Consumers, accustomed to the simplicity of digital ordering, expect seamless checkout experiences not only when shopping at online restaurants, but also when visiting their physical stores. As such, restaurants are challenged to seek point-of-sale (POS) options that provide consumers with greater choice in how they wish to pay.
Enterprise software giant Oracle announced on Tuesday (June 28) the launch of its Oracle Food and Beverage Payment Cloud service, which accepts a range of contactless payment options, including mobile wallets.
Read more: Oracle launches payment tool for restaurants
According to data from the PYMNTS’ 2022 Restaurant Friction Index, created in collaboration with Paytronix, nearly one in four customers (23%) said they would be more likely to shop at restaurants that offer the option to pay with digital wallets. The report, which is based on a survey of more than 2,100 US consumers, also found that a similar share (24%) said the same about the ability to pay in-store with contactless cards.
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Additionally, the study’s survey of more than 500 restaurant managers across the country found that 60% of restaurants offered the option to pay with digital wallets, and 58% offered the option to pay in-store with contactless cards.
The restaurant POS space is becoming increasingly competitive as existing POS vendors diversify their offerings to provide unified suites of ResTech products and software companies that operate in other areas launch their own point-of-sale systems. For example, the Oracle news comes just a day after Vivid, a software provider for restaurant operations and payment processing, announced the launch of Vivid POS, promising fast and simple transactions.
Read more: Restaurant software provider Vivid adds point-of-sale offering
“Our goal is to challenge established players in the industry, and Vivid’s flexible solution allows restaurants to start small and large, and select the best solution components that are right for their business,” Vivid Co-founder and CEO Derek Henmi said in a statement. “Our methodology for defining and implementing customer solutions is the most cost and resource efficient approach in the industry, and we provide retailers with the custom solutions they need, not a vendor solution” prepared”.
At the same time, major restaurant POS providers have expanded their offerings. Square, for its part, last month announced the launch of a set of restaurant solutions to improve table service and order management with its new Square for Restaurants mobile point of sale.
See more : Square launches mobile point-of-sale platform for restaurants
“Square is dedicated to creating the most robust ecosystem of products and services for restaurants of all types and sizes – from multi-site FSRs to QSRs, bars, breweries and everywhere in between”, Bryan Solarhead of Restaurants at Square, said in a statement announcing the software suite.
Square competitor Toast also last month announced a new offering, Toast for Hotel Restaurants, intended to integrate with hotel property management systems, allowing for greater connection between hotel offerings.
Read more: Toast unveils a tool for hotel restaurants
“Hotels are adding more curated dining and beverage experiences, but they often lack the ability to let guests order and pay on their own terms at hotel properties,” Toast Presdient and Co-Founder Aman Narang said at the time.