Any B2C business owner faced with adjusting their operations during the Coronavirus pandemic had to consider alternative payment methods.
Any B2C business owner faced with adjusting their operations during the Coronavirus pandemic had to consider alternative payment methods. Expanding payment methods meant delighting customers. Here's how...
Worried about the "new normal?" Here are smart considerations for expanding payment methods to delight your customers.
Technology advancements have brought significant changes in different industries. Businesses are not running the same way as they were a decade ago. Obviously, technology has made its foray in the restaurant industry as well.
Restaurant service technology is also experiencing revolutions. There are significant changes that have already reshaped the restaurant and dining industry scene—from the various modes of payment options to food delivery with online ordering.
As technological advancements take place, consumers demand more convenience. Ease of paying and multiple payment options is something that diners look for from restaurants.
Needless to say, to stay competitive and improve customer experience is to offer multiple ways to pay. And with the ongoing pandemic situation, restaurant servers will want to have minimal contact with unnecessary surfaces and ideally utilize cashless transactions.
So, this is the right time to revamp your payment modes. Let's discuss smart ideas for expanding payment methods at your restaurant so you can make an informed decision.
Before Expanding Payment Methods Know Your Clientele
Before anything else, it is essential to know your clientele. Different transaction types work best for different kinds of restaurants.
For example, a tablet at the table will work well for casual dining, but it might not work for high-end restaurants. Similarly, a high tech payment option works well if you are serving a younger crowd.
The ambiance of the restaurant also matters a lot when it comes to determining the payment methods. So, you must do market research and analysis to understand your restaurant demographics and what model is ideal for your customers.
4 Ways To Pay At The Restaurant
There are several ways to pay at a restaurant, so diners don't have to carry cash along with them. Although each payment method works differently, the ultimate aim is the same for all of them. To offer convenience.
- Traditional Credit Card Processing – This is the most common and is a global payment solution where the diner gives the card to the waitstaff who then runs the transaction. A credit card is easy and carried by most people.
- Near-Field Communication Processing – Popular and convenient. The diner hovers their mobile device or credit card over a proximity card terminal, and the payment information is transferred from one device to the other using radio waves. Both devices or payment cards must have an NFC chip in them to complete the transfer. A simple way to think of NFC processing is to compare it to sharing data via Bluetooth but with much less power and headache.
- Self-Ordering Kiosks – Self-ordering kiosks work well for fast-casual dining while there is usually a long queue. While waiting in a line can be annoying and turn off customers, a self-servicing kiosk helps to address this issue by reducing wait time and improving customer experience by offering many benefits like options for customization and paying at convenience.
- On-Table Tablets – On-table tablets are yet another popular payment method in restaurants where a waitstaff brings in a table tablet for payment. Diners can split bills, provide instant feedback, and order food -- all from the table. So, it offers a great personalized experience for your guests.
Ways To Pay Online
According to Forbes, the online food industry is estimated to have seen $82 billion gross revenue bookings in 2018, and by 2025, it is expected to more than double. That said, you need to explore different online payment options if you want to take your business online.
The restaurant industry is competitive, and there are many different ways to get an edge over your competitors. One way is by attracting more customers with the convenience of paying online while still maintaining the human touch in customer service.
Find out the Paypal final fee before incorporating this service to ensure it is worth your while. This will ensure that you are not losing any money on each transaction.
It's essential to research the payment methods available and decide which ones will work best for your restaurant. By expanding your payment options, you'll be able to attract more customers and increase your sales.
- Expanding payment methods can help you attract more customers and increase your sales
- Be sure to research the different payment methods available before deciding which ones will work best for your restaurant
Online Ordering for Pick-up or Direct Delivery Services
Online ordering for pick up or direct delivery services is popular, especially among younger crowds. But, if you are planning to expand payment methods at your restaurant, then you need to have a sophisticated website in place. It is also nice to have an attractive app for customers to order food online. Try an online ordering and payment software that is user-friendly and can be accessed from anywhere anytime on any device.
Order Through Third-party Delivery Services
You can also pay a fee for third-party delivery services to host your restaurant on their apps. A few of the well-known options are:
- GrubHub
- DoorDash
- PostMates
- Uber Eats
Utilizing these platforms helps increase your customer base as some customers might not have come across your restaurant without these apps.
Choosing The Right Point-Of-Sale System
Regardless of which payment methods you choose, whether on-site or virtual, you still need a home base for sales at the restaurant. This is called a point-of-sale system.
You should implement a smart POS system that can communicate with any other payment method. So, if a customer orders on your app, it should still be sent to your POS system. It is helpful to have everything stored in one place, as it allows for simple communication between all restaurant staff.
Additionally, you should opt for a POS system that does a lot more for your restaurant business, including:
- Offering online reservations
- Assisting with marketing efforts
- Analyzing data
- Staff and inventory management
And more.
