Mobile payments, or mobile wallets, allow customers to pay for products and services through mobile payment apps like Google Pay or Apple Pay. This payment method is convenient, fast, and gaining popularity.
If you own a restaurant, you may be wondering whether it’s beneficial – or practical – to accept mobile payments at your location. It may come as a surprise, but mobile payments can actually help you boost business in a multitude of different ways. Take a look at how mobile payments can benefit your restaurant business.
Improve Foot Traffic
Mobile payments are one of the fastest payment methods on the market. All it takes is a swipe of a smartphone or mobile device and the bill is paid. Many customers appreciate this convenience and may feel inclined to dine out at your restaurant because of your latest feature.
Credit card terminals often force waiters to run back and forth between tables and the checkout counter. This delays the payment process and creates a line at your door. You can get people in and out your door fast by introducing mobile payments.
Improve Customer Experience
When people choose to eat out, the quality of the food and the quality of the dining experience matter most. Mobile payments offer a better customer experience because they are fast and convenient. Other payment methods are slower and can create long wait times – which frustrate potential customers. Introducing mobile payments gets your customers seated faster and helps eliminate walk-outs.
Mobile payments also improve the experience for your seated customers. They are able to pay quickly and seamlessly without having to wait for a waiter to return their credit card or change. All in all, mobile payments are the surest way to keep your customers happy.
One of the primary reasons restaurants and other businesses are hesitant towards introducing mobile payments is because of security concerns. Hackers and fraudsters have become more sophisticated as technology develops and poses a serious threat to businesses and consumers.
The good news is that mobile payments are the most secure payment method around. Advanced cryptograms and tokenization methods make mobile payments safer than checks, credit cards, and other popular methods. Not to mention, most mobile payment apps feature additional security measures like fingerprint technology. Rest assured your customers’ data will always be safe with mobile wallets.
Mobile payments bring a host of benefits for your restaurant business and your customers. But did you know that your staff can also reap rewards? A case study by Square found that customers that paid with mobile wallets were much more likely to leave larger tips than customers who paid with credit cards.
The reason for this could be because customers perceive the service as faster and more efficient when mobile payments are included. It could also be because money doesn’t feel as real when users input a figure over a mobile app – versus counting paper bills or calculating a tip amount.
Attract Younger Customers
Older generations aren’t the only ones footing the bill anymore. Many Millennials and Gen Z individuals have jobs, active social lives, and are looking for the next great dining experience. Younger people are more likely to pay with a smartphone, smartwatch, or another mobile device than older customers. Accepting mobile payments is a great strategy for expanding your restaurant’s customer base and attracting a younger clientele.
How to Choose the Best Processor for Mobile Payments
If you’re planning on introducing mobile payments, you need to work with a payment processor that will offer you the right solutions, quality equipment, and not overcharge you. It’s also important that someone’s there to walk you and your staff through the training and answer any questions.
Finical is a payment processing company that offers all of the must-have solutions when it comes to mobile payments for restaurants. Finical provides 24/7 support, free equipment, customizable solutions, and other perks. Finical is also compatible with all types of major payment methods.
Want to learn more about Finical’s mobile payment solutions for restaurant businesses? Get in touch for a free consultation!