How Venues Can Benefit from Using Mobile Payments

07 Mar 2019 | Blog

When it comes to implementing a payment system for your business, there are a plethora of options on the market to choose from and it can be difficult to decide what’s best for your business. These payment methods range from cash, to EFTPOS, Apple Pay, multiple point of sale (POS) solutions and even mobile app-based payments. Mobile payment solutions are a relatively new technology and may not even be on the radar yet for some restaurant owners, however, they do come with several added benefits which surpass the alternative payment solutions.

 

Here are a few key ways in which a mobile ordering platform benefits businesses:

 

Customer experience

 

When you partner with a platform like TableTime, your customers get to control their ordering and spending. They can relax at their table without worrying about lining up to order or feeling anxious about when their order will be ready. They also have the freedom to stay at the table to enjoy their company, leave the venue after their meal without having to think about settling the bill or even splitting the bill amongst their other guests. When your customers are at liberty to do whatever they choose to do, stress and anxiety are reduced.  The platform likewise comes with time management features that inform customers about the progress of their order, which adds value to the customer experience in your venue.

 

Revenue secured

 

With TableTime, you don’t have to worry about your customers skipping out and not paying the bills, disputing a bill, or refusing to pay, as the payment occurs at the point at which you accept the order. You won’t miss any payments at the end of the night, as the money is secured immediately upon accepting the order which you can also review through the reporting feature within your portal. Your revenue will then be distributed securely into your nominated account the following business day so you can rest assured that your money will be in your bank account quickly.

 

Reduce costs

 

One of the other major benefits to mobile payments solutions is that it significantly reduces costs. Whether it’s the cost of expensive point of sale (POS) hardware or the transaction fees associated with merchant facilities, these costs reduce when opting for mobile payments.

 

TableTime is a free mobile ordering platform for venues, meaning they don’t have to concern themselves with the expense that comes with implementing equipment such as a POS system or merchant facility.  

 

Depending on your provider, some mobile payment companies will also charge a smaller fee for credit card transactions, and some absorb those fees altogether. With TableTime, you will find that it absorbs credit card fees so what you would ordinarily spend in transaction fees can suddenly be added as revenue to your bottom line. TableTime lessens the cost for restaurants by putting those fees back to the customer as a convenience charge for not having to queue to order.

 

Overall, you save money by lowering bank fees and equipment fees and this money just goes right back into your pocket.

 

Data collection

 

One common struggle that venues experience is tracking customer behaviour and inventory in order to make smart business decisions. The great thing about a mobile ordering platform is that they capture a robust amount of information on what is being ordered as well as who is ordering.  The benefit of this data, is that staff can get to know their customers in order to serve them better. The relevant data collected can also be used for planning inventory management and also what meals to prepare for specific times of the day or week.

 

Increase revenue

 

According to research, customers usually order more – in fact sometimes up to 30% more than usual, when they use a mobile ordering platform. This is because you give the customer more control over their experience. They can order what they want, when they feel like it, and be prompted with add-ons along the way. Thus venues that use the service reap the benefits of this increased revenue. The other added benefit of a mobile ordering platform is that you remove the physical queue, and therefore, you create more opportunity to capture additional customers who might have ordinarily left. The more people you have come in to buy, the higher revenue you get in return.

 

When you partner with a mobile-based ordering platform like TableTime, you can acquire all the benefits that come with a mobile payment solution. To know more about how this benefits your business, visit www.TableTime.com.au today.

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