Gone are the days when restaurant management was confined to pen-and-paper record-keeping and manual processes. Branded's operator friends know the struggles of sitting in the kitchen doing manual data entry which amounted to a mass amount of paper cuts and food stained invoices.
In the midst of this digital revolution, Branded partner MarginEdge, a restaurant management and bill payment platform, is making significant strides with its innovative solutions. The company recently unveiled its mobile bill payment platform, MarginEdge Bill Pay, as a part of its broader initiative to offer complete operational fluidity to its clients.
Streamlining Payments Through Mobile Convenience
MarginEdge Bill Pay enables customers to settle their bills using their smartphones, transforming the way payments are made in the restaurant industry. This move aligns with the broader trend of digital payments revolutionizing business operations. Bo Davis, the CEO of MarginEdge, emphasizes that this new capability empowers restaurants to embrace the speed, security, and convenience of mobile payments while maintaining control over their financial processes.
“If you think about the restaurant, it’s got, say, 25, 30, invoices coming in,” Davis said. “They’re buying on average, 500-600 different things — from napkins and spoons, to bleach to tuna. All of those items’ prices are changing. And so, [we] extract the line-item data — rather, your percentage costs, which is how restaurants traditionally have managed their food costs, they can see item by item [where] they need to focus.”
The platform offers a range of payment options, including auto payments, scheduled payments, and the flexibility to make partial payments. This versatility caters to the diverse needs of both customers and restaurant owners, ensuring a seamless and hassle-free payment experience.
MarginEdge Bill Pay is unique in that it is exclusively dedicated to restaurant industry B2B payments. This specialization underscores MarginEdge's commitment to catering to the specific requirements of the restaurant business, enhancing efficiency and convenience for all stakeholders involved.
The Digital Transformation of the Restaurant Industry
The restaurant industry's journey toward digitalization has been remarkable. PYMNTS reported an 11% increase in consumers using restaurant apps, websites, and aggregator tools to place orders, with over 146 million Americans opting for digital ordering methods. Furthermore, the adoption of technology to automate operations is on the rise, with 76% of restaurants employing automation in various areas of their operations.
Curbside pickup and mobile order-ahead options have become commonplace, meeting customers' desire for convenience and speed. As consumers increasingly embrace digital engagement capabilities, restaurants are recognizing the need to integrate technology to enhance the dining experience.
Balancing Innovation and Human Interaction
While technology plays a crucial role in modernizing the restaurant industry, it's important to strike a balance between innovation and the human element. Despite the surge in digital tools, consumers still value human interactions, particularly in sit-down dining scenarios. A survey revealed that nearly 60% of diners aged 18 to 44 enjoy the traditional experience of interacting with a waiter.
MarginEdge's approach to innovation reflects this balance. By introducing mobile bill payments, the company enhances convenience without compromising the personal touch that diners appreciate. This nuanced approach acknowledges the diversity of preferences among consumers and offers a variety of options for both digital enthusiasts and those who prefer a more traditional experience.
MarginEdge's mobile bill payment platform marks a significant step forward in the restaurant industry's ongoing digital transformation. This innovation aligns with the evolving preferences of consumers while recognizing the importance of maintaining human interactions. As the industry continues to embrace technology, solutions like MarginEdge Bill Pay are shaping the future of dining by combining convenience, efficiency, and personal connection.