The future is now. Smart devices can do things you never imagined possible. Use your voice to tell it to turn on music, link it to your at home system and open the garage or turn off the lights, you can even use it as a wallet to make payments for transactions.
Many consumers are adapting to the use of mobile payments, mobile wallets, or mobile money transfers so as a business owner you too should accept this as a form of payment.
You’re probably thinking “this is a fad”, but we moved from checks to credit cards, and now checks are almost extinct so we’ve pulled some stats for you to show you this trend is here to stay.
- 39% of smartphone users admitted that, if the option were available, they would pay with their phone in a restaurant.
- Mobile payment transactions account for about $50 billion in sales annually, and in 2019, they are expected to amount to $142 billion.
- The entire market for mobile payments will be worth an estimated $2.8 trillion by 2020.
That’s a lot of zeros. So you should probably jump on this bandwagon. So were here with some helpful tips and information
First and foremost
To begin accepting mobile payments, your restaurant needs an NFC system, which allows your reader and a customer’s mobile phone to communicate through touch. A token of data is transferred and the payment is made. The NFC technology is somewhat costly compared to barcode or QR code payment processing, which you can set up through almost any point-of-sale (POS) system. Eventually, though, mobile payments will become the norm and likely more affordable, so adopting the technology early is a good idea.
There are a lot of concerns surrounding the security of mobile transactions in restaurants. Some believe that when payment information is accessible through one’s smartphone, they are at a higher risk for theft and fraudulent use when In fact this isn’t ture. However, this is by no means the end of the discussion when it comes to the security of mobile transaction, because developers have taken steps to enhance the security of this growing sector of transactions. To help against fraudlent usage, most mobile payments require many extra steps to complete a transaction like your fingerprint, or face recognition.
Fast & Easy
EMV, or “chip-in” cards, can take up to 12 seconds per transaction. This is extremely tedious and time-consuming for both restaurants and their guests, especially during a busy lunch rush where the line is out the door. Mobile payment is immediate and is processed when the phone registers with the reader. This extra bit of speed can keep your line moving and your staff focused on more important tasks.
Using your mobile payment application to manage your customer data provides you with a platform from which to launch marketing tactics aimed at specific groups of customers and helps you understand your customers better through tracking and additional feedback. Understanding your customers wants and needs helps you to provide a more streamlined and satisfying experience.
Stalking your customers is ok
Locating your customers when they are near your location and messaging them with enticing offers and invitations is a very powerful form of marketing. Not only have you hurdled the challenge of drawing your customers to your locale, you have started the conversation before they have even walked through the door.
The future is now
There are different solutions available for restaurant owners and operators to adapt to mobile payments. They range from custom apps created specifically for the restaurant to generic applications available to anyone. Also, restaurants can opt to accept mobile payment through mobile wallet solutions such as Apple Pay and Google Wallet. There are also applications that allow you to integrate with your point of sale and offer services such as order ahead, table ordering and pay at the table features. Like anything know your budget and what your willing to spend before you choose which option works best for your business.
So if you take one thing with you from this article, rememebr the time is now, and using mobile payments is essential for you to remain competitive. The ease and convience have customers taking advantage of the opportunity to pay quicker and use there smart device for a one stop shop. So get with the times and link your POS to mobile payments today.
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See you next week!
Your devoted hostess,
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