Ready to grow your bar or restaurant, but don’t want annoying payment issues holding you back?
Every hospitality business reaches a point where they want to grow. Increase customers. Increase orders. Increase transactions. But then….your payment infrastructure struggles to keep up.
Let’s talk about why that happens…
…and how to prevent it.
Struggling to Scale? You Need Flexible Payment Options.
Most restaurant and bar owners don’t think about payments until their current setup stops working.
Unfortunately, that means missed revenue. Lost sales. Frustrated staff and guests.
The good news?
Scaling becomes a lot easier when you have flexible payment solutions helping you every step of the way.
Here’s what you’ll learn:
- Why flexible payments are critical for growth
- Why rigid payments are costing you money
- Essential features for bar and restaurant payment providers
- How to choose payment technology that won’t hold you back
Why Flexible Payments Help You Scale
Flexible payments used to be a “nice to have”.
Nowadays? They’re table stakes.
COVID accelerated digital adoption across the hospitality industry. Restaurant operators plan to keep tech investments high. According to the National Restaurant Association, 73% made technology a priority in 2024. That’s the highest level of restaurant tech adoption in history.
And who could blame them?
Customers have more options than ever. Expect fast, seamless payment experiences.
Phones get tapped. Wallets get pulled out. Payments should be quick and easy.
That means offering multiple payment options. Credit cards. Mobile wallets. Contactless payments. Ability to split bills. Quick checkout.
A flexible merchant account with companies like 2Accept gives your bar or restaurant business the restaurant payment solutions needed to accept all of these types of payments.
Why does this matter when it comes to scaling?
Think of peak times at your restaurant. Lines are long. Orders are flooding in. The busiest times are actually the most stressful if your payment infrastructure can’t keep up.
Flexible payment options mean you can handle higher transaction volumes without breaking a sweat.
Hidden Costs of Inflexible Restaurant Payment Systems
Running a bar or restaurant comes with plenty of expenses. Rent, payroll, inventory.
But rigid restaurant payment systems impose costs that eat away at your profits that most hospitality owners don’t consider.
Let’s dig into them…
Slow transactions: Older restaurant payment systems take longer to process transactions. That might not seem like a big deal during downtime, but when your place is slammed? Every second counts. Slower payments = less table turns.
Fewer payment options: Today’s consumers want to pay how they want. When a restaurant doesn’t accept a customer’s payment method of choice, they likely won’t return.
Integration headaches: Payment systems should enhance your operations. Not create more work for your team. Payments that don’t integrate with your Point of Sale system force employees to spend time entering data manually. Time they could be spending serving guests.
Limited scalability: Some payment companies have daily or monthly transaction limits. Others charge huge fees if your grow too quickly.
Ready to see the damage done by inflexible payment solutions? Keep in mind that restaurant customers now make 62% of payments using cashless methods. Cashless wallets are expected to grow 45% year-over-year.
These numbers illustrate a clear trend… Restaurants and bars without flexible payment systems are already behind the curve.
Essential Features of Bar and Restaurant Payment Solutions
When interviewing restaurant payment providers ask questions. Find out exactly how they can cater to your unique needs.
Here are four features to prioritize.
Payments across sales channels
Customers are not restricted to ordering in-person. Modern restaurants operate online and through third-party vendors.
That means payment processing shouldn’t be restricted to a physical location either. Make sure your restaurant payment provider can handle online payments and third-party deliveries.
Look for companies who offer omnichannel payments solutions.
Fast settlement
Nothing stresses restaurant and bar owners like waiting for payments to process.
Restaurants operate on razor thin margins. Rapid payouts allow you to serve more customers while keeping your lights on.
Make sure you understand how long it takes your payment provider to deposit funds into your bank account.
POS integration
Do payments integrate with your POS system? Or will your team have to manually enter payment info?
Connected systems simplify operations and improve guest experiences.
Tip handling
Wait staff at bars and restaurants depend on tips to survive.
Your payment provider should make it easy for guests to leave gratuity. Period.
Split payments
Groups of diners want to split bills evenly, by item, or some other custom arrangement.
Your payment systems should be able to handle this without driver.
Chargeback support
Fraud is rampant in the restaurant industry. Good payment providers offer chargeback protection and support.
Don’t forget about contract length.
Would you sign a five year lease on a new restaurant? Of course not.
But restaurant owners get hoodwinked into signing long-term contracts with payment providers all the time.
Only work with payment providers who offer month-to-month contracts.
Future Proofing Your Restaurant Payment Technology
Look, technology advances. Payments are not going to stand still.
Here’s how you can prepare for future restaurant payment trends:
Contactless and Mobile Pay
We already covered this. But contactless and mobile payments are huge!
Mobile wallet use is expected to grow year-over-year by 45%.
Offering guests options today doesn’t just improve their experience. It drives repeat business.
Integrated Technology
The best restaurant technology doesn’t stand alone.
It integrates with…
- Inventory management software
- Point of sale systems
- Employee scheduling tools
- Loyalty programmes
- Accounting software
- Online ordering portals
Integration means less time entering data and more time improving your guests’ experiences.
Not to mention how integration lets you view your business from 30,000 feet. You’ll understand your operations like never before.
Planning to grow your restaurant business? Make sure your payment technology can handle multiple locations.
Plan For Payment Volume Growth
Know your payment providers limits. Some charge extra when you surpass monthly processing amounts or transaction volumes.
Avoid unexpected fees by doing your homework.
Partner With Service Providers Who Understand
Payment companies love to market themselves as a one-size fits all.
But the restaurant industry has unique payment processing needs.
Pick a provider who knows those needs. Ideally, bar and restaurant owners who have scaled before.
Providers that understand your industry will be a partner, not just a vendor.
Why Smarter Payments Equal Competitive Advantage
Look, restaurant payment systems aren’t sexy.
But they sure can give you a leg up on the competition.
Consider these advantages…
Quicker payment = faster table turns
More payment options = less abandoned payments
Better integrations = more information
Flexible payment infrastructure = easier scaling
The smart restaurant owners are finding ways to leverage technology right now. And payment infrastructure is one place they’re putting money.
If you want to achieve sustained growth, you have to do the same.
Wrapping it up
Most restaurants want to grow.
Until something holds them back.
If your payment infrastructure lacks flexibility. You’re going to struggle to scale your business.
Here are the big takeaways:
Flexibility opens doors. Growth is painful with rigid payment infrastructure. Simple as that.
Hidden costs are gigantic. Slow payment methods, frustrating customer experiences, and systems that don’t integrate make you less profitable.
The customer experience has evolved. Contactless payments aren’t just a convenience. Your guests expect it.
Partner with providers, not vendors. Digital restaurant payment technology is constantly changing. Pick service providers who you know will have your back as your business grows.
We’re living in the golden age of restaurant technology investment. Adoption rates and customer expectations aren’t going to decrease.
It’s time your payment systems caught up.
