With changing times, technology has changed as well. Cash on hand is a thing of the past. When it comes to dining in restaurants, a lot has happened in the past few years, for the better. It is not just the food that has been transformed, but also the methods of payment at the restaurants. Multiple factors have contributed to that. Stay with us till the end of this article to realize how payment systems have reinvented restaurants for the better.
Reasons to Implement Mobile Payment Into Apps
Technological advancements have transformed much of the world into what it is today. Many things that were handled physically in the past have gone digital today. Payment methods are one of those things. The world has implemented a lot of cashless transactions and different methods to do so in other places. Technology has ushered the dining experience to the next stage and there are enough reasons to follow such methods listed below:
1. Digital Transactions Are Quicker
The rules of social interaction have changed after the onslaught of COVID-19 on the world. There has been a rise in hygienic cautiousness in public gatherings and social interactions. Restaurants have been extra careful about their policies regarding hygiene. From the plexiglass dividers at the grocery store to the kick plates that let you open a door hands-free, everything has gone without physical contact to work. As a result, merchants, entrepreneurs, and business owners have had to make specific arrangements of their own for their customers.
This is why hands-free payment such as mobile transactions or QR codes offers the opportunity for business as a safety precaution. There is minimal cash exchange and it is simple to maintain social distancing.
2. Heightened Customer Convenience
Let’s think about the approach of the restaurant staff while providing their customer with a seamless dining experience. The host/hostess arranges a table for you, brings you the menu list, notes your order down, and brings your food. There is a lot of downtime between you sitting down and the waitstaff taking your order. This downtime also persists between finishing your meal and waiting for the bill.
When it comes to digital payments, customer convenience is one of the most significant consequences. With digital transactions, your customers are the ones who dictate the flow of food being served. This in return, makes things simpler for your staff to communicate with the customer in a more easy-going and productive manner.
Modern customers need a seamlessly hands-free dining experience that improves hygiene for the customers as well as saves their time as much as possible. Such customer experience allows room for your audience to think through whether the restaurant is worth coming back to or not.
3. Demographic Shift in digital payments
Due to the Millennials and Generation Z, there is a massive shift in the demand for digital payments. The demands made by this generation affect the global restaurant positively through its habits and values. One such demand is the use of technology to offer a seamless dining experience.
A recent study done by Pymnts suggests that 27-30% of all millennials are adept with technology. This implies that they own multiple devices that are capable of making online transactions. As a result, entrepreneurs need to consider their preferences as well to gain much profit from the restaurants.
4. Digital Payments help in bolstering customer relationships
One of the major features of implementing digital payments in restaurants is that these methods combine seamlessly with the existing tech stack. This implies the smooth integration of mobile payments with the technology that keeps the restaurant functioning. An ancillary technology that is quite significant in operating restaurants around the world is CRM.
CRM allows you to view statistical data about the customer’s spending habits, demographic information from every transaction, and customer preferences. With all such data, you can implement loyalty programs that can make your business truly flourish from your customers.
5. Digital payments via QR codes are feasible
Digital payments have now become state-of-the-art solutions for the food service industry when it comes to transactions. According to a survey conducted by Deloitte, 57% of customers prefer to order and pay for their food digitally, whether they are dining in or having a takeout. Although, setting digital payments for the restaurant business can prove to be a nerve-wracking task with exorbitant costs but fruitful results.
QR codes are another source of payment that is much more cost-efficient and budget-friendly. These codes can be integrated effectively with your existing POS system which allows room for convenient and easygoing payment options for your customers to enjoy.
6. Digital Payments Advance Revenue
Due to the quickness and convenience of transactions, digital payments are much easier to pull off than regular cash payments. They also embed seamlessly with your existing tech generating loads of revenue. Restaurants nowadays sync their digital QR menus with their POS system for their customers to view the list of items that intrigue them through high-quality images. Images of appetizers, drinks, starters, desserts, and other things allow them to make decisions quickly. This results in customers adding their order to the system which the restaurant can follow up on instantly.
