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Should Mobile Payments Be On Your Menu?

SHOULD MOBILE PAYMENTS BE ON YOUR MENU? Restaurants are serving up mobile payments and consumers are eating it up! III MOBILE PAYMENT TRANSACTIONS THE FOOD SERVICE INDUSTRY are projected to reach $110 billion in 2013. and $1.3 trillion by 2017 (1). will claim a large portion of this burgeoning market as worldwide physical goods sales from mobile devices will account for 30% of all retail within four years (2). $13 trillion all retail sales from mobile devices (100%) $110 billion physical goods (30%) 2013 2017 2017 THE PREVALENCE OF PLASTIC 1995 2013 In 1995, only 2% and 8% of shoppers used debit and credit cards, respectively. By 2013, 31% of shoppers used debit cards and another 21% used credit cards (3). debit credit debit WHAT IS A MOBILE POS? Mobile POS (MPOS) systems involve a tablet or a smart phone. credit MILLENNIALS ARE DRIVING MOBILE ADOPTION a credit card reader that attaches to the mobile device. PayAnywhere "Technology has gone to the top of restaurant-owner action lists for 2013" says Hudson Riehle, senior vice president of research at the National Restaurant Association. Why? It's what the industry's key demographic. 18- to 34-year-olds, most wants (4). They can go anywhere, to allow businesses to accept credit and debit card MOBILE PAYMENT IN RESTAURANTS payments. Today, not even 1 in 10 table service restaurants offers electronic table-side payment or mobile payment. 2$ But according to data from the National Restaurant Association, 54% of restaurant owners say they'll invest more in technology in 2013. specifically as it relates to credit and debit card paying customers (4). Today Traditional POS systems are generally immobile: even wireless consoles are traditionally anchored to a checkout counter or wait station (5). 10 + 54% By the end of the year I MOBILE PAYMENTS: SWIFT. SMART. SAFE. I SWIFT SMART SAFE In addition to speedier Lengthy check-out times can negatively impact a patron's view of a dining establishment. Mobile payments speed up the process of delivering the check, paying the bill, and getting the customer out the Apple's retail sales associates accept payments throughout Apple stores. 6,000 Nordstrom salespeople use mobile phones to complete customer transactions. JC Penney transactions, restaurant patrons appreciate options to pay at the table via mobile POS where their credit card is never out of sight. hopes to eliminate cash registers entirely by 2014. door. Restaurants are beginning to see the same potential through servers acting as mobile cashiers (4). CONSUMERS COMFORTABLE WITH MOBILE FOR FOOD SERVICES 69% of consumers order food online using a mobile device, according to a new study by the IAB and Viggle (6). The study found that people use their mobile devices to find restaurant locations, check out menus, and see other users' reviews. According to the Pew Internet and American Life Project, within the next decade, mobile credit card readers will have gained mainstream acceptance as a method of payment and will likely render cash and traditional credit card terminals obsolete. (7). Online and mobile orders at Domino's and Papa John's pizza chains are now 30 percent of each chain's overall business (8). MULTIPLE BENEFITS OF MOBILE Mobile technology can vastly benefit the restaurateur in terms of money savings, revenue increases and customer satisfaction. MAXIMIZE FLOOR SPACE ACCEPT CREDIT CARDS OFFER EASY WAYS TO TIP IN NEW LOCATIONS Without the need for a When customers pay on a digital device, they may be more apt to provide a tip if a dedicated POS station, the Neighborhood restaurants and restaurant can effectively make use of more dining space, potentially adding more seating or merchandising opportunities. food trucks often cannot screen pops up with calculated tip amounts and accept credit card payments. The ability to accept credit cards anytime, anywhere adding the tip is as easy as tapping their finger (Like PayAnywhere's tip calculator). means increased sales and happier customers. Total Ampunt: S4JT Your car we charged Sa CLEAR JUST THE BEGINNING In Chetan Sharma's 2013 mobile predictions survey. 35 percent of respondents said mobile payments will be the big breakthrough technology this year (9). We've learned how to consume media on our phones, shop on our phones (via eBay, Gilt, etc.), and of course, communicate and take photos. Now. payments and the wallet itself will go mobile. The easiest path to mobile payments is through mobile credit card readers and payment apps. As mobile POS technology evolves, restaurants will soon be able to send coupons to the phones of customers who opt-in based on their shopping habits or geographic location. They will also be able to offer sophisticated, mobile-based loyalty programs. Experts assert that mobile payments "liberate restaurants from the constraints and costs of traditional POS systems and open up game-changing new ways to capture information about customers that will help operators earn their loyalty."(10) WHY USE PAYANYWHERE? PayAnywhere's services are helping thousands of businesses maximize their earnings potential today. The PayAnywhere mobile credit card reader is a small accessory that plugs into the audio jack of smartphones and tablets, transforming them into mobile payment terminals that can Swipe credit cards to securely process payments. Used together with the free PayAnywhere mobile app, the reader instantly transforms an iPhone, iPad, iPod touch, most Android smartphones or tablets or BlackBerry smartphones into a powerful mobile point of sale terminal. With a low transaction fee of 2.69% per swiped transaction and 3.49% + S0.19 per keyed transaction, restaurateurs across the U.S. need not worry about high fees, lengthy contracts. or extra charges. To learn how easy it is to serve up mobile payments to your patrons, visit PayAnywhere TM %24

Should Mobile Payments Be On Your Menu?

shared by dianagosi on May 31
1 comment
How important it is to have mobile payment in your restaurant? Get to know your costumers and you'll get the answer.


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