Recipe for Success: How Payment Solutions Are Expanding to Meet Both Brand and Consumer Needs

The rise of digital in every industry may have gotten a huge boost from the pandemic, but as we slowly put COVID behind us, it shows no signs of slowing down. In fact, the ease of seamless technology solutions — and the many ways they can be integrated together in one platform — make them all the more enticing for both brands and consumers.

For brands, being able to target buyers strategically and offer them an exceptional customer experience can boost the bottom line. For consumers, when a company exceeds expectations, it makes life way more enjoyable and decreases the stress traditionally associated with complicated purchase schemes.

And what is this stress we speak of? Why payment options, of course. There is nothing more frustrating than knowing exactly what you want to buy, when you want to buy it, and where you want to buy it – and then having to endure a slow interface or multiple steps to reaching the final sale.

The Evolution of Payment Solutions

From the physical wallet to the digital one, payments solutions have come a long way. Flashing dollars bills are no longer in step with the times as technology has made strides to make payments easier on every industry. In fact, as reported by SmartBrief, QR codes have become popular with restaurant consumers across multiple generations — and contactless payments are surging too.

According to sources complied by The Financial Brand, there are more than 175 million contactless cards in the U.S. market; 51% of Americans now use some form of contactless payments; and 36% of transactions at restaurants were conducted using contactless options in 2021. Since efficiency is the name of the game, we can’t forget to mention the increase in mobile point-of-sale as a way to ensure fast and reliable transactions because it’s also forecasted to increase in use through North America by 2027.

But the question remains: How do you navigate what might be new to you? The answer: Turn to a technology partner who can guide you through what works best for you and your business.

Digital Solutions Are Paying off Bigtime for Some Big Brands

Can you think of a fast food brand more recognizable than the golden arches of McDonald’s? In a recent article from Restaurant Business, the company reported an increase of 3.5% in same-store sales during the first quarter of 2022. It’s not just because of rising prices, though. Consumers converging on the company’s digital channels also played a significant role. In addition, their digital sales vary across mobile orders, kiosks, and delivery. The consensus? Investing in the right tech designed with digital in mind can have a major business impact.

Why It Matters 

According to research conducted by the Baymard Institute, there are several why customers abandon carts during checkout, and they’re important for brands to study if they want to provide a seamless customer experience both online and off. Among them include not enough payment options; the checkout process was too long or complicated; and the website had errors or crashed. Without the ideal technology solutions to manage each of these issues, a brand is not only doing a disservice to loyal and potential new customers — it’s also losing potential sales and damaging its reputation.

As payments solutions continue to evolve to meet customer needs, so too must restaurants in order to maintain momentum. You don’t have to be McDonald’s to succeed, but you do need to right tech to get started.

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