Restaurant Payment Solutions: 7 Revolutionary Concepts
To run a restaurant business, business owners must invest in restaurant payment solutions. Though you might be thinking of the traditional payment processing methods like cash and cards, restaurant payment technology is just as important. In fact, many experts claim that it’s superior within the modern restaurant industry.
Restaurant payment processing can be more innovative and tech-driven than you might assume. In this blog, we’re going to outline the purpose and advantages of restaurant payment solutions. Then, we’ll cover seven forms of restaurant payment solutions that you can offer customers.
The Purpose of Restaurant Payment Solutions
Restaurant payment solutions are absolutely necessary in conducting business. Without them, it would be unfeasible to process transactions. Plus, there are other features, like loyalty programs and gift cards, that eateries would be unable to offer.
Solutions that accept digital payments can also track restaurant data in real time. Therefore, restaurant owners and managers can leverage data to improve strategic efforts. Over time, your restaurant's management team will be able to make decisions backed by data as well as with a sense of confidence.
The Advantages of Innovative Restaurant Payment Solutions
Standard restaurant payment solutions are necessities. But did you know that there are so many groundbreaking benefits that are accompanied by innovative payment solutions? Digital payment companies offer eateries of all sizes, advanced products and packages that can take business efforts to the next level in no time. All of which digitize payment processes.
The list below states several reasons why innovative restaurant payment solutions are ideal for all kinds of eateries:
- Secure data encryption
- Customer data reports
- Fast table turnover rates
- Customer satisfaction
- Quick wait times
Now that you know of several benefits to using digital payment platforms, let’s take a closer look at your options. There's quite a few to choose from, so it’s key to know how one is unique from the next.
7 Types of Restaurant Payment Solutions
Each of the restaurant payment solutions below will allow your business to be more inclusive. That’s mainly because most consumers have strict preferences and opinions in regard to how they pay for products and services. So, the best combination of payment methods would be a mix of them all. Read all about them to learn how they’ll impact your business and customer loyalty to the brand.
1. All-Inclusive Restaurant POS Platform
Before you can start implementing restaurant payment solutions, you need to invest in a platform that can host all the options. So, we cannot stress enough that you onboard an all-inclusive POS platform with a diverse selection of features and integrations. This way, there won’t be any gaps pertaining to what your restaurant offers its customers. From online ordering to group dining functionalities, with the right system, your eatery can do it all.
The decision to integrate with delivery service providers like Uber Eats, DoorDash, and Uber Eats can upgrade a restaurant. That’s because when you offer delivery and curbside pick up, you’re automatically expanding the business’ reach. Oh, and don’t forget that these apps can sync with your POS system to collect payment data. That way, transactions and deliveries can be contact-free.
3. Mobile Wallets
Restaurants that accept mobile payments are increasingly popular. After all, the use of mobile wallets are easy, convenient, and accessible to almost everyone. Ever since the COVID-19 pandemic, people have been turning toward contactless payments more than ever. And considering that mobile wallets just require scanning a code, it's a speedy and contact-free transaction for the customer as well as the merchant. If your business doesn't offer any mobile payment solutions, we highly recommend you offer them sooner than later.
4. QR Code Payments
Restaurants with QR code payment methods provide the most convenient payment option of all. QR codes are quick, customizable, and user-friendly. With an app like SproutQR, restaurants can create a QR code design, track QR code usage, and keep the brick and mortar eatery as clean as possible.
5. Gift Cards
Ensure that your POS system and online ordering platform offers gift card integrations. Business owners can easily boost the restaurant profit margin by selling gift cards. After all, they’re one of the most popular gifts no matter what the occasion is. Then, it prompts the recipients to visit your restaurant. So, it expands brand awareness and revenue simultaneously.
6. Tabletop Devices
Tabletop devices are just as convenient for processing payments as they are for menu browsing features. For customers who are paying the bill with a card, they can use the chip reader once they’re done with the meal. They make standard processes that could be quite slow, fast and efficient while speeding up turnover rates. Plus, parties are able to split the bill. There’s no need for the servers to take on extra manual labor.
7. Debit or Credit Cards
Debit and credit cards operate by swiping a plastic card across POS hardware. Or, the consumer pays for their items by inserting the card into a chip reader. It’s certainly the most traditional method of payment on this list. However, it can still integrate with a system that features a number of different solutions and app integrations. That's the whole point of an all-inclusive platform!
Frequently Asked Questions About Restaurant Payment Solutions
Restaurant payment solutions are necessary in keeping the business afloat. If business owners didn't have them, running a brand would be impossible. Need some extra insight on this topic? Especially regarding POS systems? If so, we think you landed in the right place! See below for some extra details:
What Is a POS System for Restaurants?
A point-of-sale (POS) system for restaurants is the platform that accepts payments, provides receipts, and stores data. A restaurant could not operate without it, as transactions would not be able to take place. In such settings, digital POS systems often integrate with online ordering platforms to offer a number of different features. As just an example, a few of these features may include things like online ordering capabilities, the option to customize orders, or instant loyalty point redemption.
What POS Partners Are Good for Restaurants?
Some of the best POS partners for a restaurant include:
- Brink POS
- Oracle MICROS
- Focus POS
Do I Need to Onboard a POS System for My Restaurant?
Yes, without a POS system, your restaurant would not be able to conduct business. This is the system or cloud-based software that will process transactions upon paying the tab. If you didn’t have one, it would be nearly impossible to process sales. It’s also necessary to process ACH payment transactions between the business and its vendors.
Are There Any Downsides of Restaurant Payment Solutions?
The only downsides of restaurant payment solutions are fraud and security concerns. However, remember that if a payment solution is available for use, it must follow PCI standards. This means that there are proper safety measures in place to process payments and store relevant data. But if you ever notice an issue, consult with your accountant, bank, or POS provider.
What Makes a Good POS System?
A good POS system is one that allows for a wide selection of integrations. For instance, restaurants are able to do so much more when syncing their POS system with an online ordering platform. Numerous features become available, and it’s shocking just how much they can improve the customer experience.
So Many Restaurant Payment Solutions to Choose From!
Now that you know about the many restaurant payment solutions and their perks, it’s time to innovate your business. Whether you use built-in integrations or something as simple as a QR code, you’ll notice the perks of restaurant payment technology. Then, you’ll be more familiar with other ways to implement restaurant payment solutions to your business' mix. Over time, adding these tools to your business will streamline operations and efficiency. Plus, customers will have a more enjoyable experience dining at your restaurant. Book a demo with an industry expert to learn more about it all!