Modern diners want tableside payment options more and more, but that can mean a serious investment in technology for restaurateurs in an industry where margins are slim. One way to approach this investment is to consider financing your restaurant equipment—including the new technologies for payment.
When the potential positive impact to your business is taken into account, investing in an updated restaurant POS system is really one of those investments that can pay for itself with satisfaction/repeat/increased ticket metric improvements. As we all begin the massive conversion to EMV (Europay / Mastercard / Visa), the benefits of increased security and fraud protection alone may well bring sufficient incentives to introduce this to your facilities.
According to Hospitality Technology¸ nearly 70% of restaurant operators surveyed said adding mobile POS was the biggest driver for upgrading their point-of-sale solutions. That was followed by 62.5% of respondents saying they want to enable new payment options, such as e-wallets. Clearly there’s a lot of agreement that changing the way customers pay—or at least giving them options on how to pay—is a big driver in adjusting the technology systems in place. Where there’s less agreement is on which method to use:
Regardless of the method of choice, each of these changes in POS technology requires additional capital. For some – specifically, mobile phone integration and e-wallets – the costs will be mainly in technology consulting and software. But for restaurants who want to offer tableside systems, whether for ordering or payment, it will require an investment in tablets or other customer interface devices.
Few restaurateurs have the cash available to just go out and buy a large number of tablets. Rather than miss out on this consumer-driven trend, some restaurants are now financing their restaurant equipment to support this need; and not just by maxing out their credit cards. There are ways to finance even in small increments without turning to plastic.
Don’t let money stand in the way of advancing your business. Look into equipment financing options today.