3 reasons restaurants should accept mobile credit card payments
November 05, 2013

Small and medium-sized businesses in the restaurant industry have unique opportunities to take advantage of changing consumer behaviors. In fact, many economic experts say owners of dining establishments are long overdue for implementing advanced mobile payments technology into the point of sale experience at restaurants.

Mobile Payments Today cited recent data from the National Restaurant Association that found American consumers were increasingly interested in the convenience of purchasing meals with credit cards through mobile point of sale technology. The organization said diners are most interested in accessing advanced gift card programs and loyalty programs. However, mobile payment options are an additional service that would enhance the in-store experience, the report said.

What exactly do restaurants have to gain by investing in advanced transaction processing technology?

A more convenient transaction experience
Mobile Payments Today said the dining services industry is one of the only business models that continues to rely on traditional credit card processing systems. For example, the most common point of sale procedure at a restaurant is for a waiter or waitress to take the card from the customer and then process the transaction at a different location in the building. By investing in mobile POS services, these businesses can implement 21st century technology into their establishments and ultimately allow their customers more convenient options for paying for meals.

Access to advanced backroom technology
Aside from benefits on the consumer end, restaurants can further supplement their mobile credit card processing tools with advanced payment integration technology. As businesses process transactions from a variety of channels, it often becomes more challenging to organize financial information. With a centralized, easy-to-use system, these companies can eliminate the time spent manually keeping track of individual payment data and instead rest easy knowing such information can be easily accessed at any time.

Greater customer loyalty
In addition to investing in tools that make it easier to accept mobile credit card payments, businesses can further encourage stronger customer retention rates by offering gift card programs and loyalty programs. A separate report from the National Restaurant Association said businesses can do much more to improve these rewards initiatives. In fact, a recent survey from the organization found 85 percent of diners never receive any additional information about loyalty programs after signing up.

By investing in new technology, restaurants can improve the overall effectiveness of their business models in a variety of ways.

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