Within the past several years, many restaurants have stepped up their game by upgrading their payment solutions. Incorporating new forms of payment technology not only helps enhance the customer experience, but also offers more advanced security features to not only protect the customer but also the restaurant from instances of fraud or a breach.
In today’s fast-paced environment, customers prefer payment solutions that are easy, quick, and convenient for them. In the past, payment technologies were slow, bulky, and were not user-friendly for the employees using it. Thankfully, restaurants that have not upgraded their equipment now have the chance to reduce payment friction with modern payment technology and solutions.
In order to streamline their business, restaurants should first focus on incorporating solutions that help alleviate mundane everyday tasks. One way to do this is by integrating alternative payments, which can simplify daily operations while boosting productivity.
Some of the main alternative payment solutions restaurants are using include a cloud-based tablet POS System over a cash register and the ability for customers to place orders online via a restaurant’s website. Other alternative solutions that are gaining in popularity include tabletop/kiosk tablets, mobile apps, and mobile payments.
“When people think about technology in restaurants, you kind of start off with the point of sale,” said Brad Chun, CEO of TechCafe. “But surrounding that central part of the technology ecosystem, you have loyalty, mobile payments, employment management, and supply chain management. There are literally hundreds of technologies that can help you out in your business.”
However, not all restaurants have the money or resources to install the latest payment products. Most independent or small business restaurants have difficulty upgrading their solutions, as they may not always have the fund available to incorporate new technology for their restaurant. Usually, chain restaurants and franchises have more money and stores to be able to install newer payment solutions.
“Cost is still perceived as the biggest barrier to implementing more customer-facing technologies, along with lack of existing infrastructure and customer acceptance. Finding cost-efficient solutions and convincing arguments as to their importance are paramount for restaurant operators,” said Annika Stensson, director of research communications for the National Restaurant Association.
Despite these struggles, experts still encourage restaurants of all sizes to invest in even just a few modern forms of payment technology to help improve overall operations and to ensure a higher degree of security against fraud and breaches.
With technology continuing to evolve and become more advanced, it is imperative for restaurants to upgrade their payment solutions and keep up with their competitors. Incorporating modern payment products will allow a restaurant to streamline daily operation tasks quicker and more efficiently, while also having the opportunity to increase revenue and heighten overall payment security.