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Why you should accept mobile payments

What payment methods does your restaurant accept? During the recent years, mobile payments have become increasingly popular. A majority of the population have decided to use their mobile to pay for items on a daily basis including when they go out for a meal. 39% of smartphone users stated they would pay with their mobile in a restaurant if the opportunity was present. This has put an increased pressure on restaurants to accept mobile payments as they will struggle to compete with their competitors if they do not accept mobile payments. Mobile payments generate $50 billion per year which shows that you will be severely limiting your sales if you do not accept mobile payments. Many people believe that mobile payment is an irrelevant advance in technology. However, here are a few of the reason why your restaurant needs to accept mobile payments.

Why you should accept mobile payments

Secure

As a restaurateur, you may think that payment information can be easily accessed when a customer decides to pay for a meal using their mobile. However, when a customer uses their mobile to pay for a product, the risk of theft and fraudulent use is significantly lower. This is because mobile payments will require a number of steps to process a payment. This ensures that an unauthorised user does not use a customer’s mobile to complete a transaction. Mobile payments will increase the security of your customer’s information as many apps will scramble the credit card information before it reaches the payment terminal. This ensures that third parties cannot access your customer’s information.

Increased popularity

When mobile payments were first introduced, many restaurants did not want to install mobile payment terminals into their establishment. This meant that it was very rare for a restaurant to accept mobile payments. However, during the recent years, mobile payments have experienced a significant boost in popularity. 43% of restaurants offer mobile payment options and 26% of restaurateurs stated they will introduce mobile payments into their restaurant within the next year. This proves that mobile payments are becoming an influential factor in the restaurant industry. Can you afford to invest into a mobile payment terminal? Many mobile payment providers will require you to purchase a  specialised terminal in order to process  mobile payments. However, mobile manufacturers such as Samsung have made processing mobile transactions easy by allowing you to simply touch your phone to a magnetic stripe card reader. This will keep your costs low as you will not have to purchase another payment terminal.

Fast and Convenient

Are your queues long? As a restaurateur, it is vital to understand that your customers will never want to be kept waiting, this includes when they are waiting to pay for their meal. Credit card payments can take up to 12 seconds per transaction. This will lead to your customers having to wait for their payment to be processed which will increase the waiting times of your customers. If you have long queues in your restaurant, customers will avoid your restaurant which will limit the number of customers you receive. Is your restaurant busy at lunchtime? Mobile payments will help you tame the lunchtime rush as customers will be able to pay for their meals immediately. It is reported that mobile transactions are 63% faster than cash transactions and are 53% faster than credit card transactions. This shows that paying for meals has never been easier for your customer which will encourage them to return to your restaurant.

 

Increase Customer Loyalty

Do you have loyal customers? During the early stages of your restaurant, you will struggle to lure in new customers. This means that you will rely on loyal customers and repeat purchases to generate a sufficient profit. Do you give your customers a reason to come back? If you do not give your customers a reason to return to your restaurant, you will struggle to retain customers. It is recommended for you to integrate your mobile payment with a mobile app. This will allow you to encourage customers to repeat purchase at your restaurant as customers will be able to earn points when they use their mobile to purchase a meal at your restaurant. This will increase the loyalty of your customers as they know that they will be rewarded.

Is it time for you to ditch cash and card payments?

 

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