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Digital payment revolution arrives in the hospitality industry: enhancing the customer experience

09 Jan 2024. 13:01
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  • SME maturity
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    Topic
    1. Estrategias e iniciativas digitales
    Scope to digitize
    1. Relationship with clients

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Did you know that an increasing number of people are using digital payments? In fact, according to Statista, over 4 billion people worldwide already use this payment method.

If you're involved in hospitality sector and want to learn about the benefits it can offer to your small or medium-sized business, this post is for you. Let us tell you all about it!

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The digital payment trend in hospitality industry

According to a study on local commerce trends conducted by American Express and The Fork, hospitality sector is where technology has seen the most widespread adoption. In fact, 58% of customers choose to conduct their transactions digitally, with credit cards (46%) and smartphones (25%) being the preferred means for patrons to make payments when visiting an establishment.

But what exactly is digital payment? Let us explain it in a simple way. This payment method involves transferring money from one bank account to another using digital technologies such as credit and debit cards or mobile wallets. It's a booming way of paying that offers customers a range of benefits you might find interesting. Want to know what they are? We'll show you below.

 

The benefits of digital payment for hospitality

As hospitality professionals, providing patrons and guests with a special experience should be a priority when someone walks through the door ready to enjoy a unique moment at your establishment.

Therefore, incorporating this system into your daily operations will allow you to:

  1. Establish a fast and convenient service: Unlike the traditional cash method, digital payments enable customers to move without wasting time counting money. In a matter of seconds, they can complete the transaction to make their experience as efficient as possible.

  2. Ensure security during payment: This system is conducted electronically, which can protect you and your customers from potential theft and fraud.

  3. Reduce errors in transactions: During a cash exchange, errors can occur when giving back the exact amount. With digital payment, the customer will make the correct payment, minimizing possible errors.

  4. Facilitate business accounting: Digital payments create an automatic electronic record of all transactions made. This helps with accounting tasks and reduces the time needed to know the total budget.

  5. Offer various payment methods to your customers: Within this method, there are different forms and platforms that customers can use to choose how to make payments at your establishment.

  6. Create a complete technological system: Digital payments are the doors that open access to online sales. By using these methods, you can introduce new ways to offer your products, such as home delivery with online payment options or create a loyalty program where customers can accumulate points and receive discounts.

 

Hospitality sector is where technology has seen the most widespread adoption. In fact, 58% of customers choose to conduct their transactions digitally.

 

How can you implement this system in your business?

If you've made it this far and are interested in incorporating digital payments into your restaurant, bar, cafe or hotel, here are some tools you can start using:

  1. Point of Sale (POS) Terminal: a POS terminal is perhaps the most well-known when it comes to incorporating digital payments. It allows your customers to make payments with their credit or debit cards through a physical device or software running on a tablet or smartphone. There are many examples, such as Square TPV, SumUp or Hiopos TPV

  2. Digital Wallets: these are virtual wallets that allow customers to store their bank cards on their smartphones to make payments through them. You can find various options on the internet, such as Apple Pay or Google Pay.

  3. Mobile Applications: these platforms offer customers the ability to make payments securely and transfer their money from one account to another. Currently, there are several options such as Bizum or PayPal.

 

Also, remember that to successfully complete this process, it is important to use a payment gateway, a service that acts as an intermediary for the payment to ultimately reach your bank account. You can request one from the financial institution where you have your bank account.

Offering your customers an efficient experience that adapts to new shopping styles is crucial for keeping your hospitality business updated and not falling behind. Therefore, digital payment in the broad hospitality sector is a key strategy that allows you to improve their experience in your small or medium-sized business while ensuring their security.

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