Jan 07, 2014 Dave King
The days of paying for products with cash and credit cards may be a thing of the past soon, as mobile payments are becoming more popular. According to the Financial Post, Tim Hortons recently introduced a barcode-based payment option that is compatible with BlackBerry, Android and Apple iOS apps.
"We're always looking to provide our Tim Hortons guests with the best overall customer experience, and mobile payment is one area that we feel can help streamline the average time spent at the order counter," said David Clanachan, the company's chief operating officer.
The electronic payment system comes with easy setup, as all consumers need to do is register a Tim Hortons loyalty card on the TimmyMe app to add funds to the mobile account, which can then be used for purchases.
Restaurants may want to follow Tim Hortons' lead and implement mobile payments, as these systems come with multiple benefits:
- Track customer trends: Tracking trends can be difficult without technology, but mobile payments can make it easier, according to Open Forum. For example, businesses may be able to track what items are purchased most and which are purchased least to better make inventory decision. In fact, this data could help a restaurant eliminate a product that the majority of customers don't like to save money in the future.
- Improve incentive programs: Loyalty programs are a major aspect of restaurants, and mobile payment systems can make implementing them much easier. Instead of requiring customers to carry a plastic card in their wallets or on keychains, people can have this information put directly into their mobile phones. This can potentially add value to the customer, which may make them more inclined to return. As a result, revenues may increase thanks to the implementation of mobile payments.
- Faster checkout speed: The more people a business is able to get through the line, the more money they could earn. Mobile payments can increase checkout speed because customers no longer have to search their wallets for cash and exact change. This can also be faster than swiping a credit card as many people often already have their mobile phones handy. Much like incentive programs, faster checkout speeds may make people return to the restaurant, which can also boost revenue.