The QSR industry is still recovering from the massive revenue hit it took from the coronavirus pandemic. One of the ways it is tackling the issue is through digital innovation and adoption, a trend started before Covid-19 played havoc in society, evidenced through McDonalds which at one stage registered 10% of its sales through Uber Eats in 2019.
Indeed, the past 18-24 months have forced franchisees to accelerate their pre-pandemic objectives and look towards the latest payments infrastructure, including the standardisation of payments, to maximise revenue. This piece will look at the importance of standardisation across franchisees and why a comprehensive payment solution is key for present and future growth.
Standardising payments is integral for franchisees and their brand image. Omnichannel payment capabilities are part and parcel of a standardised and comprehensive payments solution as they boost the prospect of a frictionless, hassle-free experience for the customer.
These capabilities allow the customer to pick up and put down different payment devices such as smartphones, laptops or tablets throughout their transaction process. For example, a customer can begin a food order from home via a laptop and finish the same order on a smartphone soon after arriving at the quick service restaurant (QSR).
By adopting this technology, franchisees are ensuring they uphold brand image as they are maximising the convenience for the customers, who want a seamless payment experience that limits touchpoints and, in this health-conscious era, minimises the chance of catching a virus.
Franchisees, if they haven’t done so already, need to mould themselves to the needs and wishes of a society that is increasingly contactless, either through card transactions or even payment solutions such as Apple Pay and Google Pay.
Scan&Pay is another technology frequently seen across the QSR industry and one that franchisees should consider adopting to increase revenue. Not only does it offer another contactless option for the customer, it also takes away the need for table service and therefore allows staff to focus more on the customer by asking them how their day has been or making sure the salt and pepper grinders are full on the tables.
Another obvious benefit is that by scanning a code, customers can make an order instantly, boosting transaction frequency for the merchant and minimising queueing time. As a result, the provider’s payment solution must be resilient for both online and in-store and harbour the best in class acquiring solutions that enables better cost per transaction and in turn better savings.
In conclusion, it is very important that franchisees make the most of the latest payment technology to deliver a comprehensive solution for the customer. This not only enhances the brand’s image but also provides the highest possible convenience for the customer, who is more likely to return as a result.
The payments landscape is constantly changing and merchants, in the ever-popular QSR industry, which is finally getting back on its feet after a tumultuous 18 months or so, must keep pace with these changes. We are in a new era for digitalisation – one that is both exciting and challenging for online and in-store retailers – and getting the right infrastructure to maximise payment efficiency is a must.
