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The restaurant world is going through a massive change when it comes to payments. That’s all thanks to new restaurant payment technology and changing customer habits. So, this blog breaks down the tech details and what restaurant payment trends mean in the real world.
Aligning your restaurant with restaurant payment technology trends is worth it. Here's why:
Customers want their experiences to be quick and easy. With payment options like contactless payments and mobile wallets, transactions are super fast and hassle-free. This makes a huge difference in their dining experience. People love being able to pay quickly and securely. When that happens, they're more satisfied and likely to come back again.
Advanced restaurant payment technology fits right into restaurant operations. After all, they cut down on manual work and improve efficiency. Take integrated payment systems, for example. They link up POS terminals with inventory management. This makes transactions smoother and automatically updates stock.
This setup lets restaurants manage inventory in real-time. So, you don’t have to worry about running out of stock or overordering. Plus, it frees up your staff to focus on delivering great service instead of getting bogged down by admin tasks.
Jumping on the latest payment technologies can really set you apart in today’s competitive restaurant scene. Offering cool options like cryptocurrency or biometric payments can give your restaurant a unique vibe that stands out. Eventually, you’re likely to lead the way in delivering a modern dining experience.
As payment technology keeps changing, so do the rules and security standards. Staying up-to-date with these helps protect your restaurant and customers from fraud and data breaches. For example, biometric authentication and AI-powered fraud detection are great for keeping sensitive payment info safe and secure.
72% of adults prefer using contactless or mobile payment options. Contactless payments work with two main technologies:
NFC lets devices talk to each other over a short distance (just a few centimeters), making it perfect for mobile wallets and contactless cards. RFID also uses radio waves but can work over longer distances, which is why it’s often used for tracking inventory, besides guest payments.
For customers:
For restaurants:
Around 83% of restaurants now accept mobile wallets alongside cash and cards. Mobile payment apps like Apple Pay, Google Pay, and Samsung Pay let your customers pay quickly and securely. they just have to tap their phone at a terminal.
These apps store payment info safely on smartphones. So faster and hassle-free checkouts for everyone! Plus, it’s a convenient option that many people already prefer using.
Connecting mobile wallets with your loyalty programs lets you send out digital rewards and deals straight through payment apps. It makes it super easy for customers to earn and redeem points, and you get access to some pretty valuable data on their spending habits.
With that info, you can create targeted promos and keep customers coming back for more. Plus, it’s a smooth way to increase engagement without any extra hassle.
Around 70% of US restaurants are using QR codes for menus and payments now. A QR code holds all the payment info in a scannable code. Customers just scan it with their mobile banking app or digital wallet, and the payment's done. It’s quick, contactless, and perfect for busy restaurants.
So, how do QR code payments work in a restaurant setting? Well, you generate a QR code for the bill. Customers scan it with their phone. Choose their payment method (banking app or digital wallet), and confirm the transaction.
Cryptocurrency payments are set to grow at about 17% a year from 2023 to 2030. Digital currencies offer a secure, decentralized way to pay. A big plus for tech-savvy and international customers! If crypto goes mainstream, you’ll likely see more restaurants getting on board for its perks and challenges.
Benefits:
Challenges:
About 85% of retailers have noticed more people using card-linked "Buy Now, Pay Later" plans. Some of them are Afterpay, Klarna, and Affirm. These services let customers break their payments into smaller chunks instead of paying everything upfront.
BNPL gives diners the flexibility to enjoy a nice meal now and pay for it over time. Great for bigger-ticket items or special events in restaurants. After all, it makes higher-priced meals or catering more affordable for customers. The result: increased sales.
BNPL can really boost your average check size. After all, it makes bigger purchases easier for customers to handle. Since they can spread out payments, people are more likely to splurge or go for pricier menu items. Plus, offering BNPL adds to customer satisfaction. How? Well, it gives them more financial flexibility and lessens the pressure of paying all at once.
About 63% of customers like using integrated payments like Apple Pay and Google Pay. When you link your POS system with payment processing, you get a one-stop solution for managing transactions. This setup gives you real-time updates on inventory, sales, and customer info.
Automating inventory management lets restaurants keep an eye on stock levels in real-time. This cuts down the chances of running out of ingredients or overstocking. Plus, integrated systems give you insights into sales trends and customer habits. So, making smart, data-driven decisions eases.
