Did you know that various restaurant payment technology is available to businesses? It's difficult to remember all the options for paying, like cash, checks, mobile payment, ACH payment, and eCheck.
Another option is to conduct a secure eCommerce payment using the best payment gateway provider. These technologies and software supports being in place will most definitely help you accept payments online more quickly and efficiently. Your customers will then champion more reasons to order with you.
To improve your restaurant's payment system or operations, here are four critical things to know about restaurant payment technology before you start the project and spearhead more market success!
Restaurant Payment Technology: What Is It?
Restaurant payment technology refers to the systems and devices used to process customer payments in food establishments. Payment systems, as you might guess, include restaurant and bar point-of-sale systems, mobile payment apps, online ordering apps, and contactless payment methods too.
Restaurant payment technology has boomed and bolstered a serious competitive need in recent years. Many incredible options are available to businesses. Different restaurant payment systems simplify collecting payments from guests, despite varying levels of complexity.
What New Payment Technology Do Restaurants Use?
The restaurant industry is change every single day of the week–and maybe even more on busy weekends. But, with new technology in restaurants, there are even more options for restaurateurs to process smooth, streamlined, and profit-ready payments.
Some of the best options come standard in our technology, Revolution Ordering:
1. Mobile Payments
Apple Pay and Android Pay have empowered consumers to settle food bills using their smartphones–but they’ve done so much more. It helps customers leave faster and lets restaurants know who has paid and who hasn't.
2. Wireless POS System
Businesses can now accept payments anywhere in their establishments using a wireless POS system. Businesses can accept payments anywhere in their establishments with a wireless POS system. This system connects with a point of sale machine using Bluetooth or Wi-Fi technology. It records and organizes transactions, including QR code and contactless payments.
Restaurant owners can process payments without needing a wired connection using wireless POS systems. These systems are useful for businesses with multiple locations as they allow for centralized payment processing.
3. EMV Chip Cards
EMV–standing for Europay, Mastercard, Visa–is the global credit and debit card standard of integrated circuit chips that store and protect cardholder data. EMV chip cards offer enhanced security features over traditional magnetic stripe cards.
The chips on EMV cards are difficult to duplicate, making them much more secure than magnetic stripe cards. These chips generate a unique code for each transaction, making it almost impossible for thieves to use stolen card data.
EMV cards can help reduce fraud and protect consumers, so a restaurant will almost certainly accept them through the standard POS system.
4. NFC Payment Systems
Near Field Communication (NFC) systems allow customers to simply tap their card or phone on a terminal to pay.
The contactless payment method NFC presents makes it quick, convenient, and secure to get your diners to pay and enjoy your food any day of the week.
5. Cryptocurrencies
While not widely accepted, many on-the-fringe eateries are accepting the Bitcoin and crypto payment option.
This blockchain and ledger-based system makes transactions the most secure that history may have seen. Restaurateurs should always add services and options that serve their customer and their business.
If offering such a niche option as cryptocurrency payments for pizza, then that’s the right solution for the company as long as the POS data can support the strategy.
Tips on Choosing the Right Payment Technology for Your Restaurant
As a restaurant operator or even perhaps the bar owner, you know choosing restaurant payment technology critically affects the success of your business.
That means simply this: the wrong system can be costly and inconvenient. The right one, well, it will save you time, resources, expenses, and make a splash with sales.
Here are five ways you might consider finding just the right way to process payments. As you review, remember that restaurant payment technology differs widely, and that it might make sense for you to research, review, and research once again! Start like this:
1. Consider Your Needs
Answering some simple, but profoundly relevant questions will help you narrow the selection and choose a system that meets your specific restaurant approach and concept:
- Does your business have an eCommerce merchant account? Do you have the use of on-premise eCommerce platforms for your items in stock? (See on premise vs off premise)
- What types of payments do you accept currently? How much volume do you process? What are your payment security requirements?
- Does it follow PCI compliance? Does it integrate with your hospitality software and hospitality procurement software?
