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National Restaurant Association - 5 ways restaurant payment innovation will improve your bottom line

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5 ways restaurant payment innovation will improve your bottom line What's the impact of digital payments on the cost of doing business?

You may already know that two-thirds of consumers prefer to pay with digital payments -- but what you may not know is that in the restaurant industry accepting digital payments can lead to a 5 percent increase in sales.

Nowadays, smart technology makes the need for restaurant payment innovation all too obvious. Long gone are the days where you could stay “cash only” and thrive. But for the savvy restaurateur, it’s about more than just the customer experience, marketing and engagement. It’s about the impact of digital payments on the cost of doing business … and it’s about revenue.

Say goodbye to cash
You likely turn away customers when you accept only cash. That’s easy to understand. But there’s more to digital payments than just the type of currency you accept. Take, for example, these five ways digital payment innovation can grow your restaurant’s business.

Higher check averages = increased sales.
Digital payment innovation allows restaurants to sell more to a consumer who prefers digital payment methods. Two-thirds of small- and medium-sized businesses report that their customers spend more when using a card versus cash, according to a recent Visa survey - and  small- and mid-sized businesses in the food/dining industry reported a 5 percent increase in sales, reports Visa.

2. Higher tip average = happier staff.
Little Green Cyclo, a San Francisco Bay Area restaurant that started as a cash-only food truck, says that when they added digital payments in their restaurant, they saw a surprising effect on tip percentage, too. “Our customers like the easy tipping feature that displays ‘10, 15, or 20 percent tip’ options after they swipe. Before, they would just leave one or two dollars in the tip box,” says Monica, the owner.

3. Payment innovation = easier sales management.
Digital payments can make your daily bookkeeping easier. No more sitting down with a pile of cash receipts trying to make sense of your day’s sales. Managers can more easily see cash flow, sales data and how that menu special performed. Your team gets hours back each night, which can also mean incremental accounts-payable labor savings.

4. No cash, no security threat
Minimizing the amount of cash in your restaurant has another effect on your bottom line: reducing your security risk. Less cash means you’re at less risk for theft. More than that, modern restaurant point of sale systems make accounting for every dime in and out of the restaurant a breeze. All of your day’s transactions are reviewed in one place, virtually eliminating human error. And let’s not gloss over the dreaded daily bank deposits you’ll be able to avoid.

5. Digital payments cost less
There’s another bottom-line effect, according to Visa’s study: “...the average cost of processing digital payments, inclusive of both direct expenses and labor costs, is 57 percent less than non-digital payments.” You save the cost of moving, storing and securing your cash orders. Embracing digital payment innovation is a great way to save both money and time.

This post sponsored by VisaDiscover what Digital Transformation means for your business.


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