How to stay ahead in the restaurant industry: Embracing new payment strategies

Due to rising prices and inflation, food tech companies and restaurant owners should explore innovative strategies to enhance sales and stay competitive. To drive repeat business, alternative payment methods are gaining traction. This blog post aims to explore the benefits of using real-time payment options like Lynk's Pay by Bank. These methods reduce payment fees while also increasing customer engagement and loyalty.

Alternative Payment Methods Are Growing in Popularity

According to recent statistics, alternative payment methods are becoming increasingly important in the restaurant industry. COVID-19 has increased the demand for cashless transactions, leading to a projected 240% growth in QR code payments between 2020 and 2025 (Juniper Research). Mobile order-ahead and loyalty rewards programs, or a combination of both, are already offered by 92% of top-performing restaurants (Juniper Research). Additionally, as of January 2021, there was a 65.91% year-on-year decline in consumers dining in restaurants in the U.S., indicating the need for innovative solutions to attract customers (Statista).

Customers increasingly demand new payment options beyond traditional card payments in today's restaurant industry. According to Upserve, 49% of restaurant operators believe that having a mobile payment option is a must-have technology for diners. Recognizing this demand, 95% of sit-down and 87% of fast-food restaurants intend to add more payment methods by 2025 (Grocery Dive).

Streamlining the Adoption Process

Despite alternative payment methods' benefits, some restaurant owners hesitate to adopt them due to concerns about implementation complexities and fees. However, the perception that these new systems are time-consuming and difficult to manage can be overcome. Alternative payment methods, such as real-time payments, have simplified the adoption process, making it easier for restaurants to integrate them seamlessly into their operations.

Real-time Payments: A Game-Changer for Restaurants

Among the various alternative payment options available, Lynk's Pay by Bank offers a seamless in-store and online payment experience, including loyalty programs. By adopting Pay by Bank, restaurants can enhance table turnover rates and reduce wait times, resulting in improved customer satisfaction and increased revenue.

Lynk's Pay by Bank allows restaurants to access capital quickly. With faster payment settlements, restaurants can better manage their cash flow and invest in growth initiatives. The cost savings from reduced payment fees can be channeled into establishing personalized rewards programs that boost customer loyalty and drive repeat business.

Driving Customer Engagement and Boosting Revenue

Real-time payments have shown results in driving customer engagement and increasing revenue. Studies have indicated that adopting alternative payment methods can lead to an up to 48% increase in average order value (AOV) and up to 83% increase in repeat business. By leveraging Lynk's Pay by Bank, restaurant owners can tap into these benefits, improving their bottom line while delivering exceptional customer experiences.

In the face of rising prices and shifting consumer demands, restaurants must adapt and embrace alternative payment methods to enhance sales and remain competitive. Leveraging real-time payment options offers numerous advantages, including reduced payment fees, improved table turnover rates, and increased customer loyalty. By streamlining the adoption process and utilizing cost savings, restaurants can establish personalized rewards programs that boost revenue. It's time to embrace payment strategies that align with evolving customer preferences and secure a strong foothold in the industry.

By incorporating alternative payment methods into their operations, restaurants can better prepare for the challenges of rising prices and inflation, drive repeat business, increase customer satisfaction, and thrive in a highly competitive landscape.

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Lynk offers a unique payment solution that is set to transform the way businesses handle transactions online or offline. Our innovative payment solution provides a cost-effective payment process and cultivates customer loyalty and rewards. With Pay by Bank, businesses can seamlessly collect instant or recurring payments with fee savings of up to 90% while enjoying instant access to capital, lower fees, higher revenue, and a seamless omnichannel experience. To learn more, visit: www.trylynk.com