If you're going to invest in POS, then why not go with the most beneficial options so you get a positive ROI.
Delight Customers Across Generations
New-age customers love tech-based payment options, while the older generations still prefer traditional cash payments. Of course, you want to delight all that come through your door.
As a restaurant owner, you need to understand your demographics and choose to expand your payment methods to win the heart of many.
27 Replies
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It’s really preciouses and useful article for any restaurant business owner I think. Keep it up
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Hi there, I’m glad you found this article about payment methods for restaurants helpful. Please feel free to share. We do update the blog frequently with similar insights – I hope you will visit again. Thank you for your kind words, and for sharing your thoughts, ~Keri
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I just read your article on expanding payment methods and I found it to be really insightful. As a small business owner, I’m always looking for ways to improve my customers’ experience, and your article provided some great ideas on how to do just that. I appreciated that you discussed the different payment methods available and the pros and cons of each. It was helpful to learn about the different fees associated with each option and the different risks that may come with them. It was also great to see that you provided examples of how businesses have successfully implemented each payment method. I particularly found your advice on choosing the right payment method for one’s business to be valuable. You emphasized the importance of considering one’s target audience and their preferences when making this decision, and I completely agree. It’s important to make payments easy and convenient for customers in order to encourage repeat business and positive word-of-mouth. Overall, I thought your article was very informative and helpful. You provided practical advice and examples that small business owners like myself can use to improve their payment methods and ultimately, their customers’ experience. Thank you for sharing your expertise with us!
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Hi there, Thank you for visiting my blog and for sharing your thoughts. Glad you like this article about payment methods for restaurants — And any retail business. Thanks for your kind words, ~Keri
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Wow! This article shows exact the same that I was looking for. Thank you for providing the information.
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Richard, Glad you found the information on payment methods here in this post! Do you own a restaurant or another type of business? We aim to be a resource for business owners, marketing managers, social media enthusiasts and mobile entrepreneurs. I hope you will visit again. Thank you for sharing your thoughts, ~Keri
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Great Post! This Post is very helpful & informative. I am glad to read this amazing post. thanks for sharing such a helpful post.
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Gimmy, Thank you for your kind words. Happy to know you feel this article on restaurant payment methods is helpful and informative. Thanks for sharing your thoughts, ~Keri
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Thank you for sharing such an informative post!
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Hi there, Always happy to share and be helpful. Glad you liked the details about payment methods for restaurants! Thanks for your comment, ~Keri
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Great Post!! Thanks for sharing this post here with us.
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Hi there, Glad you like this post. We are always happy to share helpful insights about marketing and ways of increasing sales for businesses of all sizes. Thanks for your comment, ~Keri
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You’re right on… by giving your customers more ways to pay you you’re at the same time making it easier for them. making it easy for your customers is a prime marketing principle for any business.
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Gina, Glad we’re on the same page. You make some very good points as well. Thanks for sharing your thoughts, ~Keri
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I totally agree that businesses don’t have the same processes that they have almost a decade ago. I believe that it is for everyone’s best interest if all kinds of businesses, especially those in the food industry, would update their services and adjust to the current situation. It might be better if the owners and the employees can both try to undergo training on online platforms on how they can improve their services and payment methods.
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Zoe, We have evolved quickly in the business environment! That said, the Coronavirus epidemic did strongly encourage most business owners – especially restaurants – to find training and advance their digital processes. Payment methods being one of them. True, we should encourage them to keep going. And, for those that did not make the move to find inspiration quickly. 🙂 Thanks for your comment, ~Keri
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Well done, thank you for this information, this article is very useful for me.
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Hi Reezan. Glad that you found this article useful. Thank you for your kind words. Makena at Idea Girl Media
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Very Impressive. I really enjoyed reading it. Now a day electronic payments are expanded rapidly.
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Sana, Glad you liked this article and found it resourceful. Electronic payment options are growing fast, as you suggest! Thank you for your comment, ~Keri
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Pingback: Expanding Payment Methods At Your Restaurant – App Software
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An amazing article looking ahead to read more amazing articles like this in the future.
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Vineet, Glad you liked this article. Please do feel free to visit again, as we update the blog frequently with similar insights. Thanks for your comment, ~Keri
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What is a great article I am seeing here about Choosing The Right Point-Of-Sale System.I really enjoyed reading this awesome post. Great thanks to the author for writing this one.
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Trinity, Thank you for your kind words – glad you enjoyed reading this article about point of sale and payment methods. ~Keri
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A masterpiece article on the payment system in the restaurant industry! Keep sharing such informative articles. I subscribed to your newsletter!
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Hi there, Glad you liked this article and felt it informative. Thank you for subscribing to the newsletter. We try to offer similar insights, so stay tuned… 🙂 Thanks for sharing your thoughts, ~Keri
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