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The National Restaurant Association reports the industry generated nearly $8 billion in sales in 2021 alone. While this figure demonstrates the high demand for both quick-service and full-service restaurants, the industry is also incredibly competitive.
In today’s restaurant market, there is no “one size fits all” for restaurant technology or merchant processing solutions. As a result, many merchant services providers are enhancing their product portfolio value and market reach through strategic partnerships with point-of-sale solution providers that offer an all-in-one restaurant technology solution. The result is an increased presence in the restaurant market space and enhanced business relationships built on service value, quality, and trust.
Contactless payments are an easy way for your customers to make purchases with their phone. The process is simple, they simply download the app, scan the screen at the checkout, and enter their PIN or use Touch ID. This means that clients can pay for items without taking out their wallet or handing over cash. Contactless payments are great for those who spend a lot of time on-the-go. There are many benefits of using contactless payments including no risk of lost or stolen card or cash, quick checkouts, and easier payment tracking.
Whether your business is online or offline, accepting credit cards is a must. There are many benefits to accepting credit cards, such as:
Whether your business is online or offline, accepting credit cards is a must. There are many benefits to accepting credit cards, such as:
Contactless payments are an easy way for your customers to make purchases with their phone. The process is simple, they simply download the app, scan the screen at the checkout, and enter their PIN or use Touch ID. This means that clients can pay for items without taking out their wallet or handing over cash. Contactless payments are great for those who spend a lot of time on-the-go. There are many benefits of using contactless payments including no risk of lost or stolen card or cash, quick checkouts, and easier payment tracking.
Cash has been steadily going out of style for the last decade. Since the start of the pandemic, more and more consumers are choosing tap-and-go transactions versus handling cash. According to the Pew Research Center, about three in ten Americans make no cash purchases during a typical week, and over 60% of retailers now accept some form of contactless payment. So why do some stores only accept cash in this day and age? In an industry as competitive as the restaurant business, a cash-only operation may be tempting to help avoid credit card fees. If you’ve been thinking about becoming a cash-only restaurant, check out the risks and why partnering with a payment processing company for your restaurant is the better option.
Deciding on the necessary products and services that can help your business operate more smoothly is a crucial step toward business success. Establishing a merchant account is an essential stepping stone that can help you along the way. A merchant account is a type of business bank account used to handle electronic payments. It serves as an intermediary between a customer’s bank account and your business’ bank account. As consumers rely more on electronic payments and less on cash or checks, your business needs to provide the most convenient and reliable payment options offered by a credit card processor.
