Say Goodbye to Cash with a QR Code Payment Service Provider
The term ‘cashless economy’ has been floating around in recent years, and it is time businesses actualize it. Innovative tech solutions keep the global economy afloat by providing convenient business management methods. As a result, most restaurants and allied establishments are dumping cash transactions to process payments digitally. QR code payment systems are on the rise since they are instant and do not require registration or integration by the user. Here are some benefits of using a QR code payment service provider when moving from cash transactions.
How Does a QR Code Payment Work
QR code payment service providers use popular payment platforms and compatible mobile apps that allow multiple payment avenues. The merchant will use a designated mobile app to accept cashless payments and tips. First, they create a database indicating the amount, the account for fund transfer, and the quantity of products sold.
This database information has a unique number that generates a QR code that the customer will scan using their smartphone for decryption. A user will open the camera or QR scanner from a payment gateway and place it over the restaurant’s QR code. After decryption, it checks the database and determines how much it will transfer from the customer’s account. A push notification will appear on the screen, and the user has to confirm payment to complete the transaction.
Types of QR Codes for Payments
Static QR Codes
Static QR codes have a URL that links to information about a single digital payment account. When a user scans this QR code with a smartphone, it opens a new window where they input the amount to pay. Restaurants reuse static QR codes and have them in strategic areas for making payments.
Dynamic QR Codes
Dynamic QR codes are ideal for restaurant operations since they generate codes during transactions. They contain information about the payment and lasts for about 30 seconds. The code is unique to the customer’s order and after making payments, it displays a confirmation notification.
Benefits of using a QR Code Payment Service Provider
There are numerous benefits of using QR code payments for a restaurant business. Partnering with QR code payment service provider facilitates scaling of business through;
Instant Payments
QR code payments are instant and have a quicker turnaround than other modes of payment. After receiving the bill, the user will use a scan the code on the waiter’s tablet or mobile to pay. This system processes payments instantly and produces receipts.
Easy Set Ups
A QR code payment service provider provides various avenues for setting up QR code payments. They also do not require heavy infrastructure since a restauranteur can create one from the app. This mode of payment reduces reliance on POS systems and other payment processing equipment.
Securing Payments
QR codes provide a safe and secure way for customers to pay for food from the menu. Since financial and personal information is encrypted, it is securely stored and less exposed to theft and fraud.
QR payments started in the retail industry and are now standard for businesses, including restaurants. They are quick to implement and do not require heavy infrastructural investments. They help businesses remain competitive even during economic disruptions.
