Finding the Right Payments Partner for your Hospitality Venue

The hospitality industry is a tight-knit community of dedicated professionals, whether still dreamy-eyed and just starting out, or the more experienced and weathered veteran. It is common knowledge hospo has always been a cut-throat industry; more so post COVID where an estimated 10% of Aussie restaurants alone were forced to close their doors permanently.

One of the trends we saw during Covid that has remained is the increase in tap-and-go payments with a whopping 82% of Australians continuing to use tap-and-go. The increase of contactless payments may have originally started with hygiene top of mind, however has now morphed into simply a faster and more secure way to pay, for patrons and business owners alike.

For the business owner, contactless payment processing is typically faster and more efficient than traditional payment methods, which can help businesses reduce costs associated with payment processing.  Moreover, cash handling and the associated security measures can be costly and time-consuming for businesses.

Ideally for hospitality venue owners, whether a café, restaurant or busy bar environment, venue owners would aim for an all-in-one point of sale and payments provider to really maximise the benefits and reduce costs as much as possible. While some point of sale providers may force your hand to implement their own payments platform, Impos will allow the business owner to decide whether ImposPay is the right decision for their business.

Having a choice of payment providers in the hospitality industry is important for several reasons;

1. Flexibility for Customers: Different customers may have preferences for specific payment methods, such as credit cards, mobile wallets, or digital payment platforms. Offering multiple payment providers ensures that customers can pay using their preferred method, enhancing their overall experience.

2. Accessibility and Inclusivity: Some payment providers may cater to specific demographics or regions, so having a variety of options ensures that all customers, regardless of their location or financial situation, can make payments conveniently.

3. Reducing Friction in Transactions: With multiple payment providers, customers can complete transactions smoothly without facing issues like declined cards or payment processing errors. This reduces friction during the payment process, making it more seamless and efficient.

4. Competition and Cost Efficiency: Having multiple payment providers encourages healthy competition among them, which can lead to lower transaction fees and better service offerings for businesses. This can be beneficial for both the hospitality establishments and their customers.

5. Risk Mitigation: Relying on a single payment provider can be risky, as any technical glitches or service disruptions from that provider could lead to a complete halt in payment processing. Diversifying payment providers helps reduce the impact of such incidents.

6. Adaptability to Emerging Technologies: The payment landscape is constantly evolving, with new technologies and services emerging regularly. By having multiple payment providers, hospitality businesses can easily adapt to these changes and stay up to date with the latest payment trends.

Overall, offering a choice of payment providers in the hospitality industry enhances customer satisfaction, reduces risks, promotes cost efficiency, and keeps businesses adaptable in a rapidly changing payment landscape.

Learn more about ImposPay