24 Sep Trends in Quick Payment Transactions for Quick Serve
While today’s fast food and quick service restaurants are cooking up orders in record time, payments options, such as debit and credit cards or simply cash, are struggling to keep pace. Card-not-present and contactless payment options are trends happening now, with continued expected growth, as drive thru restaurants evaluate their quick serve operations.
Find out how these new payment technologies can increase loyalty and improve the customer experience from the restaurant’s till to the drive-thru window.
Card-not-present is when a transaction is completed when the card or the cardholder is not physically present as opposed to the more traditional method where both the card and the cardholder will be present at the time of the transaction.
Card-not-present and contactless payment options are among the many new payment technologies taking the restaurant industry by storm. From mobile apps to cloud computing, such innovations can save busy diners precious minutes. Better yet, card-not-present payment options enable consumers to complete transactions whenever and wherever they’d like. While it’s more expensive for restaurant owners to process in-app or online payments, diners tend to order more online than in person. In many cases, this uptick in sales can be enough to offset the extra cost of card-not-present transactions.
Contactless Payment Transactions
Yet another payment option that’s made waves in the restaurant industry is contactless payments. Much has been made about the speed—or lack thereof—of EMV transactions. By simply tapping a mobile phone, wristband or key fob over a contactless reader on an enabled terminal, diners can complete a transaction within seconds. Mobile payments, including Apple, Android and Samsung Pay, are EMV compliant, meaning diners enjoy the same protection at the point-of-sale without the wait.
In addition to speed and convenience, contactless payments also feature a wide range of security measures that benefit both diners and restaurant owners. For example, a unique series of numbers are assigned to each virtual credit card stored within a mobile wallet. This ensures that even if a merchant’s transaction information is compromised, a diner’s actual credit card number stays out of the hands of fraudsters.
But while these innovations can enhance the diner’s experience and beef up payment security, they also present a few challenges to restaurant owners, including getting front- and back-of-house staff up to speed on new payment methods. Before pulling the trigger on the latest payment option available, restaurant owners may want to consider how it fits within their restaurant. For example, some restaurants are committed to getting diners through their doors in less than 10 minutes. Others provide a more leisurely dining experience that encourages plenty of interaction between customers and employees. Choose a payment option that compliments your restaurant’s dining experience and keeps things running smoothly.
Regardless of where your restaurant is located or who your target customer is, there’s a payment option that can meet your needs and preferences. Make sure each payment option you adopt does just that.