How to implement mobile payment methods in your restaurant?
Since we have already discussed the multiple benefits you receive for incorporating restaurant mobile payment methods, it is time to understand the process of accomplishing that. Below are some tips that can get you started:
1. Pick the right payment processing unit
It is necessary to pick a trusted payment processor that can make safe and secure transactions from the customers’ mobile phones. It should also provide resourceful features such as invoicing and real-time reporting.
Famous companies that offer payment processing software are PayPal, Square, Apple Pay, and Stripe. Make sure to read the unique features and fees offered by these processors individually since all of them vary.
2. Integrating the processor into your system
Once you have bought the payment processor, the next is to find a way to integrate that into your system. This implies that transactions can be performed safely and securely from the customer to the system.
Make sure to recruit a mobile app development Services provider to build an app like this for your restaurant. If you already have an app, experts can aid you in installing the app’s multi-payment option into your system.
3. Offering multiple payment options
It helps a lot to the customers to have multiple options to pay for the restaurant. If they do not possess the option of one processor, they can choose the one they do have and pay the restaurant through that. Processing a transaction is quite convenient as it can be done in different ways. Some of them are QR codes, mobile apps, and NFC (Near Field Communication) technology.
Mobile apps help a lot in storing client’s information and can also make the checkout process much simpler and more convenient for the customer.
A study of customers using technology at restaurants
According to research conducted by PYMNTS, customers utilizing digital devices to find and dine in restaurants will be a lot more satisfied with restaurants that incorporate the same technology. Due to the loyalty of technologically savvy customers, restaurants providing an array of digital ordering and payment options will encourage their customers to enroll in their loyalty programs.
High-tech enthusiasts tend to own 11.8 devices in an average demographic while low-tech ones own 2.8 on an average. They generally own only smartphones and desktops. Mainstream customers, on the other hand, utilize smartphones and computers but also use tablets, gaming consoles, and smart TVs.
When it comes to the usage of technology, minor demographic differences can also impact the statistics. For instance, diners of all generational groups have implemented technology into their business but the rate at which they utilize it can differ a lot. 30% of bridge millennials will spend their money in a restaurant offering nine technologies or more.
High-tech customers generally target restaurants that promote easy-to-use digital offerings and better rewards. In one research, 82% of cases state that having a simple and easy-to-use website is significant, and 76% championed a mobile app to have the same convenience. These studies suggest that restaurants with some digital apps providing a wide range of benefits and features to their customers tend to attract the most business towards them.
Mobile Payment Apps For Restaurants
Now that we understand the impact that mobile app payment apps have on the food industry, we should get acquainted with the different apps that make all of this possible safely and securely. Below are a few of these apps that let restaurants make the seamless transaction:
This app was created for the users to save money. This app is free of cost and can be used as a mobile app or on a web dashboard. The majority of the banks support this app and work together to save on groceries and gas. You can also find some discounts on famous stores such as Macy’s, Target, and Old Navy.
2. Server Please
In a game-changing addition to mobile payment apps, Server Please redefines dining experiences for restaurants. This innovative app empowers customers to call their waiters conveniently from their tables without the need to shout or wave for attention. It streamlines the entire dining process by allowing patrons to log in, select their restaurant, specify their table number, and simply tap the call button. Upon activation, waiters are promptly alerted, ensuring efficient service and a relaxed, enjoyable dining experience for customers. Server Please is the ultimate dining companion, bridging the gap between diners and service staff seamlessly, and leaving a lasting impression on restaurant-goers everywhere.
This is a credit card processing system that allows the restaurant staff to charge credit card services with the help of mobile devices or tablets. This app is the first payment processor to be integrated with a smartphone or tablet. Companies such as Whole Foods and Starbucks utilize Square and many entrepreneurs prefer it as a digital transaction option.
A globally famous e-commerce business that is also a payment option, PayPal can be utilized for money transfers. It functions as an alternative to more traditional approaches such as money orders or paper checks.
