Do you have an EMV strategy for your restaurant? If not, now is the time to put together a strategy to protect your business and your customers.
Implementing any technology into your restaurant is not an easy task, as there are many different things to think about, such as cost and the overall impact on daily operations. Navigating the payments and EMV landscape can be daunting, but it’s a reality the restaurant industry cannot ignore. When selecting an EMV provider, it is vital to choose a vendor who not only ensures the highest level of payment security, but is also able to quickly adapt and grow as new standards evolve.
Pay-at-table EMV technology allows guests to order and pay securely right at their table, as guests never have to give up physical control of their card. Furthermore, with increased security, EMV chargebacks, also known as “friendly fraud,” can be eliminated. Operators should protect their business by ensuring their technology platforms offer the highest level of security.
Pay-at-table EMV technology presents many benefits for restaurant operators. It not only allows guests to control and pace their dining experience and helps improve operational efficiencies, but, most importantly, it also provides peace of mind in terms of security for both consumers and operators. When considering a pay-at-table technology solution, it is important to make sure it contains the following key features:
Security
In the wake of many recent large data breaches and increasing rates of identity theft and credit card fraud, restaurants are upgrading their payment systems to reduce fraud and the costs associated with a breach. The average cost of a data breach is $3.79 million. Consumers’ credit cards are also being sold online for a little as a dollar per card. Many restaurant operators are turning to guest-facing pay-at-table solutions which employ the latest EMV technology standards to protect cardholder data.
Convenience
Your customers want an easy and convenient method to pay. By offering guests flexible and convenient methods of payment, operators not only increase their table turns, but they boost the number of repeat and loyal guests. Consumers use different platforms to pay via their mobile device, including Apple Pay, Android Pay and Samsung Pay. Studies show Americans are twice as likely to carry a phone as cash. eMarketer predicts mobile payments will top $58 billion by 2017.
It is essential that restaurants stay current and offer the latest in payment technology, or they risk losing customers to their competition. As the world of mobile payments evolves, make sure your fully integrated pay-at-table EMV system will remain a key integration point for connecting the physical world of the restaurant with mobile devices.
Future-Proof
The payments landscape is very complex and is constantly evolving. Purchasing any technology solution is not only an expensive investment, but it can be tedious. When evaluating a pay-at-table EMV system, consider a solution that offers both “chip-and-signature” and “chip-and-PIN.” While the United States currently leverages “chip-and-sgnature,” it is likely that new standards will shift toward “chip-and-PIN” in the future. Ensure your pay-at-table EMV technology provider is completely future-proof.
Implementing EMV can seem intimidating. To make the process seamless, make sure to choose a provider that bridges the gap, such as E la Carte’s new PrestoPrime™ EMV Terminal. The EMV tablet component of the solution is the first to market, fully-integrated dual-processor system and offers multi-level and future-proof security features. Ultimately, it is key to select a provider that is going to support your technology and payment security needs as well as adapt to new security mandates.
This post is sponsored by E La Carte