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How Technology is Changing in the Hospitality Industry

OD00 0000 0000 0000 00I00 0000000 0000 How TECHNOLOGY is changing in the HOSPITALITY industry, This may be the 21st Century, but many businesses are still operating in old-fashioned ways. As common as credit and debit cards are, 55%, or 14.85 million businesses still operate on a cash-only basis. Is it really beneficial to hang onto traditional transaction practices? Here are some facts that may help your hospitality business make the the jump into the new era... REVENUE OPPORTUNITIES It is estimated that each cash-only business roughly loses $7,000 in sales annually, 74% Today, over 176.8 of business owners surveyed agreė that accepting credit cards leads to faster payments and debt reduction in their businesses. million Americans which equals about are cardholders and have $100 billion in an average of -4 credit cards collective lost revenue. So even if you're getting charged for accepting plastic (typically 2-5% on each purchase), you still get more in the bank in the long run. that they use. Convenience and Trust Overall experience is crucial to obtaining customer satisfaction and trust, and the final test lies in the point of payment. Credit cards serve as a convenience to many people. When customers walk into a hospitality business, they want to feel welcomed – no matter what form their payment comes in. Accepting credit cards and providing a POS system with fast processing and optimal functionality not only speeds up the payment process tenfold, but increases customer flow and business organization and offers a seamless experience that will increase repeat business. Small businesses that allow credit card transactions gain the appearance of being more established, thus gaining more credibility with customers. Spontaneous Credit card users typically spend Splurging 50% more than those paying in cash. Convincing a customer to make an unplanned purchase is a lot easier when they have a card and do not physically see themselves giving away money. "What's another ten bucks off my card?" is a lot easier to persuade than "Well, here's another ten bucks out of my wallet." Greater Security Although having all of your profits in the register or lockbox at the end of the day is a nice idea, it may not be the safest. There is a higher risk of theft with having all of your earnings on hand as cash throughout the business day. It's the same reason why people choose to use credit cards over cash for their personal spending-if your money is stolen, you usually can't get it back. WELCOME Business Efficiency and Productivity POS systems are another 21st century essential if you want to maximize your profits. According to the National Restaurant Association, 4-8% of gross sales in the hospitality industry are lost due to human error, shrinkage, and inefficiencies. In today's struggling economy, businesses cannot afford to fall prey to those losses, and they shouldn't have to. With a reliable POS system that accepts credit card transactions and monitors all of your calculations and earnings vs. paper and pen, you save yourself a world of financial hurt and mistakes that could potentially jeopardize your growing business. A POS system provides a host of features such as: o Access to built-in reports Instant access to inventory, menu, customer transactions, and security details These features enable business owners to run their hospitality businesses more efficiently, provide accountability to staff, and streamline orders for superior customer service. T:OOB RR EERHNSn About First Merchant Services First Merchant Services, a strategic sales partner of Harbortouch, offers free touch-screen point of sale (POS) systems and free elec- tronic cash registers (ECR) with fully integrated credit card processing to retail and hospitality merchants. Establishing a merchant accountis easy with First Merchant Services. First Merchant Services For more information, visit Sources: ustry-facts-personal-debt-statistics-1276.php

How Technology is Changing in the Hospitality Industry

shared by firstmerchantse... on Dec 18
As common as credit and debit cards are, 55%, or 14.85 million businesses still operate in a cash-only basis. Is it really beneficial to hang onto traditional transaction practices? Here are some fact...


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