When mobile payment technology was first introduced, a lot of financial experts expected an adoption boom in the restaurant industry. As it turns out, that industry is very tentative when it comes to financial innovation. Retailers were among the first group to embrace these solutions. In the end, it all comes down to growing the business, and mobile payments may not be a great tool for restaurants in this regard.
Retaining customers is the primary objective for any business in the food industry. Where restaurants are concerned, word of mouth travels very fast and brings in the majority of customers. Bad experiences will have a significant impact on the restaurant business, which is something to avoid at all costs.
Mobile Payments And Fast Food
Most consumers do not second guess the way they pay at a restaurant these days. Card payments and cash are accepted just about everywhere, and everyone seems to be okay with it. Adding mobile payments could be interesting, but it is doubtful doing so will grow the restaurant’s customer base.
Fast food places are a different create in that regard. Orders are small and need to be handled quickly. It would make sense to use mobile payments at a McDonald’s or Burger kIng due to its convenience. Moreover, these transaction values are much lower compared to an average restaurant bill.
Restaurants Need A Digital Strategy
But there is more, as dining at a restaurant creates a more intimate environment. Introducing mobile payments to this world would take away some of that intimacy. It remains to be seen if this would be positive or negative, though. It seems as if more restaurant owners are warming up to mobile payment solutions over the past year.
As is the case with any business looking to accept new forms of payment, there is an upfront investment cost. Purchasing or upgrading a payment terminal to accept mobile payments may not be worth the cost for most restaurants. But at the same time, it is hard to grow without a clear digital strategy these days.
Technology will play an integral role in the growth process for any enterprise in the food industry. Accepting new forms of payments is inevitable, but still a decision that needs to be weighed carefully. If there no increase in clientele when dealing with mobile payments, the investment and hassle were not worth it.
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