Fifteen years ago, 90% of payment transactions at restaurants were made in cash. It is now predicted that this year, nearly 90% of all payments will be made using a credit or debit card.
Is your business equipped to handle such a dramatic change? Most millennials and consumers are more than willing to go cashless, preferring to pay with their mobile devices or via mobile payment.
Here are the top reasons why your restaurant should take advantage of mobile payment solutions:
- Convenience and Speed: Customers appreciate quick service. Paying your bill is typically the least enjoyable part of the dining experience. By offering a pay-at-table option, your customers can now cash out at their leisure, instead of trying to flag down your wait staff in the middle of the lunch or dinner rush to ask for the bill. 50% of consumers prefer this type of payment option.
- Increase sales: Another benefit of a pay-at-table mobile device is the added advantage of increasing the overall bill. Tablets at the table can display promotions and specials, and encourage diners to purchase add-ons like appetizers and desserts. Upselling has never been so easy!
- Line-busting: Have you experienced customers walking through your door, only to turn around and walk out once they glance at the length of your line? Do you like waving good-bye to profits and sales? During your peak hours, offer customers more flexibility by providing your staff with mobile tablets, allowing guests to place orders and check out before getting to the counter.
- Track customer data: Mobile payments offer an easy way for restaurant owners to trace the behavior of their customers. How frequently do they dine with you? What is the average check total? What are the most popular dishes on your menu? This data can be used to deliver a more optimal guest experience by tailoring to the trends amongst your customers, and can even give you some insight into how to budget your inventory.
- Save money: Many mobile payment companies charge less per transaction than typical credit card companies. Oftentimes it is much more affordable to use a mobile car reader or barcode scanner in your restaurant, as opposed to a credit card terminal, in order to avoid hefty monthly fees in addition to transaction fees. Be sure to research different mobile payment programs to establish the most cost-effective way to run your business.
Mobile payments have carved quite a presence into the technology market, and consumers are relishing in the opportunity to use them. Embrace the future of your business by welcoming this trend with open arms!