What do we know about running a restaurant? Everything and nothing at the same time! It seems principles of business are the same and can be applied everywhere, including your restaurant! Well in theory, maybe.
However, there are some business principles that work better in a retail or grocery store setting than in a restaurant one. Similarly, there are some POS systems that work better in one setting than another.
Mobile payments are the sole payment processing method that can be used in any setting, benefiting the establishment with its efficiency and convenience.
Mobile Payments – How Do They Work
Also known as mobile money transfer and mobile wallet, this incredible payment processing method makes it easy to make or receive transactions using mobile devices.
How does this fantastic idea even work?
Simply, customers can pay for items bought from a retail store or ordered in a restaurant through software in their mobile devices. This means customers don’t have to carry cash or debit/credit cards as their money is with them, every minute of the day!
How Will Mobile Payments Affect Your Restaurant’s Business
Several years ago, majority of payment transactions were conducted using cash in restaurants and retail stores. Enter 2017 and we see huge popularity for payments using credit or debit cards. Incorporation of software inside mobiles will make it even easier for customers to make a transaction!
Most consumers are ready to make the change and become completely cashless. Here’re some more reasons for you to consider this change:
Improved Customer Data Tracking
Once incorporated within a restaurant’s transaction payment process, owners can easily track and trace customer behavior. You can find accurate information on questions like:
- How often does a customer dine in your restaurant?
- What is the average check total at the end of every meal?
- What are the most ordered and popular dishes on your menu?
Helps to Save Money
You might not know this but many mobile payment companies actually charge less on each transaction compared to credit card companies. Using a mobile card reader or barcode scanner in your restaurant guarantees more affordability for your business!
You can also avoid exorbitant monthly fees in addition to transaction fees this way.
More Customers Checking Out in Less Time
Who doesn’t like quick service? Your customers prefer making their dining experience as hassle-free as possible. One way of ensuring a hassle free experience is making the payment part easy and fast.
It’s considerably faster to pay using a mobile device than a credit card, cutting the amount of time your customers will have to spend in the cashier line.