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How Food and Beverage Industry Can Take Advantage of Cashless Payment

Emerging digital technology has altered the landscape of how business is managed. With various payment options available, customers are carrying less cash. Between the cashless trend and the risks associated with keeping cash in-store, more and more businesses are choosing to go cashless, along with Food and Beverage Industry.  

In the food and beverage industry, customers are the number one priority. Along with good food and drinks, they experience leisure venues with friends and family. Offering a different kind of food and beverage not only improves your brand value but also gives satisfaction to customers and helps you boost your business revenue. Thus, if you are a merchant of the food and beverage business, you not only need to offer good foods but also process your payment quickly and securely for seamless.   

Why is Cashless Payment Important for Food and Beverage Industry?  

Whether it is a takeaway café, fine-dining restaurant, or food truck, it is always important to remain organized and maintain efficient customer service without compromising the quality of service. Therefore, a digital payment system at restaurants and café can save the payment processing period and minimise potential human error and customer loss.   

Digital Payment system, including virtual terminals or POS systems, allows your customer to choose takeaway options or order online from restaurants at any location. It provides customers with a convenient way to make payments with various payment options including EMV magnetic stripe or contactless payment. Within minimum wait time, your customers will enjoy great food with the convenience of prompt service. It improves your business efficiency by allowing your staff to devote more time on handling customer service and food preparation.   

The Virtual Terminal and POS system can serve your business by receiving orders from multiple locations. This system allows customers to make a quick payment from any device (mobile, tablet, or laptop) for their bills and keep track of their orders.   

F&B Cashless Payment

Advantage of Cashless Payment for Food and Beverage Industry

Once you have set up a virtual terminal or POS system, it enables your staff to quickly record the customer’s order and allow your customer to pay the correct amount from any device.   

It is important for the food industry, like café and restaurants to introduce cloud-based software, as it provides convenience to the customers and the cost of upgrading the technology is much lower. Here are some advantages of a Cashless payment system for the Food and Beverage industry.  

1. Save Time  

The virtual Terminal system, including the POS system, significantly increases the efficiency of taking orders and making the payment process easy. The staff will have continuous mobility around the restaurant while communicating and recording orders. It provides customers the convenience of paying bills for their orders. This means customers will get a chance to enjoy their meals with the quality of experience.  

2. Reduce Errors  

Another benefit of a digital payment system is that it avoids the risk of human errors in communication between customers, wait staff, and kitchen staff. The POS system makes order quantity clear and does not leave any chance of miscommunication. Moreover, the staff will have easy access to customers’ orders, so will assign correct order to specific customer and process bill accordingly with the virtual terminal.   

3. Faster Checkout Process  

Customers prefer paying for their food with a tap or phone within few seconds. Therefore, a virtual terminal allows your restaurant and café business to stay up to date with and allowing your customers to use their tap and go card function with CloudBanking Virtual terminal. 

4. Theft Control  

Though it may not seem a big issue when your products are behind the counter and you require customers to order and pay before using them, you still need to be aware of theft tracking on what is ordered and what is paid for. However, a digital payment system can assist your customer to make the right payment for their food ordered. This way, you can save your money by regulating how much of each inventory item is used for the products you serve. This is a win-win situation for the fast-food business and takeaway restaurants.   

5.Building Customer Relationships  

A virtual terminal system can help your business in different ways, from recording sales to maintaining customers’ behavior. This feature provided by CloudBanking Payment gateway can help to build customers by gathering their details, such as email address and payment preference. This can help you to communicate with customers right after their visit and ask for their food review and customer service.   

Moreover, you can create a loyalty program and point system by tracking customer order history, identifying their preferred food and beverages, and providing special discounts on foods and drinks.  

How Can CloudBanking Virtual Payment Simplify your Food and Beverage Business?

Managing different kinds of food and drinks as per their menu requires a great deal of organization throughout all staff and workers. Virtual terminal and digital payment systems offer benefits by simplifying many business processes, from making payments to inventory, to staff management, other expenses, and receiving payments from customers.   

At CloudBanking, we understand your customers are your number one priority.   

Therefore, our virtual terminal feature helps to cut the queues in your fast food restaurant and provides convenience by letting customers pay online or at the table. Moreover, with our recurring payment feature, we help build a relationship with franchisees, delivery partners, marketing partners by providing payment across channels faster and seamlessly.   

Built with franchisees, franchisors, delivery services, and restaurants in mind. We offer easy terminal rollout, consolidation of payments across sales channels, and faster payouts.  

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