When it comes to payments these days, almost everything is digital, especially considering the migration back into cities like New York, Chicago, L.A., and Denver, where everything is young, convenient, and cutting-edge. Our restaurant consultants know that the restaurant industry is no exception, and in some cases, relies heavily on alternative payment options to keep customers happy and returning.
Considering that a major portion of the restaurant industry's target market continues to be the millennial generation, appealing to those needs and interests remains an important barometer. 54 percernt of millennials prefer pay options at kiosk, where they can independently pay, tip, and authorize without the exchange of money or card. These kiosks are increasing in popularity as cash is less and less prevelant. Nearly 90 percent of purchases are made with credit cards; and the usage are still high--62 percent--even if it is a low-ticket item.
But the breakdown is more than whether or not your guest can run their own card. In some cases, restuarants are beginning to offer some alternative pay options, which were first popping up in both digital and brick-and-mortar retail spaces. Just over 30 percent of restaurants now offer a mobile pay option, and 4 percent even allow payments via Venmo.
Just as spending habits are changing, so are tracking options slowly morphing. 50 percent of all consumers, including millennials, still want a paper receipt; but 36 percent are fine with going digital via text or email. And 14 percent of consumers skip the receipt altogether.
How is your restaurant managing the shift in payment options? And how are you tracking your methods against the customer experience? Our restaurant consultants are experts in the guest experience, and we're up-to-date on the latest technologies that improve convenience and efficiency on both the guest and the business sides. Contact a restaurant consultant today.
Photo by Clay Banks
; all statistics via Toast.