Latest Restaurant Payment Technology

Why You Need the Latest Restaurant Payment Technology for Your Business

A recent study by Mastercard found that over three-fourths of respondents worldwide now use contactless payments. ¹In the first quarter of 2020, contactless transactions grew almost fifty percent across the world!

There are countless reasons to make the switch to contactless ordering and payment system—safety and cleanliness being top of the bunch. But the upsides extend well beyond the pandemic’s emphasis on sanitization. Contactless ordering offers a seamless customer experience, enhances your servers’ capabilities, and can even bolster your bottom line.

In this guide, we’ll break down four more major benefits to the latest restaurant payment technology—contactless ordering and payment!

#1 Customer Satisfaction

When you implement contactless restaurant payment technology, your customer satisfaction increases. Customers have been using their smartphones to complete purchases for years. Now, they can order their meal and pay for it all at once without downloading another app.

Key benefits include:

• Contactless Menu – With a comprehensive contactless ordering system, you can create a QR code to send your customers directly to your digital menu. Upload compelling photos and videos that wouldn’t otherwise fit (or be possible) on a traditional menu. 

Additionally, customers can filter the contactless menu by categories like “vegetarian” or “gluten-free” and submit and pay for their orders without ever having to exchange hands.

• Ease of Payment – With contactless restaurant payment technology, tabs can remain open until the customer finishes their order. This system reduces the number of transactions and prevents walkouts because customers choose their payment method upfront. Customers can check out securely with their credit card, debit card, gift card, or utilize Apple Pay, Android Pay, or Google Pay. Customers also don’t need to download a mobile app to pay, and they receive their receipts over email, creating a paperless and secure transaction.²

• Better Experience – A recent analysis of our restaurant payment technology found that guests favor contactless ordering convenience compared to the frustrating long lines and inefficiency of traditional ordering and payment systems.³

#2 Streamlined Service

Inefficient front-of-house operations cut into your bottom line and can decrease customer satisfaction. When you implement contactless restaurant payment technology, you’ll quickly notice how it streamlines your restaurant operations.

Key benefits include:

• Efficient Service – Through our own analysis, we found that contactless payment users input three to five more transactions during busy hours than a traditional POS system.³

• Digital Tab – Restaurant customers can share their digital tab and split tips, and servers can also start and edit a tab. Both the restaurant and guests will enjoy the decreased transaction fees and the increased convenience of going digital. 

• Mobile Point of Sale – A mobile point of sale system can seamlessly encompass the entire order and payment process to offer a contactless and convenient dining experience. Restaurants can also utilize an inexpensive card-present terminal for guests who prefer to pay with their physical card.²

#3 Increased Business

The Covid-19 pandemic accelerated the push to contactless ordering and payment, but it also wore the restaurant industry thin as it faced fewer customers and higher operating costs. By taking advantage of cutting-edge restaurant payment technology, you can bounce back and grow your customer base. 

Key benefits include:

• Larger Order Volume – In our analysis of our restaurant payment technology, our operators enjoyed customer spend which was almost 25% more than traditional ordering processes.

• Improved Reviews – Our analysis also found our restaurants received Yelp Reviews that were half-a-star-higher in comparison to non-users.³

• Higher Revenue – With contactless restaurant payment technology, restaurants can boost their revenue by a whopping 300% during their busiest hours.⁴

#4 More Data

Restaurant payment technology—like a contactless ordering system—brings data to the forefront, giving your business the knowledge and resources to prioritize efficiency and growth in a single payment solution.

Key benefits include:

• Competitive Edge – When adopting new technology, restaurants create a competitive edge by translating their sales into data analytics to help optimize their front-of-house operations and guest experience.

• Accessible Data – If you choose an efficient contactless payment platform, all of this priceless data can be organized in a simple dashboard.

• Key Metrics – Users can leverage new technologies to receive key metrics like trends, week-by-week sales, customer feedback, and employee performance.³

GoTab’s Got You

As customers acclimate to this new normal of a contactless experience and technological adoptions, they’ll expect this standard of care wherever they go. To that end, if your restaurant is looking to upgrade its experience, our restaurant POS system can give you the boost you need within 24 hours.

Here at GoTab, we pride ourselves on offering a system built from a holistic point of view. With digital tabs, contactless payments, and insightful analytics, it’s not just the customers that are going to have an elevated experience—it’s your business, too. 

So, the question isn’t why you need the latest restaurant technology, it’s when. The answer? 

Right now. 

Sources: 

1. FSR. How Restaurants Deliver Great Hospitality with Contactless Ordering and Payment. https://www.fsrmagazine.com/expert-takes/how-restaurants-deliver-great-hospitality-contactless-ordering-and-payment 
2. GoTab. Contactless Ordering & Payment. https://gotab.io/en/contactless-ordering-payment/  
3. GoTab. Our Impact. https://gotab.io/en/gotab-impact/  
4. GoTab. Brand Guidelines. https://drive.google.com/file/d/1ntQK7M1AxfVmh9Btx6PyfwxbCEJ6ky-C/view 
5. GoTab. Contactless Menu. https://gotab.io/en/contactless-menu/