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Why eateries need different payment methods to keep customers

Posted by the Wi5 Team25th July 2019Opinion

​Chris Riley – Marketing Manager Wi5

Where are the customers? Your products are delicious, the service is friendly and the atmosphere is a carefully cultivated blend of chic and nostalgic. But, customers are changing their buying habits, and you’re starting to see the effect. You need to ensure your café or eatery is the right choice for the increasing minority that prefer to engage with payment options that go beyond what is currently popular. We’re here to tell you why that matters.

‘In 2014, for the first time, use of non-cash payments such as credit and debit card, PayPal, contactless and mobile phone apps overtook cash payments. This trend is expected to continue, with cash use predicted to fall by 30 percent in the next 10 years.’ – Ipsos MORI Social Research Institute (HMRC)

If you’re trying to decide whether to implement new technology solutions in your business, trust us: your customers will love a smooth Order & Pay process that fits their preferences. Yes, just as much as they love that gourmet cheeseburger.

Here’s why you need to offer different payment methods for your customers:

1. The more, the merrier

Of course you want more customers. But, you’ve got to work for it. According to PwC, one in three consumers will walk away from a business if they have just one bad experience. If you can really nail the Order & Pay experience for the customer, then that’s one less thing to worry about.

Presently, these are the options that matter within the food and drink industry:

  • Payment at the till or at the table
  • Self-service kiosks (e.g. McDonald’s)Cash
  • Debit/credit cards (PIN or contactless)
  • Direct transfers (e.g. Paypal)
  • Mobile wallets (e.g. Google pay)
  • Mobile Order & Pay solutions

2. Statistically, cashless is the future

Pubs, cafés and fast food chains are seeing mobile and contactless payments skyrocket.This study by the Guardian shows that Britons are embracing a digital future. People are using cards for smaller purchases that used to be made by cash, with the average transaction value (ATV) dropping significantly in the last five years:

It’s the future. In fact, Sweden is the model for going cashless. They predict that, from current trends, ‘the last note will have been handed back to the Riksbank by 2030,’ according to deputy governor Cecilia Skingsley. If they were right about the furniture…

3. But, don’t forget cash just yet

Right now, we’re in a transitional time in the UK. Tourists, the elderly or vulnerable people such as homeless individuals are often more comfortable, or only have access to, cash or card. And, globally, cash is still popular.

4. You can build an efficient, integrated service

Did you know you can invest in a Mobile Order & Pay solution that integrates with your point of sale (POS) system? By putting both order and pay into the hands of your customers, they don’t have to wait for great service. Instead, they can efficiently access what they need, which makes your business the most attractive choice for refreshment on the go.

5. You can market your modernisation

In marketing, being up-to-date matters. Customers are eager to try the latest technology. If you showcase that you’re ahead of the competition with a shiny new way to pay, they’ll come just to try it out. And, those who’ve made the change from cash to contactless with be more likely to return to your business if you cater for that preference.

You’re never going to please everyone, but customers will always appreciate the effort to meet them half way. Payment methods are another opportunity to drive loyalty and turn a one-time customer into an evangelist for your brand.

 

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