We pay utility bills online; we recharge our smartphones online, we make purchases online and even buy morning coffee online, which means our transactions have become processed, digitized, and more secured as it was never before.
From traditional television and dining out to online films and home delivery food, consumer’s preferences have been changing. Perhaps this is why the online food delivery market is exploding and will continue to rise in the years to come as it offers instant gratification to the young generation. Modern technology solutions have made doorstep food delivery easy and efficient.
This is why more and more restaurant owners are making changes in their business models. From digital ordering to multiple payment facilities, they are trying to make the customer experience more impressive and memorable. Moreover, customers also prefer digital payments these days over cash, and the reasons are pretty obvious,
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Starbucks was the first-ever brand that started offering multiple payment options to its customers. And it proved beneficial for them, today you can see how it has established a standard image in their customer’s eye. According to Statista, the mobile payment market will soon reach $13979 billion by 2022. Thus, other restaurants are also walking on the same path and offering multiple payment options to diners. Credit and debit cards are the most famous payment methods.
Significance of Going Cashless for Restaurant Business
Innovative technology solutions are rapidly changing the world of payment systems, and the restaurant industry is the biggest proof of it. Today, opening a restaurant is not all about offering meals and earning revenue. Things have changed. No doubt, customer’s inclination towards digital ordering is increasing, but even while dining at restaurants, they prefer online payments. And restaurant owners are extremely excited about this new change in the digital world.
Moreover, the COVID pandemic has forced restaurants to opt for cashless transactions. Hence, entrepreneurs are happily partnered with popular mobile payment players and integrate multiple payment facilities in their online delivery platform as it helps them to capture diner’s attention and ensure safety.
The more payment options you provide, the more you attract customers. You can easily boost sales and booking because your audience will find it feasible to work with you. However, you must also keep them secure from malicious tools like spy apps. So, here we have outlined certain reasons why your restaurant should offer more than one payment solution. Here we go.
Foster Business Innovation
Any business owner is always looking for innovative ideas that increase customer base and profitability. The restaurant industry is growing at a staggering pace and also undergoing some changes. From digital ordering to kiosks to partnering up with food delivery services to offering multiple payment options, the restaurant industry is keeping pace with all these changes.
As this growth rises, investors are keen on building new business models that give attractive returns on their investments. For instance, instead of paying commission to third-party delivery apps, restaurants are coming up with their own app solutions. Here you can consider the example of Domino’s. It supports cards, Google Wallet options and making it easy for customers to make payments.
If you support multiple payment options, you will be able to establish a position in another market. It means you can easily expand your business without any limitations. Zomato and other delivery players are doing the same; they are inviting thousands of restaurants and allow them to make transactions in their local currency. Eventually, you can expand your business internationally and take advantage of globalization.
Offer Security to Customers
The trend of digital payment will not be fed soon, but security is the major factor customers are concerned about. There is a constant rise in data breaches, hacking, data stealing, and the compromised data; it is necessary that the payment made by customers are secured and encrypted. These types of fraudulent activities not only break customer’s trust but ruin the reputation of the restaurants.
Thus, offering multiple payment options to customers instinctively trust and feel them secured. Further, the Baymard Institute research revealed that more than 19% of customers cancel their orders because they feel hesitant to share their financial credentials. Offering multiple payment options increase trust and boost online conversions.
Consider trusted payment options such as PayPal, Stripe, and Braintree for your restaurant business, and it automatically gives your customers a sense of legitimacy.
Improved Cash Flow
Optimum cashflow is the backbone of any business. If you are unable to maintain enough cash flow, you might not make impactful decisions at the time. Integrating digital payment options means enough cash on your hand. It improves the restaurant’s overall functionality and helps you make informed decisions.
For instance, in a day, you need to make some miscellaneous payments to laborers, electricians, chefs, and many more. For that, you need cash; it also helps you make future business plans.
A significant benefit of accepting multiple payment options is that you will be able to receive funds from different sources. It means you will be able to spend those funds for the expansion of the business instead of worrying about payments.
Going Cashless is the Future of Business Standard
Today, you might have seen even small “mom-pop” stores accepting online payments and making payment transactions easy for their customers. Moreover, consumers also prefer to make digital payments due to safety and attractive rewards. They no longer want to carry cash while visiting restaurants or ordering online; hence going digital would seem counterintuitive.
In addition to that, earlier customers were not that much friendly with technology solutions, but now increasing penetration of smartphones in our daily lives has made it possible to be friendly with advanced technology. Going digital might encourage customers to order food online from your restaurant; it will increase sales and customer base.
Unsurprisingly, the majority of restaurant owners have already started offering multiple payment options as it makes customer experience frictionless and gets them rid off of long queues at the cash counter.
Increase Your Turnover
The restaurant industry is right now facing neck-to-neck competition, which means overlooking a single matter costs you more and affects your sales figures. There is a direct relationship between multiple payment options and increased sales. By having multiple payment options, you won’t ever face a situation where you lose a customer because you are unable to accept the preferred payment method that your customer wants to use.
Moreover, if you further want to expand your restaurant business, offering multiple payment options helps you build trust and loyalty among customers.
Integrating all the major digital options such as cards, Apple Pay, Google Pay, Samsung Pay, etc., raise trust in the client because you won’t say no to any customer when they make payment for their meal.
The restaurant industry has become more competitive; you need to adapt to emerging trends that keep your customers happy and build credibility in the long-run. Offer multiple payment gateways options and experience a hike in sales and customer base. Thus, restaurants now need to support multiple payment options to fulfill customer’s unique and changing payment requirements.
Brijesh Vadukiya is a tech activist and avid blogger. My major concern is to educate people who are interested in technology. I am passionate about helping people in all aspects of SaaS solutions, online delivery business, digital marketing and other related topics that make tomorrow’s world better. I am fond of writing useful and informative content that helps brands to grow business.