The UK’s hospitality sector is expected to take over £100bn this year, but there are challenges as well as opportunities. Join us on Stand 2822 to find out more.
Getting payments right
Payments are obviously a key part of any hospitality business, but to drive success business owners first need to understand their customers. In an industry where profits have started to take a dive for some groups, it’s more important than ever to give them what they want. Part of that means providing greater choice in payment methods. UK card payments overtook cash for the first time this year and will continue to grow. So acknowledge this, and the growing numbers who want to pay via digital wallets on their smartphones, such as Apple Pay and Google Pay.
Customers also want speed and convenience: that means accepting contactless and payments at table via mobile card terminals. This convenience should extend to functionality which empowers staff to easily split the bill or add service without having to return to the fixed EPOS system. Hospitality owners should also be looking at ways to integrate loyalty programmes seamlessly into the payment experience — it could make all the difference to customer retention in what is an increasingly crowded high street.
The hospitality sector might cover a huge range of business types, but it’s important to remember that these payments best practices should be universal, whether you’re a high-end restaurant or a pop-up café. Consumers are increasingly demanding choice, speed and convenience and their tolerance for accepting anything less is rapidly diminishing. They also expect the places they eat and drink at to operate in a socially responsible way, which is where services like Pennies come in. Optomany has already helped countless organisations start accepting donations by switching on the digital charity box service at the till.
At the show
We’re looking forward to seeing what kind of payment innovations are on show among the 300+ exhibitors at Restaurant & Bar Tech Live. It’s a tremendously exciting time to be involved in the industry. For example, there are new opportunities in wearable-based payment systems just starting to hit the market. Another one to watch is payment via QR code — if that starts to gather pace it could transform the payment market as we know it. Also look out for PSD2-enabled direct bank transfer platforms which could bypass card use altogether.
At a time when retailers and hospitality businesses have plenty on their plate, from Brexit uncertainty to increased market competition, many may pull back from investments in new payment systems. That may not be wise: the best way to confront these challenges is finding proven ways to meet rising customer expectations.
To that end, Optomany has a wide range of cost-effective options to drive growth, success and loyalty for businesses of all shapes and sizes. If you work in hospitality, come down to the show next month and stop buy our stand to find out more.
What: Restaurant & Bar Tech Live
Where: ExCel London, Stand 2822
When: 25-26 September, 2018