Whether it is free Wi-Fi or the high-tech commercial equipment, more and more restaurants are looking to implement technology.
In fact, the restaurant industry in the US is so competitive that not adapting the latest technology is not an option.
One of the latest trends that has been making waves these days is that of going cashless. Many restaurants have started experimenting with the idea.
Here are some reasons why restaurants might opt to go cashless:
Consumer Behavior Points towards Going Cashless
According to a blog published by Eco Consultancy, the British Retail Consortium declared that cash was no longer UK’s preferred method of payment.
Talking about the US, the adoption of mobile payment methodologies, like Apple Pay and Walmart Pay has been quite slow. However, despite of that, around half of payments made in the country are through credit or debit cards.
This clearly shows where the consumer behavior is headed. Restaurants, like McDonalds, are looking to implement digital ordering technology in their chains across the world.
It is quicker and more efficient
Implementing cashless payment methodology makes transactions quicker and more seamless. Imagine this; instead of waiting, your customers can just swipe their cards and scan the phone – that’s it, the payment is made.
It Is Safer
With no cash in house, there would be no point for robbers to take such a massive risk – they would have nothing to steal.
It will also provide you with peace of mind.
It helps You Collect Critical Data
In the digital-dominated world, data is of critical significance. It drives decision-making.
In the restaurant industry, restaurateurs can employ cashless technology to garner data about customer buying patterns. This might help them understand loyalty and offer reward programs accordingly.
It Helps You Better Utilize Your Employees
With payments dealt with automatically, your employees will have time for a lot of other stuff. For instance, they can spend more time on engaging with customers and making meaningful interactions with them.
Some Caveats when Going Cashless
Before you go completely cashless, there are some things you should be wary of:
- Some people might still like paying with cash.
- Some people might not have bank accounts.
- The processing fees charged by credit card companies can take a toll.
- State regulations might prohibit you from going cashless.
- Cash tips might be negatively affected.
We at UIC World provide restaurants with affordable POS systems and payment service applications to enhance their operations. Along with a range of EMV payment services and related NFC products, we deliver a true multi-channel platform that allows restaurants to accept payments seamlessly. Our products conform to latest global Standards and Certifications. Contact us to learn more.