Modernizing Restaurant Payments – The Power of Real-Time Payment Processing

• Real-time payments offer safety, convenience, and data accuracy for restaurants
• Real-time payment processing can boost customer satisfaction and improve cash flow
• Implementing powerful point-of-sale devices enhances efficiency and speeds up the checkout process

In today’s world, technology is advancing at an unprecedented pace. To keep up, it’s essential to be open to new technologies and adapt to changing customer preferences. Traditional payment methods like cash and credit cards are no longer the only options available, as mobile and digital payment methods have become increasingly popular.

For instance, a survey by Statista found that 32% of Americans would always prefer to use their smartphones for payments. Your restaurant business can take advantage of this trend by successfully integrating digital payment solutions.

What are real-time payments?

In order to make transactions faster, real-time payments are often used. It’s important to note that same-day payments and real-time payments are different. Same-day payments are processed in batches within a specific time frame, while real-time payments are processed instantly. With the real-time rail, Canadians can access even more instant payment options, eliminating delays.

Making timely payments helps to avoid inconveniences such as late fees and is a great way to settle outstanding balances. This type of payment process has some benefits, including:

• Safety
• Flexibility
• Convenience
• Provides a seamless experience
• Provides more detailed information on bank statements

Let’s go more in-depth about the benefits of real-time payments and why restaurants should consider real-time payment processing.

Why should restaurants implement real-time payment processing?

It’s becoming increasingly common for customers to expect quick payment options, including digital wallets when making a payment. It’s important to remember that many customers abandon their shopping carts during checkout if it’s too complicated, which is why e-commerce sites should have robust payment processing.

A digital payment solution can offer numerous benefits beyond just making payments easier. It can enhance customer satisfaction, boost business efficiency, and provide other conveniences such as real-time reporting, seamless integrations, and reduced PCI compliance burden.

To find the best option for your business, find a provider that offers not only secure payment acceptance integrations and digital payment solutions but also resources and support to help your business continue to grow.

Benefits of Real-time Payment Processing for Your Restaurant Business

Greater Data Accuracy and Efficiency with Real-time Payment Processing

The use of real-time restaurant payment terminals will bring greater data accuracy and efficiency, eliminating outdated payment methods such as paper invoicing and cheques. This shift towards digital payment systems will enable your business to easily manage and streamline your payments, including those made to suppliers or external parties.

This also reduces the risk of cheques bouncing, which will allow you to remove any inefficiencies in traditional payment systems.

Improve Cash Flow and Checkout Experience

There are different payment solutions and checkout methods that restaurants can consider. One option is using integrated, single-source solutions that combine software with secure payment acceptance. This allows businesses to accept payments and manage their operations in one place without switching between multiple systems or doing complicated reconciliation tasks.

Another option is to accept and manage payments online. This can improve the guest experience and cash flow, especially for card-not-present transactions or special events. There are various online payment solutions available, each with different implementation methods. However, they all make checkout easier for customers, enabling them to self-service and pay hassle-free.

Contactless Payments from a Customer’s Mobile Device

When it comes to restaurant operations, it’s important to have a seamless payment experience between tables and your quick service restaurant (QSR) POS system. One helpful tip is to check if your POS device is contactless-enabled, allowing for tap-to-pay options using a card or a mobile wallet.

Real-time restaurant payment terminal solutions are becoming increasingly popular in the industry and can offer benefits such as improved customer satisfaction and faster payments.

Targeted Promotions through Real-Time Payments

Restaurants can better understand their customers and their purchasing habits by accessing real-time data. This knowledge allows them to create tailored marketing campaigns and promotions that lead to increased customer spending and attract new customers.

For instance, if a restaurant knows that customers prefer to have drinks on Friday nights, it can offer specific drink promotions to encourage them to bring their friends along. Real-time data is, therefore, valuable in personalizing offers to meet customers’ needs and promoting the right offers at the right time, ultimately boosting revenue.

Powerful Point-of-Sale Devices

Evidently, real-time payments offer numerous benefits for your business. To maintain a successful business, effectively managing your cash flow is crucial. Swift payment transactions allow you to pay suppliers and staff promptly, maintain liquidity, and avoid interest, fees, and charges that could affect your profit margins. The quicker you receive and make payments, the more content and relaxed you’ll feel.

A modern countertop POS system could be highly efficient for restaurants that offer quick service or are classified as quick service restaurants (QSR). This is particularly true for customers who approach the counter to pay for their meals. QSRs could also take advantage of unattended payment systems such as self-serve kiosk terminals which enable customers to quickly and conveniently place orders.

On the other hand, a handheld POS system could be more useful for table service. It reduces the time servers run back and forth between tables and the restaurant’s countertop POS system, resulting in faster checkout processes.  Additionally, it’s worth considering implementing a POS device that is capable of accepting contactless payments, including options like tap-to-pay and mobile wallets.

To get started, sign up with MONEXgroup today. Our customer support is available 24/7/365. You’ll have a dedicated account manager to ensure everything runs smoothly from the beginning until the end. We guarantee the lowest rates with our customized POS systems. Click here for a free no-obligation quote.