4 Ways QSRs Can Benefit from Mobile Payments

In a highly competitive market, mobile payments may be the perfect technology to set your business apart from the crowd. Big name brands like Macy’s, Best Buy and Target have embraced mobile payments to build brand loyalty. However, retail isn’t the only industry that can benefit from mobile payments.
Many quick-service restaurants, like Starbucks and McDonald's, have also turned to mobile payments to differentiate their services from the competition. There are a number of reasons to start accepting mobile payments. First and foremost, your customers want it (72 hours after Apple Pay was made available, one million credit cards were tied to it). On top of that, there are a number of business incentives.
Here are four ways QSRs can benefit from mobile payments:

1. Mobile payments mean even faster service.

The QSR claim to fame is speed. Customers expect quick service and mobile payments can make that service even faster. Using mainstream mobile payments services like Apple Pay and Android Pay, rather than fumbling with cash or credit cards, customers can quickly scan their smartphone, authorizing the transaction with a fingerprint or passcode without a signature.
If your QSR has its own mobile app, consider integrating mobile payment functionality so customers can decide on menu items while they’re waiting in line, and not have to switch to another app to pay. That way, customers will be in and out in no time flat.

2. They appeal to a younger audience.

Rumor has it that millennials are all about technology. According to Mary Meeker’s 2015 Internet Trends Report, 87 percent of United States millennials said “my smartphone never leaves my side,” and 80 percent said the first thing they do in the morning is reach for their smartphones. Accepting mobile payments appeals to these “digital natives”, offering them the convenience they’re accustomed to. Similarly, you’ll appeal to Generation Z, which includes everyone between the ages of 10-20 and is the most digitally connected group, using an average of five screens daily.

3. They help build loyalty with integrated rewards programs.

Rewards programs are a key part of keeping customers coming back for more, but it’s important to build programs that are easy to use, otherwise they won’t do much good. Try integrating rewards programs with mobile payment technology so customers can easily reap the benefits. Additionally, since customers won’t need to carry around a membership card or fill out paperwork, they’re more likely to join—and continually use—your program.

4. They increase payment security.

Mobile payments use NFC technology, which requires a level of device authentication unavailable on a magnetic stripe card. Customers are prompted to “sign in” to authenticate each mobile payment. Then, each purchase is authorized via another, highly-secure phone chip that communicates with a chip in the QSR’s payment processing device. Sensitive customer information is also replaced by a unique code, eliminating credit card numbers from the equation.
Does your business accept mobile payments? Tell us why or why not in the comment section below or send us a tweet @Cayan and let us know!
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