How Cashless Transactions Modernize The Point Of Sale Process

October 24, 2017

POS Tech,Trends & Insights

As more businesses modernize operations to keep up with consumer demand, cashless transactions are becoming the standard for staying competitive in guest service. The number of mobile payment users is projected to rise to 150 million by 2020. Cashless transactions are a win for customer satisfaction as well as streamlined internal processes and increased revenue. Here’s how cashless transactions can benefit your customers as well as your business.

Why Guests Love It

Shorter Wait Times
Total Food Service reports that 42% of U.S. sports fans don’t buy food or drinks at games because the lines are too long and daunting. One of the greatest advantages to mobile ordering is that it can all be done right from your seat. When your guests don’t have to wait in long lines or pay in cash, they can spend more time enjoy themselves and leave with a better overall experience of your business.

Simplified Transactions
Mobile cashless transactions are smoother and less cumbersome than the alternative. When paying with cash, consumers tend to forego small purchases so as not to break larger bills. Research shows that 34% of those ages 18-29 use mobile payments, and allowing guests to pay with a swipe or a tap makes payment processes run faster.

How It’s Great for Your Business

Secure Payments
Password protected, automatically organized, and backed up by a digital trail, mobile payments provide a level of security other methods can’t. Studies show that 40% of consumers would rather keep their cards in a mobile wallet, which means there is already a substantial portion of the consumer population seeking mobile payment purchase options right now.

Higher Check Averages
Simple, independent ordering options have been proven to increase guest spending. Eliminating deterrents like long lines or the need to ask questions encourages customers to purchase upsells and order more frequently, meaning higher average checks at a fraction of the work.

Ready to find out how cashless transactions can benefit your business? Appetize can help.