Pay-at-the-Table EMV: You Need it Sooner Than Later
When it comes to paying for goods or services, the majority of today’s consumers are choosing plastic over paper. Credit card industry statistics reveal that 70% of customers prefer to pay with a debit or credit card rather than cash; and just 10% use only cash for all purchases. Card technology has evolved, and EMV (Europay, Mastercard, and Visa) or “chip” cards are the most secure type available. To stay competitive, restaurants need to cater to customers’ preferences and accept EMV card payments. Restaurant point of sale (POS) tech has also evolved, making it possible for customers to settle their bills right at the table. Here’s why pay-at-the-table EMV is becoming the new standard for restaurants.
Creates Seamless and Secure Payment Acceptance
The evolution of payment technology is leading us toward becoming a cashless society. Mobile wallets (such as Google Pay and Apple Pay), virtual credit cards, and wearable tech with payment integration are all contributing to this trend. Mobile POS devices such as tablets and kiosks provide the convenience that customers have come to expect. Give your diners what they want with a seamless and secure pay-at-table EMV option.
Identity theft and fraudulent transactions are a constant concern for card users. With pay-at-the-table, customers are running their own cards, and the card doesn’t leave their sight. No more watching a server walk away with the card and wondering if someone is going to skim it. And EMV cards are more secure than magnetic stripe cards: the data on mag stripes is static and easily cloned, while data stored on the chip is encrypted uniquely with every use, making it nearly impossible to clone. Customers appreciate both the knowledge that their card data is safe, and the ease of using these payment options.
Improves Restaurant Profitability
With pay-at-the-table EMV, customers can pay when they are ready — no more waiting for the server to drop the bill, come back for the card, take it to the POS terminal, and return it for signature. This streamlined process leads to increased table turns. Shaving even a minute or two off each turn means you can serve more people per shift, increasing your profits. Plus, not having to wait around creates a more positive customer experience, and satisfied customers are more likely to return.
Pay-at-the-table EMV also improves your profitability by protecting you from liability. If you don’t have EMV capability, and a fraudulent transaction occurs that would have been prevented by EMV tech, you are responsible not only for the fraudulent charges but also potentially for EMV noncompliance fees and other penalties associated with chargebacks. Accepting EMV cards not only helps you earn more, but helps you keep it.
Enhances Customer Service and Improves Operations
Implementing pay-at-the-table options enables your staff to handle more dining-room space with more confidence and speed. When servers don’t have to run cards back and forth from a fixed POS terminal (where there is likely a traffic jam during peak dining hours), they can spend more time attending to customer needs and providing exceptional service. They can also use the mobile POS to easily upsell and cross-sell with prompts and information at their fingertips — again helping to increase profitability.
The extra attention your servers can give to the customer experience leads to higher tips from satisfied diners. Pay-at-the-table tech eliminates the task of manual tip adjustments, because customers can add the tip (with suggested amounts or percentages) right from the payment screen during the transaction instead of after it’s run. And for even more convenience, a good tableside payment device can easily split the check in several ways, such as by item or dollar amount.
The benefits of pay-at-the-table EMV technology can be appreciated by customers, servers, and restaurant owners. Using the latest and most secure technology can boost your brand as well. If it’s time to upgrade your POS solution, consider adding tableside payment options.
NCC has been providing retail and hospitality software solutions created with industry-specific knowledge and software experience for 34 years. Help set your restaurant up for success by putting our EMV expertise to work for you. Contact us today to find out more about how our solutions can start growing your business.