge. For CIOs and IT leaders, managing the technology stack within a hotel or restaurant is a task they approach with confidence—until the topic of payment solutions comes up. Why do these seasoned professionals react to this technology like Superman to Kryptonite? This question is why it’s necessary to simplify payment solutions in hospitality.

Payment solutions, despite being integral to any technology stack, remain a complex and often opaque part of the business. Further, the payment industry has created an environment where the technology is hidden behind a curtain, leaving operators in the dark. This complexity is exacerbated by billing statements that are difficult to decipher, turning the task of reconciling invoices into a fool’s errand. Are these statements intentionally complicated, designed to overwhelm operators into accepting costs as they are presented? Our audits suggest otherwise, but that is a discussion for another day.

Nonetheless what matters now is understanding how to navigate this complexity to improve your bottom line. As business owners aim at profitability, operators, or ‘merchants’ in payment vernacular, need to explore options to shave money off their expenses. Even small savings can have a significant impact on profitability. Toby Malbec delves into understanding the payment process and highlights decisions and actions within an operator’s control that can materially affect processing costs and auxiliary charges.

By gaining clarity on billing statements and questioning the necessity and benefit of each charge, operators can begin to take control of their payment processes. This proactive approach can lead to significant cost savings and ultimately improve the financial health of a business.