2. Compare Features
Once you know what you need, compare the features of different payment systems to find the best fit for your restaurant. Make sure to consider factors like transaction fees, shipping and handling services if needed, accepted payment types, and ease of use.
3. Test It Out
Once you’ve selected a few potential systems, take the time to test them out. Process a few transactions and see how they work in your restaurant. This will help you ensure the system is easy to use and will work for real customers.
4. Get Feedback From Your Employees
Think of those users you wish to find ease with systems. Those would be employees, yourself, and customers.
Employees are those who will most definitely use the payment system on an hour-to-hour, minute-by-minute basis. Get their insight. Take out your pencils and draft a survey of thoughtful questions before making a final decision. Ask them about things like ease of use and if customers are satisfied.
5. Choose a System That Offers Support
No restaurant technology is perfect, so it’s important to choose a payment system that has good customer support in case you have any problems.
To ensure that your payment system runs smoothly, you’ll need to take some time to choose and implement the right payment technology.
Follow these best practices. If you do, you stand to minimize the chance of error creeping into processes as you aim to maximize your payment processing efficiency.
The Convenience of Restaurant Payment Technology
There’s no denying that restaurant payment technology has advanced dramatically over the past few years. This convenience is thanks to a variety of restaurant payment options that are now available.
Of course, restaurant payment technology is not just about convenience for consumers. It also has benefits for business owners. For example, it can help speed up the service in a busy restaurant. It also reduces the chance of mistakes being made with bills.
Overall, restaurant payment technology gives an excellent appearance to brands. When customers experience a convenient way to make their payment they help speed the efficiency of restaurant operations while enjoying themselves.
If you’re not already using restaurant payment technology, then it’s definitely something to consider.
Frequently Asked Questions About Restaurant Payment Technology
New technological advances in the restaurant industry stir up disruption on the daily. One area in need most is the payment processing angle.
New options like contactless payments and mobile wallets have changed the way restaurants accept payments from customers. Here are answers to some frequently asked questions about restaurant payment technology:
What are common payment methods in a restaurant?
Upon visiting a restaurant, you're typically inquired about your preferred mode of payment for your food. Cash and credit cards are the usual payment alternatives. Nevertheless, you can frequently utilize other choices:
- Cash
- Credit/debit Cards
- PayPal
- Apple Pay
- Google Pay
- App Payment
- QR Code
- Cryptocurrency
How much does payment technology cost a restaurant?
The expense of payment technology can significantly fluctuate based on a restaurant's specific requirements. For instance, a luxury restaurant that accepts credit cards and mobile payments might need to spend more on POS hardware and software compared to a smaller venue that only accepts cash.
Moreover, the expense of payment technology can evolve over time as new functionalities are introduced or upgraded. However, there are several general cost categories related to payment technology that all restaurants should consider.
Firstly, there are the hardware expenses, which encompass the cost of terminals, point-of-sale (POS) systems, and other necessary physical devices for payment acceptance. Secondly, there are software expenses, which encompass the cost of POS software, payment processing software, and other digital tools required for payment management.
Then, other charges do relate to payment processing. Familiar line items on the restaurant invoice list transaction fees, monthly fees, and other costs imposed by payment service providers. Generally, the expense of payment technology varies based on the size and requirements of a restaurant.
Consequently, the most effective method to ascertain the expense of payment technology for a particular restaurant is to reach out to a payment technology supplier.
What is the future of payment technology in restaurants?
More and more user-friendly, secure payment methods will be developed by technology companies. They’ll seek to make digital marketplaces even more blazing fast. These will include mobile applications, touchless transactions, and potentially even digital currencies.
Although some eateries may be hesitant to adapt, those that adopt the most recent payment technologies will have a stronger footing in a progressively competitive industry.
The advantages for customers are evident: increased convenience, enhanced security, and a wider range of choices. For restaurants, the perks are equally apparent: decreased expenses, heightened customer satisfaction, and a competitive advantage.
