How Restaurant Payment Solutions Affect Your Bottom Line

March 2016


Peace of mind = Piece of wallet

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That's what they say. The restaurant industry dates back to 18th century France. That’s a long time to test the waters of discovery into what people seek from a dining experience. One rule has stood the test of time great service equals happy customers, and happy customers bring in dollars.

As the years have passed, we have seen the business side of food change with the times. The basics remain, but how we go about our daily routine is drastically different. First and foremost is that we’ve entered the age of technology. Most diners are mobile first, expect results quickly, and hate to wait. From the moment your customer seeks to dine out they’re doing research online, perhaps grabbing an Uber for transportation and more likely than not they are opting to pay their bills online or from their phones. People are pulling out the plastic less and choosing convenience more.

As a restaurant owner you are all too aware of the strides in technology. In fact, it’s probably hard to keep up with trends while also managing your restaurant’s day-to-day activities. You might even be inclined to shut down anyone who approaches you on the topic of tech. However, you will want to stay studied-up on mobile payment solutions as they can offer you tremendous bang for your buck while allowing for an enhanced customer experience. The size of your business does not matter, as big brands and smaller mom & pop shops alike are reporting tremendous results by keeping up with this realm of technology.

If you are interested in expanding your wallet, then here are some key areas to pay attention to:

Larger tab sizes.

It’s proven that customers order more and order more freely though apps. Ordering is easier when it’s readily available and it’s not hard to add extras when reading off of a list. Customers know that they can order that second dessert or drink without adding an extra five to ten minutes of wait time for the check. Large brands like Taco Bell have seen a 20% increase in checks on mobile orders. Additionally, in-store mobile payment applications such as Split have lead to a 6% increase in overall check sizes. Those are numbers too large to ignore.

More tables served.

On average, it takes a server 10 minutes to close out a single check during peak times in a restaurant. Mobile payment solutions drastically cut down on this time. It’s a fine balance between letting customers have a fulfilling dining experience and maintaining an optimal table turnover ratio. Restaurant payments through mobile allow for both goals to live in the same world by empowering the diner to pay whenever they are ready. Calculate the revenue that your restaurant could be earning by accepting mobile payments here.

Happier, higher earning staff.

On average, customers tip more through modern mobile payment solutions. This is accomplished by presenting the diners with an easier more efficient way to tip, mobile payment apps usually have a default tip and when they don’t customer's simply input a percentage and the app calculates the correct amount for them. Plus, a happy customer usually reflects their satisfaction through gratuity. Split restaurants see a 3% increase in tips (from 18% to 21%). National tip average falls around 17%. This equals cash in your staff’s pocket, and everyone knows that a happy customer is only made with happy staff.


So what’s there to lose by giving mobile payments a shot in your restaurant? Nothing. However, there is everything to gain more customers, higher profit, better staff, more marketability. That sounds pretty sweet to us. Even better than that, Split created a revenue calculator that will tell you how much your restaurant could be earning by accepting mobile payments. Check it out below!

Calculate my revenue! 


 

This article was written by Deana Panza. Deana writes about restaurant technology, tips, and trends for Split, a platform for mobile ordering, marketing and payments.

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Topics: bars, restaurants

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