Restaurants and consumers are continually evolving, influencing one another, and adapting to the changes and trends of today. In recent years, a new player in this evolution has made a drastic impact on both restaurants and consumers alike: technology. The effects of technology can be seen largely in the way consumers approach payments for their meals. As technologies improve and advance, consumers seek to utilize new sources for payment methods when dining out.
Traditional payment methods have revealed a large flaw in their timeliness.
Taking 10 minutes on average, these payment method timing issues are only compounded as tables increase in size.For instance, with groups larger than 6, you can expect to see a corresponding increase in the time it takes for payments to be completed by 90 seconds per person! To cut down on this, more and more restaurant owners are seeking better technologies to help expedite the check-out process. In fact, ⅓ of full-service restaurants will increase their spending on back-of-house technology in the coming year.
So what’s the next step for technology in restaurant POS payment methods?
Those behind the advances in payment technologies seek to capitalize on the consumers who will most likely use the technology as well as the preferences of these consumers. With consumers aged 18-34 being the most influential in mobile payments, many of the consumers within this group are looking towards:
- Mobile Payments
- Pay-at-Table Options
- Digital Wallets
In response, restaurant owners seeking to upgrade their technologies are investing their money in new digital technologies aimed at capturing this market. Many of the new payment methods rising as contenders to traditional payment methods include technologies like:
- Google Wallet
- Apple Pay
These payment methods capitalize on a blend of consumer devices like Androids and iPhones with the ease of digital payments and transactions. In order for these technologies and payment devices to be utilized, restaurants must in turn invest in POS systems that can accept these new forms of payment.
An upgraded back-of-office system can streamline data automation and serve as a one-stop-shop for all data. The result in utilizing a new system that can automate data received through these new payments and technologies is an overall increase in profitability. Technology in the restaurant is a necessity, so staying on top of the trends and consumer demands is essential to reaping the most benefits from it!
Keep an eye on these new payment methods that are only likely to increase in popularity, and ensure that your back-of-house technologies are up-to-date and ready to handle the wealth of new data resulting therein.
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