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Technology-the ROI driver for Food and Beverages Industry
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Eileen Baines, SVP, CIO, CoBank
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Brian Anderson, Director of Technology, Modern Restaurant Concepts
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Jessica Almy, Director of Policy, The Good Food Institute
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Jeff Sommers, Co-Owner & Co-Founder, Izzy's Ice Cream
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Cashless is the New Trend!
Regardless of the heavily built initial costs, investing in an efficient restaurant POS system and implementing smart payment features carry profits that go beyond simply enhancing the payment processing strategy.
FREMONT, CA: Apart from the food and services, the checkout process is one of the most critical aspects of managing a restaurant. Even if the restaurant serves excellent food and skilled staff, an incompetent checkout process can bring down the reputation of the company big time. The modern-day restaurant owners realize that payment processors are more of a utility than a choice because of which cashless or contactless applications have entered the scene.
The implementation of an amusing checkout experience can be an excellent way to earn the customer’s loyalty with or without an established brand name. It is essential for the restaurant to discover and partner with a payment processor or acquirer before offering multiple payment options as the acquirers are like intermediaries responsible for clearing and routing the payments to the respective account. Partnering with a payment processor has significant benefits, and the protection provided by the technology takes over the responsibility in case of fraudulent transactions. The companies charge 1 to 4 percent of every transaction made through cards or digital payments as the value of the exchange.
The cashless payment processing systems and POS technology have improved beyond debit and credit cards because the companies realized that their clients prefer to make payments via cards instead of cash and introduced smart payment solutions with better service and security. The EMV chips have developed and raised the bar that sets a new average for card payment security; it limits the data shared during a transaction to keep the confidential account information private.
The existing POS system of the restaurant can select an acquirer which fits in a compatible way with your point-of-sale after viewing a few probable options. The comments and reviews by the customers on social media platforms are valuable sources of profitable insights for making purposeful choices.
A restaurant owner can have reservations about investing in card and digital payment processing systems meanwhile the customers can opt to pay in cash, but it is always ideal for taking up advancements that can influence the way a restaurant is operated in a cashless society.