Last editedNov 20212 min read
The days of walking into a restaurant and having to decide between cash and card are mostly gone, as restaurants need to constantly adapt their payment methods to follow suit. Every business or enterprise has a payment method and there are many different types of payment system.
People’s relationships with cash and cheques have changed and new payment methods are predominantly digital. Unlike the PIN method, which takes a bit longer, these include virtual cards, wire transfers and digital wallets such as Apple Pay, Google Pay and Coinbase Wallet. Ultimately, finding the best restaurant payment technology is up to the buyer. Let’s get a little more information.
Restaurant payment technology definition
A payment system is any system used to manage financial transactions via the transfer of monetary value. Whenever a customer uses their card by swiping, inserting or tapping via near field communication (NFC) at a restaurant, payment technology will send the card and bank information through a payment gateway to the receiving bank. Then, it will ask for verification for the issuing bank.
What are the best restaurant payment services?
Preference is really important when it comes to picking the right mobile payment at the restaurant, as it can determine whether a payment is worth using or not. It’s also worth noting that payment preference changes from country to country. Restaurants in the UK are most likely to use POS systems in the UK.
Moreover, there is one POS system that has been specifically engineered for restaurants: TouchBistro. It provides bespoke tools specifically designed for the restaurant trade, with features such as remote menu management and recipe inventory costs. The advantage of this system is that it’s the ideal POS option for businesses operating in the food services industry, featuring seamless integration with other programs.
The future of payment processing for restaurants
For restaurant businesses, the point of sale (POS) system can be a very convenient way to collect payment from customers, helping restaurant owners to run a more efficient front of house service.
The best POS system not only allows your business to accept payments, but also provides a detailed analysis of sales data. The system consists of the POS system hardware (i.e., cash register) and the POS system software (i.e., the software that generates sales data, stores inventory records, electronically routes payments to your bank account), enabling payment processing for restaurants.
Restaurant payment processing made easier
The best POS system will be able to not only accept debit and credit cards, but also newer forms of payments like digital wallets and contactless cards, so transactions can remain easy and seamless.
In a nutshell, POS systems are recommended for small businesses. They make it easier to record and track sales, unlike standard credit and debit card processors that don’t offer any additional functionality. However, it’s important to remember that despite modern till systems being cloud-based and relying on the internet, some offline systems require special equipment. Two of the most highly regarded POS systems for a small restaurant are Shopify and Square.
We can help
GoCardless helps you automate payment collection, cutting down on the amount of admin your team needs to deal with when chasing invoices. Find out how GoCardless can help you with ad hoc payments or recurring payments.