While some industries are yet to see the benefits of mobile payment processing, many in the restaurant industry clearly see the potential. Starbucks was the first major restaurant chain to successfully implement mobile payment processing and their success is sure to inspire others to follow suit. Within the first 12 months, Starbucks was able to generate 14% of their sales from mobile payments.
While the restaurants most interested in adopting mobile payment processing are fast-food, grab-and-go, delivery, and quick serve, this accounts for large percentage of the industry. This allows consumers to order and pay for their food and beverages in advance and have them delivered, or have their order ready and waiting when they arrive.
While sit down restaurants may not benefit from mobile payment processing as much as fast food establishments, mobile can be beneficial for pickup and electronic gift certificates. At the 2014 National Restaurant Association Show, mobile payment processing was a hot topic of conversation. Not only that, but many mobile solutions were in attendance at the show.
One valid question when speaking of mobile payments, is whether or not it will increase sales, or simply be a convenience—both of which are beneficial. Mobile payment processing does allow for an increase in on-the-go purchases for those who only have a few minutes between their destinations.
As mobile payment processing continues to grow in adoption, restaurants must create methods of quick and easy grab and go for customers who order in advance. Other than standard payment processing, restaurants must consider the factors below when adopting a payment processor.
- QR code presentment
- QR code scan
- Single use number
- iBeacon technology
“With the ease provided by mobile apps and wireless Internet, things like checks and mechanical registers are starting to seem like dinosaurs,” explains PayAnywhere in a recent blog post. “Mobile solutions allow retailers to accept payments at storefronts via readers that attach to smartphones and tablets. With the addition of data analytics and promotional tools, the vast benefits of mobile are drawing thousands of new converts each month. As more and more merchants adopt mobile readers for credit card processing, consumers by and large are coming to favor the option.”