Flexible payment processing options for better customer convenience at QSRs

Digital payment options facilitate customer transactions

By Jean McDaniels

Non-cash transactions are the wave of the future so don't be left behind. Did you know that about 75% of all your customers would most likely use a credit card at your quick service restaurant (QSR)? And while it took the QSR industry a long time to adopt electronic payment systems, credit card usage at these establishments is now growing at an amazing rate.

There are several reasons why QSRs operated at a cash-only basis for a very long time. These include the perceived high cost of electronic transactions, doubts regarding the speed of service, the highly-franchised nature of the business and a whole range of various technology barriers. However, as the competition becomes fiercer, many QSR operators are deciding to take the leap into technology in order to survive.

Payment processing options for QSRs

As mentioned earlier, there is a very tight competition in the QSR industry. You need to satisfy the demands of your customers, attract new customers and foster customer loyalty if you want to improve your chances of maintaining your market share.

So, how do you do this? Well, you can try offering innovative menus,  attractive discounts and flexible payment options. You should be able to accept a wide variety of payment options (credit cards, ATM and debit cards, and gift and spending cards) since the majority of your customers would appreciate the ease and flexibility of being able to choose how they want to pay for their purchases. For this, choosing a credible payment processing service such as PayMeSecure would definitely do you a lot of good.

Aside from providing better customer convenience, numerous studies reveal that you can realistically improve your sales by as much as 30% to 60% by accepting credit card transactions since consumers tend to spend more and make impulse purchases when using plastic. A First Data survey also revealed that 63% of respondents would most likely visit a QSR that offers flexible payment options more frequently as compared to QSRs that do not accept non-cash transactions.

In addition, the speed of service is also enhanced by using credit cards. Several credit card associations, which include MasterCard and Visa, do not require customer signature (for purchases under a certain amount), customer receipt (unless the customer asks for it) and/or online authorization to further enhance transaction speed.

PIN-based debit transactions can also help foster customer loyalty by allowing you to offer cash backs to your customers. For sure, your customers will love you for it! And since debit cards offer highly advanced security features, you can likewise reduce charge backs and minimize fraud by accepting such transactions.

You should also consider accepting gift and spending cards. Aside from creating customer loyalty, accepting these payment options can help you differentiate yourself from the rest of the competition.

Without a doubt, non-cash transactions are the wave of the future. Don't be left behind.

About the author: Jean McDaniels has owned a quick mart for the past 7 years, but recently took a leap of faith with a food truck business of selling burritos. He has found success with using PayMeSecure’s wireless services to help with credit card processing for his business.

* Image license: Hlundgaard; CC BY-SA 3.0