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Whitepaper:
Integrated Payment Technologies

We live in a time of ultra-convenience, with customer-facing technologies working hard to smooth out the steps we take throughout our days. Time is scarce and precious; we want fast, frictionless services in every aspect of our lives.

Dining is no different; we use technology to read reviews on where to go, book our tables, and order our meals.

Now we want to pay using technology too.

Millennial Diners

Millennials (the largest living generation), have a strong preference for convenience, to the point that it features in how they assess their overall dining experience. For some, a smooth and efficient experience is just as important as the quality of the food and drinks they order!

The Millennial generation spends more money on dining than any other generation in history; they are the demographic who can determine whether your food business succeeds or not.

Millennials are digital nomads; they have grown up with smartphones, social media and instant access to information. This immediate access to the world brings with it a higher expectation of convenience than generations before, and even small delays and inconveniences can irritate and alienate millennial consumers.
Hospitality has a long and cherished history of caring for guests wants and needs and carefully cultivating an experience that removes our guests from the pressures of day to day life.

Whether it’s drinks and share plates after work on a Friday night or Brunch Sunday morning, Millennial diners want more than just great food and drinks; they want memorable experiences. And they want it fast, and convenient.

Few things bring guests crashing back to reality faster than a clunky payment system at the end of the meal; whether it’s the ‘splitting headache’ as diners rush to decide who ordered what when dining with a group of friends, or sharing in a celebration, or lining up at the till to pay because you just couldn’t find your waiter after they presented the bill.

How we want to pay has become as mobile as the rest of our lives; we’ve moved past cash to contactless cards (tap and go), where guests no longer need to bare the hassle of tapping in a security pin or sign a credit card receipt, and now to cardless digital wallets.

A digital wallet is an electronic device that makes electronic transactions in place of cards. They may include a simple tap of a smartphone, a digital watch, a fob, or wristband to complete transactions.

Phone, keys, watches – dining out is easy with Tap and Pay, and 64% of Millennials use them.

The use of Mobile payment apps continues to grow exponentially; nearly half of iPhone users have set up Apple Pay on their phone, and by the start of 2019 the world’s most popular payment app had approached 400 Million users worldwide.

Over half of Millennial diners believe that payment technology is important to their dining experience, and over 30 per cent believe payment technology is an important ingredient in deciding where to dine or have had a poor dining experience due to payment technology.

But they aren’t the only ones; older generations too feel the pain of inefficiency and crave smooth and painless transactions, but they place greater emphasis on the security of those transactions.

They need to be fast, but secure.

Technology has changed what consumers expect to experience when dining; they demand frictionless ordering and payment, but with the same level of security across new devices as they have experienced with more traditional payment forms.Millennial Diners

Millennials (the largest living generation), have a strong preference for convenience, to the point that it features in how they assess their overall dining experience. For some, a smooth and efficient experience is just as important as the quality of the food and drinks they order!

The Millennial generation spends more money on dining than any other generation in history; they are the demographic who can determine whether your food business succeeds or not.

Millennials are digital nomads; they have grown up with smartphones, social media and instant access to information. This immediate access to the world brings with it a higher expectation of

Millennials want pay-at-the-table — and so does everyone else

Almost three out of every four Millennials would prefer to pay at the table if it was available, and more than half of older generations want to too.

The success of every business is based on how you and your staff spend time. Operational processes like payment are crucial to a business’s success; they are quite often complicated and prone to error and take up the time of your most experienced staff.

No customer wants to spend more time than they have to when the fun has already been had, and payment is all that is keeping them from their next adventure.
Customers want fast and efficient payment and they want it at the table.

Australia’s dining out scene is booming

There are just over 24 million Australians, and just under 5 million New Zealanders, and they eat out an average of two to three times a week. That’s more than 60 million meals out each week!

And it’s not only Millennials that are making an impact on dining across Australia and New Zealand – our Northern neighbours, the Chinese, are the world’s biggest spending tourists, spending three times more than any other nationality!

In 2017, Chinese tourists spent $10.4 billion while in Australia for holidays

And no country in the world is as digitally aware as the Chinese. Integrated Payment Technologies are a must have for every business seeking to meet the demand of Australia’s and New Zealand’s exploding Tourism markets.

Okay, so we can understand the importance of Integrated Payment Technologies for the customers’ experience, but how is it helpful to the food business?

It is a big deal, and not just because it’s fast.

Integrated Payment Technologies

Integrated Payment Technologies can assuage the pain and put the smiles back on the faces of guests and operators alike.

But what is it?

Integrated Payment Technologies allow for payment information from credit/debit card or other mobile device transactions to automatically flow into a Point of Sale (POS) system when a sale is made.

They provide a simplified process for both customers and business operators.

Integrated Payments Means Integrated Reporting and Bookkeeping

Business owners are no different from the customers they serve; they crave efficiency and a more simplified life just the same. An integrated payment system that integrates into your accounting software is an essential element of your businesses back office; having your daily sales automatically copied over to your accounting software saves time (lots of time) and prevents the errors that plague manual data entry.

It also prevents the curse of tendering errors. Staff get busy, and under a lot of pressure when customers are anxious to pay and leave, and tendering an incorrect amount, or cash payment as EFTPOS happens all the time. In a busy restaurant with a bar, or a coffee shop, for example, where hundreds of small transactions can happen a day, it is a nightmare to reconcile an EFTPOS machine’s printout with your POS’s record. Receipts go missing in the heat of service, and mistakes happen in previous shifts, and Owners or Managers that reconcile a day’s taking can spend hours chasing down just tens of dollars.

These errors simply can not happen with integrated payments, as the EFTPOS is automatically recognised by the POS when used.

Are You Holding Your Business Back?

If you’re running a third-party card terminal to handle credit and debit transactions, you’re holding your business back; indeed any time you add a payment type that’s recorded outside your Point of Sale, you’re adding another statement that has to be poured over a line at a time.

And if it takes time, it costs you money.

Your credit card deposit statements need to be reconciled with your POS and accounting software, which need to be reconciled with your bank statements. Keeping track of these multiple revenue sources and subtracting the various fees can quickly become a bookkeeping nightmare.

But integrating your payment does more than make for easy record-keeping; you gain comprehensive business intelligence when you have ALL the relevant data in one place.

Keeping the Future in mind

The dizzying rate of change in technology continues – and who knows where payment technologies will go in the coming years.

In China, companies are already using facial recognition software for payments as an evolution from digital wallets!

Could we see this here too?

Who do you choose?

With escalating customer and business operator expectations, who do you choose as a payment partner with your POS?

We know that security, as well as speed, are top of mind for customers and that digital wallets have exploded in popularity in just a few years.

Does your payment partner provide for these concerns and options?

Cashflow is the beating heart of every business; does your payment partner offer instant settlements, and no lock-in contracts?

Westpac Can Help with All-in-One POS Hardware

Presto Smart, from Australia’s oldest, continuously trading business, Westpac, are merchant terminals offering streamlined, fast and secure payment processing.

With no lock-in contracts, fuss-free end-of-day reconciliation and immediate access to your funds with an instant settlement, 24/7 Australian-based technical support, and pay-at-the-table (or anywhere in the store) functionality, Presto Smart is an ideal partner for your Kounta POS.

With intuitive functionality, be set up in just 5 minutes, and you are ready to go, keeping up with the expectations and needs of your customers, improving efficiency in your business, and increasing cash flow.