When you think about payment, you think about what can sustain your business and get rewarded for work. But for your customers, it might not be their favorite moment of their experience. How can you stay on top of trends and make payment as smooth and enjoyable for your customers as possible? Here are 4 payment trends you should look at for your venue.
1. Card Payment
Cash is dead! No, it’s not, but card payment is definitely becoming the norm. The pandemic has accelerated to transition from cash to card payment, and an increasing part of customers prefer to pay by card. Making sure that your card payment process is smooth, that you have enough payment terminals, and a great internet bandwidth to process card payments is key to avoiding frustrating experiences.
2. Contactless payments
During the pandemic, many consumers tried contactless payments for the first time and saw the benefits. According to a survey conducted by The Harris Poll, 42 percent of consumers see contactless payments as the best way to prevent the spread of disease. By waving a contactless card or a smartphone with a mobile wallet app near a card reader equipped with near-field communication (NFC) technology, customers can make a payment without touching a payment device, handing a card over to a server, or using unsanitary cash.
3. Faster payment
Demand for instant transactions is driving change in online and offline payment processes. Payment is a full part of your customer experience. It should be quick and can also be the perfect moment to collect tips and customer feedback. We recently interviewed more than 1,000 consumers who ordered or paid through its QR ordering system and 75 percent said they preferred this method of payment, an amount that rises to 87 percent for those aged 18-34.
Solutions like ChatFood’s Pay at Table are a perfect way to collect payment, tips, and feedback all in one place. You also give your customers full control over how they pay: they can manage their payment method, redeem their loyalty points, and split the bill. By offering options such as PayPal or ApplePay you can even eliminate pulling out a credit card, which removes the hassle for your customers. The results? You increase your customer satisfaction while turning tables 15min faster on average and generating 20% more tips for your staff. What is there not to love?!
4. Customizable payments
Just like your customers, your payments are unique, and a one-size fits all process might not work all the time. Being flexible with how and for what you collect payment will unlock new revenue opportunities for your business. With tools such as ChatFood payment links, you can easily collect payment for custom catering orders, for events like corporate events, sporting events, or birthday parties. At the click of a button, you can generate a one-off or a multi-payment link with a redemption limit, share it via WhatsApp or SMS with your customers, and collect payments within minutes. More business for you, less hassle for your customers.
Payment has been changing rapidly in the last few years, and habits have been shifting with new generations being more tech-savvy than ever before and with smartphone adoption reaching unprecedented levels. Other trends that could follow are widespread cryptocurrency payments and digital wallets… Stay tuned!