POST CASH REGISTER ERA
In order to stay competitive in a fast-moving market, restaurants need to understand how current technology and changing consumer habits can help support their bottom line. Innovation and new technology are driving change throughout the business landscape, including iconic imagery like the cash register. Many retailers have moved away from this method of payment, opting for a variety of more mobile options. Credit card processing doesn’t need to be tethered to a register that is slow, clunky and unappealing to consumers.
CONSUMER PSYCHOLOGY, CREDIT AND REVENUE
Credit cards are already a desirable form of payment for customers to use, since the psychology of credit cards can cause people to spend more money than they might otherwise. Many modern restaurants have incorporated tablet computers (Ipads or other devices) with special software to process payments on the go, creating a more casual atmosphere for the customer.
When buying on credit, consumers don’t feel as much pain of paying, and this leads them to spend more heavily. This “pain of paying” is further reduced using this credit card processing technology, as the consumer feels more at ease with sales associates in these environments. Compare this with a grocery store cashier, who is separated from you by a conveyor belt of goods. This form of primitive payment technology (the clunky register system) literally puts a barrier between the customer and the salesperson. Speak with a payment processor like Collective POS to learn about the full benefits of incorporating a credit and debit payment system into your transaction process.
In our modern example, the waiter/waitress can take payment from the customers in an unobtrusive and more natural way. This also can increase tips earned by staff, as it is much easier to add tips to this digital checkout than to rely on cash alone. This subtle behavioral change, coupled with other advantages gained from improved technology, can provide real returns for vendors.
CONNECTING PAYMENTS TO OTHER PARTS OF YOUR BUSINESS
Another benefit to modern credit card processing technology is the ability to pair these mobile points of sale to a digital inventory system. Keeping track of inventory is a fundamental for business success.. These devices can be paired with an internal database of vendor inventory, and make updates to these quantities in real-time. This technology could keep track of inventory and provide an alert if a crucial ingredient was running low.
Vendors can set up automated email receipts to customers that make a purchase. This both saves paper and provides a valuable resource for the vendor. Email addresses of proven customers are incredible valuable, as these people have a demonstrated interest in the product. Targeted email campaigns, such as coupons and special deals, could be implemented and tested to improve sales and return on investment. None of this would be possible without computing and credit card processing technology.