COVID-19 has been an accelerator for POS technology. One of the most requested POS solutions? Scan-to-pay payments right on a customer’s phone. Your customers are continuing to adapt to a world where they can order right from their mobile device and be on their way.
QR code payments became incredibly popular in America due to the rise of no-contact payment solutions usage. Believe it or not, other countries have been using QR code payment methods for well over a decade. Japan, South Korea, and other tech savvy countries pioneered and normalized QR code technologies among their consumers. Now, American consumers are more comfortable with pulling out their phone to scan, pay, and be on their way.
What are the benefits of scan-to-pay payments for your restaurant?
Give Your Customers What They Want
More and more restaurant goers are asking for contactless payment methods. From Apple Pay to QR Code payments, it’s important to stay ahead with modern customer payment demands. According to PYMNTS.com, contactless payments grew by 150% during the pandemic; QR code payments grew along with the contactless trend by 11%. Failing to provide your customers with modern payment methods can make you seem behind on the times.
Stay the course with your neighboring restaurants by providing QR code payments for your customers during every transaction.
More Hygienic Checkout
According to Insider, cash can carry a high amount of viruses, bacteria, and germs. Cash transactions are handed from person to person and can carry harmful pathogens from your customers to your staff, increasing a risk of a potential infection. Implementing QR code payments can help prevent outbreaks by lowering hand-to-hand cash transactions between your customers and staff
Faster Table Turnover
Right now, your checkout process may be traditional. What if QR code payments freed up the payment process and led to another customer or table being served an hour instead of turned away? That’s thousands in ROI back into your pocket.
Think of it like this. Can QR codes payments really make that big of a difference? What if you could increase your table turnover by 1 table per hour averaging a $50.00 check during 4 peak hours 3 nights per week?
That’s $50.00 per hour, $200.00 per night, $600.00 per week, and $31,200.00 in potential return-on-investment over a year!
Allocate More Time for Sales, Not Checkout
Closing out a table can become a long process during peak hours. Your staff have to be told to close out a check, go back to the POS, bring the receipt back to the customer, wait for the customer to review it, receive payments, go back to the POS, execute the transaction, and bring it back to the table.
Now let’s revise that process with QR code payments.
Your staff is told to close out a check, they go back to the POS, bring the receipt to the customer, and – unless it is a cash transaction – go on to another table to make more sales and lets the customer checkout.
Cutting the checkout process in half can mean more sales for your staff during peak hours. Take the same peak hours that we discussed of 4 peak hours during 3 nights per week. What if your staff could sell 5 more $5.00 beers per hour because they have more time to wait on other tables.
That’s $25.00 more sales per hour, $100.00 per night, $300.00 per week, or $15,600.00 in a total projected ROI per year – all from implementing QR codes!
Reduce Chargebacks
During a chargeback dispute, a complaint is lodged claiming that a card was incorrectly used. A restaurant is more likely to lose a chargeback claim if the card is handed over to the staff at any time. Scan-to-pay reduces chargeback liability as a card is never exchanged between your customer and staff. Furthermore, your customer is inputting all of the payment information.
Let’s say you are experiencing $200.00 in chargebacks per month, or $2,400.00 per year. QR code payments could help you reduce the liability of those $2,400.00 in chargebacks. Cutting those chargebacks in half can save you $1,200.00 per year. That’s real savings. More scan-to-pay payments ultimately means less risk for your business!
More Eco Friendly
Taking your business forward with a digital approach can positively impact your environmental output. By implementing QR code scan-to-pay you will decisively reduce the amount of paper you use for checks and bills. Cutting paper usage can make your business more environmentally friendly. Plus, wouldn’t it be great to reduce your thermal paper purchasing costs?
Paper costs are averaged between 1%-2% of a restaurant’s overall operating cost according to Golbon RFS. Imagine your restaurant is bringing in $500,00.00 per year. Your paper costs can average $5,000.00 per year. What if QR code payments could decrease your paper cost due to not printing an additional receipt by even 25%? That’s $1,250.00 in savings per year!
Easily Prevents Theft
Restaurant theft among employees is a concern for any employer! Rewards Network reports that theft can comprise 7% of a restaurant’s sales losses. Implementing QR codes can help to decrease cash related theft during transactions.
Imagine again that your restaurant rakes in $500,000.00 a year in sales. What if you are losing even 1% of sales to cash related theft? QR codes and non-cash transactions can bring back that 1% in losses or $5,000.00 a year back to your company’s bottom-line.
The Big Picture
Take all of these ROI’s into account. $31,200.00 from faster table turnover. $1,200.00 in savings from reduced chargebacks. $1,250.00 in paper cost savings. $5,000.00 back by preventing cash related theft. That’s a total projected return-on-investment of $38,650.00 per year! Reallocating those savings can mean helping to cover labor costs, replacing older kitchen equipment, or money back in your pocket. Take that into account with providing modern payment solutions and a more hygienic checkout process and QR code payments is truly a no-brainer.
Contact Advanced Hospitality Systems today to learn how QR code scan-to-pay through your POS can make your restaurant faster and more efficient.
