Do you have the flexibility to deliver the payments functionality all of your clients need?
An effective business strategy for merchant services providers, ISVs, VARs, and other solutions providers is to specialize in a specific vertical or market. Doing so allows them to become experts in the needs of their customers in that niche and the solutions that prove to be the most valuable. However, if a provider focuses on restaurants, it might not be that simple. Different restaurant models operate in very different ways. Therefore, they require different payment solutions to operate efficiently, maximize revenues, and provide good customer experiences.
Different payment solutions for different restaurant models.
Restaurant business models vary widely. Although some restaurants are difficult to put neatly into one category, most can be described as one of the following categories based on their menus, food preparation methods, pricing, seating options, and how they serve food to customers. Furthermore, based on the restaurant model, the business’s needs for payments solutions will vary as well. Consider what make each of these models unique.
QSR/fast casual.
These restaurants cater to people who love great quality foods, but want it fast. There is a great variety of restaurants in this category but technology that allows for quick, friendly service will always provide the most value. The classic credit and debit payments at the counter are a necessity, but some additional functionality to consider is for contactless and mobile wallet payments.
Many of these restaurants are deploying self-service kiosks to ease pressures created by the labor shortage and to meet consumer demands for this option. Kiosk Industry reports that 79% of consumers say they’d prefer self-service kiosks rather than ordering through restaurant staff.
Additionally, QSRs with drive-thrus definitely need mobile payment devices that allow customers to use a payment card at the window.
Food truck or festival stand.
This category includes not only those businesses mentioned in the name but also food carts, like hot dog and ice cream carts, that provide concessions at indoor or outdoor events. These businesses need compact, mobile power that packs a punch. Space is at a premium and time is of the essence. Most of these operations don’t have any seating, so customers are standing in line while the food is made and the payment is processed. Mobile devices with wifi and 4G connectivity can process quickly without taking up too much valuable space.
Ghost kitchen/online ordering.
The concept of preparing food only for pickup or delivery — no dining room — became a common restaurant model during the COVID-19 pandemic. However, some restaurateurs have adopted this concept long term for its low overhead and flexibility.
Advancements in online payments have made this a viable business model. Payment security features like encryption and tokenization make online payments one of the safest ways for a restaurant to receive payments. Additionally, using tokens, a restaurant can “remember” customers and enable payments with just a few clicks without putting payment data at risk and creating a customer-pleasing experience.
Casual dining.
Restaurants that seat guests but maintain a casual atmosphere need a variety of payment solutions and services. While traditional payment terminals work, pay-at-the-table solutions can really improve the customer experience and save time for wait staff. In addition, features like QR code payment where guests can scan the QR code on their receipts and pay their bills with their smartphones can help busy servers turn tables faster, even on a busy Friday night.
Fine dining.
Fine dining restaurants often embrace tradition. However, careful integration of technology can lead to higher sales while maintaining an atmosphere of elegance.
For example, pay-at-the-table devices that resemble check presenters can allow guests to settle the check with a digital payment option at their convenience. This approach also allows the server to focus on guests rather than on payments or using payment technology.
Know what your clients need from payments solutions.
It’s vital for merchant services providers, VARs, and ISVS to take the time to understand what their clients in the restaurant industry need from payment solutions. Furthermore, if you are a “restaurant solutions provider,” you need to partner with a payments company that gives you the flexibility to meet the needs of different restaurant models — and individual businesses that want to differentiate themselves in competitive niches.
To learn more about how to meet the payment and point of sale needs of any restaurant, contact us.
