The way we pay at restaurants has changed dramatically in recent years with the growing popularity of convenient, mobile-to-mobile cashless payments. According to Business Insider, 75 percent of transactions will be cashless by 2025, meaning consumers will be reaching for their phones rather than their wallets when paying the bill.
Why are mobile payment options becoming so popular?
In one word, convenience.
The convenience of having wallets integrated with mobile devices means never having to run around the house trying to remember where you last put your wallet – or missing the chance to grab a drink on the way home from the gym because you left it at home. It also means you can pay a friend with a few swipes on your phone (and reply with a smiley face emoji when you receive payment.)
Why mobile payment is critical for restaurateurs
Mobile payment apps are proliferating in the payment scene, from Apple and Google Pay to Paypal and Venmo. As a restaurant owner, it is important to be aware of the latest payment options to make an informed decision when weighing which payment options are worth offering.
For example, if you provide online ordering and delivery, it may be wise to offer a form of mobile payment like Paypal or Apple/Google Pay – which enables customers to quickly and easily pay with their pre-saved online wallet instead of having to fumble around for their credit card and then enter all its numbers. This ensures payment upon order and saves customers from worrying about having the correct cash on hand to pay the delivery person.
On the other hand, if you are a small corner street coffee shop, offering payment applications like Paypal may not be necessary. But offering mobile payments options, such as Apple pay/Google pay, might be the perfect way to help customers beat the queues.
There is no hiding from the fact that the future is going mobile. If you are wondering about the best strategy for your restaurant to embrace ‘going mobile,’ read our Food and Beverage Mobility Benchmark Report to evaluate your preparation versus industry peers. For more information about discovering mobile payment app integration options for your restaurant POS system, contact one of our sales experts today or visit our website.