Due to the COVID-19 pandemic, hospitality businesses in the UK are currently lacking skilled workers – nearly 40% are now experiencing shortages.
Lack of staff presents obvious obstacles, but it also offers a perfect opportunity for businesses to embrace technology to mitigate these challenges while maintaining excellent customer service.
So, as technology advances, the hospitality industry is embracing new payment methods to simplify transactions and improve customer experience.
In this article, we will explore the importance of efficient payment systems for bars and restaurants and discuss the rise of contactless payments, eCommerce storefronts, and smart POS and inventory management systems in the hospitality industry.
Contactless payments in the hospitality industry
Contactless payments have become increasingly popular in recent years, and the hospitality industry has been quick to adopt this technology. Contactless payments allow customers to make transactions quickly and easily without the need for physical contact. This is particularly important in the current climate, where hygiene is a top priority for both customers and businesses. Contactless payments also reduce wait times and improve the overall customer experience.
Advantages of contactless payments
In addition to improving hygiene and reducing wait times, contactless payments offer several advantages for bars and restaurants: faster transactions, increased security, and reduced cash handling costs.
With the rise of mobile payments, customers can pay using their smartphones or smartwatches, providing an added level of convenience. Moreover, bars and restaurants are using contactless payment technology in a variety of ways, for example, by using tableside payment devices, allowing customers to pay without leaving their table. Others have partnered with smart payment providers to offer customers a seamless payment experience through their smartphones.
In addition to improving the customer experience, contactless payments also provide valuable data for businesses, allowing them to understand their customers better and make informed decisions about which payment technologies work best.
Benefits of eCommerce storefronts for bars and restaurants
eCommerce storefronts, or online ordering and payment systems, are another way in which bars and restaurants can streamline their payment processes.
These storefronts allow customers to place orders and make payments online, reducing wait times and improving overall efficiency. eCommerce storefronts also provide businesses with valuable data on customer preferences and ordering habits, allowing them to tailor their menus and marketing efforts accordingly.
Implementing hassle-free payment systems
While contactless payments and eCommerce storefronts offer numerous benefits for bars and restaurants, there are also challenges and considerations to be aware of.
These include the initial cost of implementing new payment systems, the need for staff training, and the potential for technical issues. To overcome the challenges of implementing new payment systems, businesses can conduct thorough research and perform cost-benefit analysis, providing staff training and support, and work with reputable providers offering reliable and secure payment solutions.
Additionally, businesses can leverage smart POS and inventory management systems to streamline their payment processes and improve overall efficiency. These systems offer a variety of features that enable businesses to manage transactions, track inventory, and analyze sales data in real-time.
With a smart POS system, businesses can accept payments from multiple channels, including mobile and online payments, while also integrating inventory management to track stock levels and automate the reordering process.
This way they ensure continuous stock, saving time and reducing costs associated with manual inventory management. Additionally, real-time data analytics provide businesses with insights into sales trends, inventory turnover, and customer behaviour, enabling them to make informed decisions to improve overall operations.
Overall, smart POS and inventory management systems provide businesses with the tools they need to optimise payment processes and improve efficiency, ultimately leading to increased profitability.
While there are challenges and considerations to be aware of, with careful planning and implementation, the future of bar and hospitality transactions is set to become even more hassle-free.
The customer of today is more technically aware and eager to pay and interact with their favourite businesses in a variety of ways now. It is therefore the responsibility of hospitality businesses to research the latest payment solutions and implement them to improve the efficiency of their operations.
We take care of your customers’ payment needs however they choose to pay. Our platform brings all your payment channels together, saving you time and allowing you to deliver an unforgettable hospitality experience.
Talk to us about hospitality payment processing solutions that fit your business needs!