How much do you currently have in your wallet? The chances that it is enough to buy a full meal are low. According to a report from the Travis Credit Union, Americans only carry about $46.29 in cash at any one time. That’s if they are carrying cash at all.
This means that most people visiting a restaurant may choose alternative methods to settle their bills. According to statistics from the TSYS Consumer Payments study, over 70% of people that dine prefer to use their bank cards (debit or credit) to clear their tab. In addition, 92% of full-service restaurants now accept card payments.
As a restaurant business owner, receiving payments via cards, especially credit, is no longer a luxury. And whatever types of payments you decide to accept, you need to communicate with the payment processor through the payment gateway.
In this article, we will look at a restaurant payment gateway and why you need one for your establishment. We’ll also conclude with steps to creating and maintaining a restaurant gateway.
Most people believe that a payment gateway is helpful for online retailers only. As stated earlier, a payment gateway is used to communicate with the payment processor, which helps to facilitate payments from the issuing bank to the acquiring bank through the card network.
While payment gateways are handy for e-commerce transactions, they are also available for in-person purchases. Restaurants can take advantage of the features to assist customers in making convenient payments.
So, what is a restaurant payment gateway?
Like other essential payment tools, the restaurant gateway consists of an encrypted channel between consumers, merchants, and their financial institutions. It is the means by which transactions are authorized or declined.
Essentially, payment gateways allow your consumers to make payments via debit or credit cards. That could be via a secure card reader or an online processor that settles digital transactions. There is also the option of contactless payment options like Apple Pay and Google Pay.
The essence of a restaurant payment gateway is to encrypt payment details and transfer them to the payment processor for onward settlement. Hence, a restaurant gateway works by:
It sounds complicated, but it all happens very quickly.
You, as a restaurant owner, need this important piece of infrastructure for several reasons. Here are a few reasons why a restaurant gateway is essential for your business.
For one, a payment gateway for restaurants allows merchants to accept payments via various diverse methods. Customers enjoy using a particular payment method and may not take your establishment seriously if they don’t find that option.
With modern technology, the options to complete purchases for goods and services are increasing daily. Gateway options include:
With the right payment gateway, it is easier to offer options for customers to choose from. Customer trends are constantly evolving. Not everyone wants to do indoor dining and may prefer a home delivery. Others who do walk in prefer to make payments from the comfort of their seats.D
Your establishment promises relaxation and entertainment. Hence, it is essential to offer customers ease of clearing their payments in whatever way they choose. With a reliable restaurant gateway and analytics of how customers prefer to clear payments, you can integrate the right payment processing provisions.
Gateways now support new technologies. While guests can still pay with credit and debit cards, contactless payments are now available.
This includes solutions that use NFC technologies to create a contactless payment situation. Hence, smart wallets like Apple Pay, Google Pay, and other smart wallets can be used. In addition to the convenience this provides, there’s a higher level of encryption and tokenization.
Besides, the time it takes to complete payments is lower than traditional methods. Rather than keep guests waiting and in an uncomfortable position, the right gateway returns the transaction status in seconds.
The process is fairly straightforward To start with, here are the steps to follow when creating a restaurant payment gateway.
When choosing which gateway to use, there are many things to consider. Here are some aspects to look at.
Some of the standard fees you may find at a restaurant include the following:
Finding a platform that does not charge you at every single turn is important.
The best thing you can do for your establishment is to create a solution that helps you handle all payment methods through one platform. The gateway must be easy to integrate, highly secure, and affordable. There are several options out there. However, you will be doing yourself a great disservice by integrating a gateway that is hard to integrate with your platform and can fall to security breaches.
Whether you’re out of time or developers to build the right restaurant gateway, we can help you. At PaymentUSA, our plan of getting you an up-to-date payment gateway is possible. With our services, you can easily automate payment services, which reduces the manual effort your staff would be putting in.
Remember that the functions of a payment gateway don’t end with accepting and fast-tracking payments. They are a way to boost your revenue and build your brand’s image. There are no more essential metrics than this, especially with your competitors already scaling up with credit card payment processing.