When your customers are settling up their bill, are they more likely to pay with cash or card? If your restaurant patrons are following payment trends in Canada, you’re likely to end the day with little cash on hand, but a long transaction report from your point of sale (POS) solution.
It’s become more important than ever to accept a variety of payment types - the ones your customers are relying on most. In the restaurant industry, the most popular payment types can be summarized into a few different categories, all of which can be processed with a single device!
Did you know that ninety-five per cent of Canadian adults have at least one major credit card? This means that nearly all of your guests have a simple way to pay their bill, so long as you accept credit cards.
There are many different credit cards that you could see being used as a payment method, from low rate options to business cards, but they all ladder up to one of the four main networks: Visa, Mastercard, American Express and Discover. In fact, almost all of these cards can be accepted the same way using chip & PIN or tap technology, meaning you can have a singular payment solution that works for everyone.
Before many Canadians even open their first credit card account, they likely have a debit account. Debit cards are one of the most popular payment forms in the country, and for good reason. Every bank in Canada offers at least one type of debit account, with some banks offering unique accounts for children, students and seniors as well. Given that they don’t run on a credit basis, and are typically funded only by money placed within the account, debit accounts have to adhere to a different set of rules. This means that Canadians of all ages can have a debit account with access to a card that they can make purchases with.
Debit cards are accepted in much of the same manner that credit cards are. This means that if you have a payment terminal for credit cards, you can also accept debit cards.
Digital wallets are a comparatively new payment form, but thanks to their convenience and safety features, they’ve immediately taken off in terms of popularity. Simply put, digital wallets are a feature of an electronic device or online service that allows an individual to make transactions without having to have a physical card present. In Canada, the most common digital wallets are Apple Pay, GPay and Samsung Pay, which are operated through smartphones or other mobile devices. Digital wallets can only be used for purchases under $100 in Canada, which means that they make a great payment choice at restaurants.
Accepting digital wallets might sound difficult given the technology requirements, but it’s actually quite simple! Digital wallets work with the same near field communication (NFC) technology that contactless debit and credit cards do. That means that if you already allow customers to tap to pay, you can accept digital wallets.
Display The Way Customers Can Pay
Regardless of if you choose to accept one of the most popular payment methods or all of them, it’s important to display signage at your restaurant to tell your customers about how they can pay. Whether you put decals on your front door, or counter signs to keep at your POS, this signage shows that you’re ready to accept payments.
Interested in finding out more of our tips for restaurant owners? Make sure to take a look at our articles 3 Tips for Choosing a Restaurant Payment Provider and How an Ineffective Payments System Can Slow Restaurants Down.
The information in this article is provided solely for informational purposes and is not intended to be legal, business or other professional advice or an endorsement of any of the websites or services listed.