Survey Says Payments and Ordering are Key to Restaurant Success

Nov 07, 2018

According to a new report in the “Restaurant Digital Crossroads: The Race to Meet Guest Expectations”, ease in payments and ordering are what diners want most. The younger generations are the driving force behind this growing trend. Hassle-free ordering and payment are especially important to young consumers between 18 and 37 years old.

To be exact, 75 percent of them say ease of ordering and payment is extremely important to them. However, just 45 percent of restaurants meet their expectation, according to a report from Boston-based BRP Consulting, which specializes in retail and restaurants.

The report explained, “For Millennials, digital is shorthand for taking friction out of the order and payment process, allowing them to shop the way they want wherever they want. They, along with Gen Z, also value interactive technology and digital content (music, movies, games, digital shorts) more so than older generations.”

“While restaurants whose primary guests may not have the same expectation now, BRP says such demands will become “table stakes in two years,” the report went on to say.

But what if my customers aren’t worried about ease of payments and ordering right now, you ask? Industry experts BRP Consulting warn that even if this is not the case for your restaurant right now, such demands will be “table stakes in two years.” In fact, they’ve shared that while this expectation is 71 percent for all ages groups right now, this number will increase to 81 percent in just two years.

It seems that most restaurant operators are aware of these changes. The study surveyed 60 executives and discovered the following information about these business owners’ insight into the situation:

  • 34 percent say they already offer payment at checkout, and 49 percent plan to add to this capability by 2020.
  • 33 percent offer the ability to pay via a wallet on a mobile app, while 47 percent intend to offer this option by 2020.
  • 26 percent have added mobile point-of-sale, with 59 percent planning to do so by 2020.

“Operators have aggressive plans to invest in upgrading the digital experience, from contactless payments to proximity-triggered mobile coupons,” BRP commented. “All of these will be great for guests, but put an increased load on restaurant operators’ network infrastructure.”

The Easiest Solution Yet for Ease of Payment

Your restaurant business can easily implement these changes now, rather than waiting two years down the road to jump on board. You can quickly offer your customers multiple payment options by securing a restaurant merchant account. This merchant service is specifically tailored to meet your business unique needs, and provides access to multiple payment gateway options.

EMB offers restaurant businesses:

  • ACH Processing
  • Business Funding
  • Chargeback Dispute Resolution and Prevention Programs
  • Instant Check Processing Solutions
  • High-Volume Payment Solutions
  • Merchant Cash Advances
  • Mail Order/ Telephone Order (MOTO) Processing
  • Online Payment Gateways
  • Point-Of-Sale (POS) Solutions

Top-Choice Merchant Account Provider

EMB specializes in payment processing solutions for businesses that require high-risk merchant accounts to process credit card payments – like restaurant companies. Why is your business considered high risk? A few of the reasons why you might not be able to secure traditional processing include:

  • Business Location
  • Business Size
  • Credit History
  • Credit Card Processing History
  • High Chargeback Ratios
  • Type of Industry
  • Whether a Business Exclusively Operates Online

The award-winning team at EMB can help you quickly secure the restaurant merchant account you need to create a seamless customer experience. You can also secure chargeback protection and prevention programs, tools to prevent fraud and access to fast, small business funding solutions. The online application takes just minutes to complete, and your account can be setup in as little as 24 hours.

Let us help you get a high risk merchant account today!

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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