Mobile Payments: Taking the Restaurant Industry By Storm
In today’s day and age, completing tasks through a mobile device has become mainstream. The need to print your boarding pass, give someone cash, or pay with a credit card is quickly diminishing as mobile apps continue to compensate for these tasks. Why print your boarding pass when you can download it to your phone? Why give someone cash when you can wire money through the Venmo app? The restaurant industry is following the same path, as it is becoming more and more popular for restaurants to accept mobile forms of payment.
Most restaurants that accept mobile forms of payment do so through the use of third-party apps. In addition to restaurant-focused mobile payment apps like Dash, Cover, and Tab, restaurant industry leader OpenTable has recently launched a mobile payment platform that allows users to pay through their OpenTable app.
What’s in it for me?
Allowing diners to pay through their mobile phones is a win-win situation for both customers and restaurateurs. Gone are the days where diners have their heads on swivels, searching for their server in hopes of getting the check; mobile payment allows diners to pay when they please. For restaurateurs, mobile payments expedite the process of cashing out customers. As customers are enabled to pay quickly and efficiently via their mobile devices, there is less time between customers waiting for a table and being seated, allowing more customers to dine while simultaneously increasing sales for your restaurant.
Benefitting diners and servers alike
Believe it or not, mobile payment is benefitting servers as well. Studies also show that servers will likely see an increase in their tips when a consumer pays through a mobile phone. The theory behind the upswing in tips is customers are no longer confined by the cash in their wallets, making them more likely to tip more. Also, the ability to “click” a suggested tip amount (15%, 18%, 20% etc.), provides an exact number percentage for the diner to tip, instead of rounding them up or down to the nearest dollar as most people do.
As a win-win for all parties involved, mobile payments will most likely become more and more common as time goes on. Pretty soon, paying through a phone will be as common as paying with a credit card is today.