Contactless payments and mobile banking are becoming increasingly popular in the UK. In fact one in 10 Britons say they now rarely use cash at all. The ability to pay with the tap of a card or carry out all of your banking using a mobile phone is no longer an emerging technology; it’s already here and businesses are being forced to consider adopting new payment technologies or risk losing customers.
Whilst the majority of restaurants, bars, cafes and other dining establishments have already adopted payment by contactless methods, some are still working on a cash or card only basis. If this applies to your business it may be time to consider adopting this new payment technology to ensure you never lose a customer who lives a cashless life.
Some establishments are taking the trend a step further and removing cash payments altogether. Reasons for this include the added safety of not having cash on the premises and the fact that ultimately it saves time. This trend of going completely cashless is yet to be widely adopted, with the majority of business choosing to offer a range of payment options to meet all needs.
As with any change in technology, there are considerations restaurants need to take into account. One example is the process of tipping for your employees; are customers able to tip by methods other than cash or could employees miss out as we continue to grow into a cashless culture? Another factor to consider is the process used for taking payments. More and more fast food outlets, bars and restaurants adding ordering kiosks to their locations or offering apps that allow customers to place their order and pay using nothing but their phones.
Ultimately, offering the option of cashless dining allows you to cater to the current trends in payment technology, but for many businesses cash still holds a place and will likely continue to do so for some time, so it may be worth keeping that till handy for the time being.