Podcast Grill #39 | Cashless payment technology reaches the restaurant business
April 3, 2008
In this episode, we speak with Don Sellazzo and Verifone about cashless-payment solutions for the restaurant business. With debit out pacing the use of credit in 2006, the trends are very clear that consumers are seeking cashless as a full retail solution. The restaurant industry generates more than $500 trillion in revenue across more than 1 million locations. Currently, only the quick-service segment has truly integrated cashless at the point of service.
Casual dining and fine dining are still putting consumers at risk with card-departure payment processes, which means servers take away your card at the time of payment. The credit-card industry, including Visa USA, MasterCard, American Express and Discover, are cracking down on restaurants and merchants in an effort to better protect cardholder data.
Pay-at-the-table and pay-at-the-curb solutions will be more prevalent as cashless-payment technologies work their way into the restaurant industry.
[...] the restaurant business can be a goldmine. So, the credit card industry has urged restaurants to do away with card departure payment services. This payment method involves the consumer handing their credit or debit card to a server at the [...]