With the help of a single tap, you can pinpoint the closest restaurant, gas station, movie theater, and other popular locations with the help of Poynt. It does not just show the address but also its price list. Looking out for a specific store can help customers filter out the unwanted options according to the price they intend to spend on.
This restaurant mobile payment app is compatible with any MasterCard and can be validated by most card readers for payment. LoopPay kills two birds with one stone since it does not have the drawbacks of a credit card and is also more secure. User information is stored on their mobile rather than the card itself. This implies that if the card is stolen, it cannot be used.
7. Apple Pay
One of the most popular mobile payment app services available on iPhone, Apple Pay allows the user to make smooth and seamless transactions in stores and restaurants simply by scanning their phones. It is quite similar to Apple’s previous payment app, Apple Pay Cash.
You can also add a debit or credit card through Apple Pay. The majority of the banks also have incorporated this service into their systems namely Wells Fargo, Chase, Citi, and many more. This app’s compatibility can be found in iPhone versions of 6s and above. iPhone SE is also another addition along with the iPad Pro, iPad 5th Generation, later iPad models, and the Apple Watch.
8. Google Wallet
The first mobile payment system on Android phones utilizes credit or debit cards for payment via the system without having to carry the actual card. It can work with existing payment networks such as Visa or MasterCard.
Users generally store their credit or debit card information on mobile phones allowing them to load up their accounts and then use it without the hassle of carrying those cards. This app, however, has now switched to Google Pay providing a range of options.
As time has progressed, restaurants and the food service industry have matured and evolved as well. There have been multiple watershed moments that have skyrocketed the industry forward for good. Shifting their focus from traditional payment methods to embracing the new and more recent way of payment transactions is just one of the paradigm shifts that have happened in the service industry. If you are looking forward to opening a new restaurant and do not have much idea about the payment systems, we hope that now you are well-acquainted with the things you need to do to set up the payment system of your restaurant.
1. What are the benefits of mobile payment apps?
Some of the benefits of mobile payment apps in the restaurant industry are:
- They provide additional layers of security
- They are quick and hassle-free when it comes to timely payment.
- Online ordering is made easy as delivery and payment is taken care of with a few taps on the mobile phone.
- More guests can be served and tables are turned faster through mobile payment.
2. How do mobile payment apps work?
Mobile payment systems work exactly like debit or credit cards. However, instead of a physical copy of a card, mobile payment apps utilize an Internet connection or sometimes even Near-field Communication (NFC) to conduct transactions via a mobile app.
3. What mobile payment method is the best?
There are multiple factors to consider when it comes to the best form of payment method. Elements such as security, convenience, fees, and other things need to be taken into account for a careful analysis of the best payment method.
4. Which technology is used for mobile app payment?
Near-field Communication is something that can be found in the latest devices. It is a short-range wireless connectivity technology that allows other NFC-enabled devices to interact with each other.
5. How much does it cost to integrate a multi-payment feature in a mobile app?
The cost of implementing a multi-payment feature in a mobile app depends on the requirements of the business. The size and payment methods a business accepts a huge factors in determining the cost of the feature. It can range from a few hundred dollars to thousands of dollars based on the requirement.
6. What if one is dining with a group? Is it easy to split the bill?
Yes. It is completely feasible and convenient to split the bill easily due to the QR code. Every member of the group can scan the code, assess their individual payment, and continue with the payment in a matter of minutes.
7. What other instances can one use a QR code besides dine-in experiences?
There are multiple restaurants that allow the use of QR codes in their takeaways and delivery services as well. The use of QR codes is completely for the sake of convenience of the customer and enhancing the customer experience regardless of their choice of enjoying their meal.
8. Is it necessary to download any additional apps to scan the QR code?
No. There is no need to install any additional software to enjoy the service of paying through a QR code. All you need to do is open the camera of your smartphone and scan the code through that feature. This is how convenient it can be to make necessary payments with the help of a QR code.