Taxis to Ubers. Cassette tapes to music streaming. Faxes to email. What do each of these have in common? They each signal a fundamental shift, a step forward that changed how we, as a society, experience something fundamental to our day to day existence; traveling, entertainment, communication. Contactless payments are no different.
People want seamless experiences, especially payment experiences. Complimentary 2-day delivery via an annual Amazon Prime subscription, quick check out options with stored payment details like PayPal and Apple Pay, instantly emailed receipts, all of these things have become synonymous with high-value ecommerce experiences. Contactless payments is the next wave in convenience, Transaction Trends estimates that roughly 70% of Gen-Z and Millennial consumers use their mobile phones to pay for goods and services.
Yet, even though the demand is clearly there, the restaurant industry continues to lag behind in technology adoption. Why?
Here at Outpay we don’t think it’s stubbornness or ignorance. It is more likely that the hospitality pros who have spent years (if not decades) passionately creating meaningful dining experiences aren’t willing to sacrifice hospitality for the sake of tech, without a clear win for their business. We get it. That’s why our solution preserves, improves, and adds value to the hospitality experience, not detracts from it.
We believe the future of dining will keep the best part of going out: enjoying good food & drinks, and get rid of the worst part: waiting. According to a recent article in Mobile Payments today, 69% of diners say paying for the bill is the most frustrating part of going out to eat, with waiting for tables coming in at number two. And merchants should be equally frustrated with these stats. Total dwell time in restaurants is a whopping 64 minutes, that is over an hour of unproductive time for staff and a revenue loss for merchants. 12 minutes of that dwell time is spent waiting for the check and is totally avoidable with the right payment solution. Outpay solves for both.
Unlike other payment solutions that still require guest info and credit card details to be entered or a bill to be dropped at the table, Outpay expedites the payment process by capturing and pre-authorized card details at the beginning of the meal. Diners scan a QR code to open a check (like operators are used to doing with swipe & save behind the bar), then place their order with their server. The server enters the items into the POS, just like they’ve always done. Diners can add items to the same check throughout the meal, and when they are done they simply get up and leave.
No waiting, no lagging. With Outpay, guests can just leave whenever they're done, helping operators turn tables nearly 20% faster with no reduction in check value. And because the payment details have already been authorized, payment is collected every single time. There are no walkouts and no chargebacks.
We think it’s an elegant and common-sense approach to contactless payments and it’s taken us a while to get it just right. We’ve worked closely with owners and operators to develop a tool that works as well for them as it does for their customers. We have taken the flow of service, the ordering experience, and safeguarding merchants against unnecessary charges and revenue losses into consideration as much as creating an elegant user experience for the diner. And it shows in the power and simplicity of our product.