Customer behavior keeps evolving. Millennials make up the majority of the U.S. population. According to the Census Bureau, there are 83.1 million millennials in the United States, which is far greater than the number of Baby Boomers and Gen X. This generation is inspired by technology and is always in search of innovative ideas.
In the modern food service industry, both consumers and merchants are interested in modern technology. Restaurant owners look for latest and safe means of payments whereas customers want easy and convenient billing. To meet the needs of this generation, innovators have introduced payment ideas to maximize businesses’ profits and satisfy customers. Here’re a few of these ideas to improve your profit.
Mobile Payment Systems:
Mobile POS systems are extremely convenient and effective. They eliminate the need to form long queues and help facilitate your customers. This will not only simplify the billing process but also reduce the cost of huge payment systems and counters. Advanced payment systems include NFC integration to make contactless payment possible, allowing your mobile device to connect with them easily. Credit card machines also feature Bluetooth and Wi-Fi connectivity options to encourage smooth transactions.
Whether you’re dining in or ordering food online, an e-wallet is a great solution to go cash-free. Many customers prefer virtual credits to make payments and go hassle-free. Upgrading your system would be a great idea now. An EMV compliant payment device can make payments easily through mobile phone apps and make you a great choice for millennials to fine-in.
Social Media Payment Options:
Social media is one of the fastest growing platforms and offers a wide range of functions, nowadays. From promoting your business to making payments, it’s the ultimate solution. As per a recent survey, 5 out of 6 millennials use social media platforms to get in touch with businesses. On-site purchases and peer-to-peer money transfer services are the two main ways to make payments via social media. Some common platforms that offer such type of payment is Apple pay, Google Wallet and Snapcash.
Virtual currencies are on the rise and are becoming a significant part of our economy. They are the future of financing. Cryptocurrencies, such as Bitcoin, are gaining popularity among millennials and may become an ultimate payment method. Restaurants should make plans to invest in such payment solutions that accept digital currencies.