For instance, with an integrated POS, you can get reports on your most popular dishes to tweak your menu and menu engineering for the best results.
CaliExpress, an automated fast food joint in California, took things up a notch: it lets customers pay with their face! All customers do is sign up with a selfie, and then, when they’re ready to pay, PopID, a facial ID tech company, verifies their face and completes the transaction.
This is just a peek into biometric restaurant payment trends. Whether it’s through fingerprints, facial recognition, or iris scanning, this restaurant payment technology improves security and makes paying super convenient — no need for PINs or passwords!
Biometric payments make dining out easier and safer. How? Well, using fingerprints or facial recognition to authenticate payments cuts down on fraud and keeps payment info secure.
Plus, it speeds up the whole checkout process since customers can quickly verify their identity. This way, restaurants can offer a high-tech experience that really sets them apart from the competition.
Right now, about 14% of people use AI for payments. Among them, 54% are between 18 and 44 years old. 21% are 45 and up. This way, AI and Machine Learning are becoming big players in payment security. They use smart algorithms to read transaction data, spotting and stopping fraud.
AI and ML are like super-smart assistants that read your customers’ minds! They read customer behavior and preferences, so you can come up with super-personalized promotion ideas and menu recommendations. For example, AI can pick out the perfect discount or special offer based on what customers loved in the past.
New payment technology like contactless payments and mobile wallets make transactions quicker and easier. So less time spent waiting and a smoother dining experience. Your staff can serve more customers faster. Plus, they get tables turned over more efficiently.
Offering easy and secure payment options is a surefire way to keep customers happy and loyal. Mobile wallets, QR codes, and biometric payments make the checkout process smooth and hassle-free. The result: better reviews and more return visits!
Modern restaurant payment technology uses top-notch security like encryption and biometrics to keep fraud and data breaches at bay. This extra layer of protection helps cut down on financial risks. It also builds trust with your customers, making sure their payment info stays safe.
Advanced payment systems give restaurants tons of useful data to work with. You can track sales trends, customer habits, and even keep an eye on inventory levels. This helps you make smarter decisions and handle operations. You can also tweak your menu or promotions to match what your customers really want.
For example, if you see when your busiest times are or which dishes are crowd favorites, you can adjust staff schedules, focus on top-selling items, and run restaurant promotions that hit the mark.
The big restaurant payment trends for 2024 — like contactless payments, mobile wallets, QR codes, crypto, Buy Now Pay Later options, integrated systems, biometric payments, and AI/ML tech — bring a ton of chances for restaurants to level up their payment game and meet what today’s customers expect.
OneHubPOS brings all these cool restaurant payment technology features together with a great POS system, offering real-time inventory tracking, smooth payment processing, detailed restaurant analytics, and much more. With OneHubPOS, your restaurant can run more efficiently, make customers happy, and grow your business. Book a call with OneHubPOS today.
In 2024, the go-to payment methods for restaurants are contactless payments, mobile wallets, QR codes, cryptocurrencies, and Buy Now, Pay Later options.
Here’s how you can set up mobile wallets for your restaurant:
For the security of contactless payments, here's what you should ensure:
Yes, small restaurants can totally afford advanced payment tech. They can roll it out step by step. Plus, tech providers like OneHubPOS have scalable options. Start with just $1.
BNPL can lead to higher transaction fees and more admin work for your team. Payments can also take longer to process. Plus, there’s a risk that customers might overspend and end up in financial trouble. This could hurt your restaurant’s revenue in the long run.
AI makes fraud detection smarter, gives personalized recommendations, and helps with predicting trends. After all, it spots unusual transactions to stop fraud in its tracks. Plus, it dives into customer data to offer custom deals and promotions that feel more personal.
Yes, restaurants have to follow a bunch of rules to keep everything secure and private. These include PCI DSS for payment data and GDPR for protecting customer info. You should team up with compliance experts to make sure all your new restaurant payment technology meets the legal and security requirements.
Restaurants have all sorts of payment options to match what different customers like. This way, they accommodate diverse customer preferences and ensure inclusivity. Regularly checking in with customer feedback can help you fine-tune your payment methods and smoothly introduce new tech, all while still catering to customers who prefer the traditional ways.
Roopak Chadha, Director of Business Development with expertise in Business Growth & Strategy, Customer Success, and Product Management. Excels in driving business growth through strategic planning, customer-centric approaches, and effective operational leadership.
