Have you ever wondered what it might be like to live in a world without cash? In many parts of the world, this idea of the cashless society is already taking off. Sweden is moving the fastest: only 1 in 10 citizens reported paying for something with cash last year.
We get it, PCI Compliance is a recurring topic that feels like a thorn in everyone’s side. It comes up again and again during conversations and integrations and is an important discussion to have. There are many PCI compliance standards that you may have heard of including PCI DSS, PCI PTS and so on. These standards were designed to keep payment solutions in check and make sure the sensitive card data remains safe. The PCI DSS, for example, refers to the Data Security Standard released by the PCI Council that are put in place to ensure that all businesses that accept, process, store and/ or transmit cardholder data (i.e., credit card information), do it in the safest way possible. By following these regulations, merchants can better protect their payment infrastructures from data breaches.
A recent study conducted by The University of Illinois found that on average, after adopting mobile wallets, the total transaction amount increased by 2.4 percent and that the total transaction frequency increased by more than 23 percent. What that means is that consumers are buying low-cost items more frequently when they opt for mobile wallets. It’s not surprising since prior research has shown that people spend more when using credit cards as opposed to cash. In fact, contactless payments are predicted to drive global card spend to $45 trillion by 2023.
Now that we are well into 2019, it’s time that your business hops on the latest restaurant technology trends to optimize your guest experience. Toast POS recently released restaurant industry statistics for 2019, which highlights that 73% of restaurant goers agree that technology improves their guest experience. In addition, 95% of restauranteurs agree that technology improves their business efficiency. Positive guest experiences and business efficiency are critical to the success of any restaurant, but equally important is deploying the right technologies that work best for you.
When it comes to managing a business, owners want to run it efficiently, maximize revenue and optimize their operations. But often, they miss on simple opportunities and leave money on the table – and sometimes, it all comes down to how they accept payments.
