How to Take Payments in a Restaurant
Accepting payments can seem like a daunting challenge, especially if you are opening a restaurant for the first time. However, you can rest easy - the process is far simpler than you think.
If you are the owner of a coffee shop, independent restaurant or bistro, you will need to accept payment in some form or another. In order to ensure that you make the best choice in restaurant payment processing for your business, we recommend doing as much research as possible before deciding what equipment you need and which services to choose.
In a study conducted by the European Central Bank in 2019, it was found that the total number of non-cash payments in the euro area alone increased by 8.1% to 98.0 billion compared with the previous year, with a total value of €162.1 trillion. Furthermore, card payments accounted for 48% of the total number of non-cash payments.
In the UK, 2018 saw 19% of all payments were made by contactless cards, which totalled up to a whopping 7.4 billion payments. Debit cards were the most popular form of payment method, with 15.1 billion payments, while cash payments took a decline of 16% to only 11 billion.
With contactless payments becoming more popular than ever, it is predicted that by 2028, debit card payment volumes will reach 22.3 billion, with contactless accounting for around two-thirds of the total.
The impact of COVID-19 is also important to consider. With customers being encouraged to switch to debit, credit and all forms of contactless payments where possible, cash payments are being used less frequently than ever before.
In order to provide the best service to customers, it will be necessary for restaurants to offer multiple payment methods to adapt to the newly changing customer purchasing habits.