Making travelers and tourists enjoy the local cuisine is one of the most rewarding aspects of my job as a restaurateur. However, apart from the difficulties caused by language differences, the main issue for travelers is the mode of payment once their orders have been processed.
With the evolution of the financial world and the adoption of cashless policies, many people no longer carry cash. Especially when there are safer and more convenient ways to manage money. As a result, carrying large sums of money may be unnecessary.
As a business owner, I needed a payment system accessible to everyone, regardless of location and currency. After all, even though the language barrier is a major problem, payment shouldn't be.
Digital Payments At A Restaurant?
Digital payment options are what every business adopts to accept payments in place of cash. They serve as a gateway between the customer and the business account. Of course, digital payment offers a solution to the payment challenges as it allows customers to use either their debit or credit card to make payments.
However, accepting digital payments requires my restaurant to work with a payment processor to provide payment merchant terminals. So the payment processor acts as an intermediary for my restaurant, the issuing bank, and the customer's card network. As a result, whenever a customer makes a transaction, the payment processor processes the transaction and deposits the funds into my business account.
One of the many problems with the payment processor is that it is picky about which cards it accepts.
I've had customers return their orders several times because their cards couldn't be processed and they didn't have any cash.
Card Processing Fees!
On the other hand, numerous fees are associated with the payment process. These fees are detrimental to my restaurant's finances because we deal with various international cards. These fees are typically calculated per transaction, and while the amount may appear small at first glance, it quickly adds up.
These fees are calculated based on the size of the business. So the fees are exorbitant for my company, which deals with international transactions and financial institutions.
Below are some fees I had to pay:
- Processing fee
- Interchange fee
- Chargeback fee
- International fee
- Flat fees include network, annual, terminal, and so on.
These fees are unavoidable, and because the payment processor acts as an intermediary, they charge a service fee to cover all of these processing costs. All of these charges consume a significant portion of my monthly finances, and having a limited payment option affects the restaurant's growth because customers leave when payment becomes difficult. The customer's also had to pay an extra amount as processing fees levied on their card as well as international usage fees in some cases!
As a result of this, I needed a way to circumvent these charges and a payment option that would solve my questions of;
- What payment option solves the cross-border issue?
- How do I avoid these "too many fees?"
- How do I increase my sales?
However, because my contract with the payment processor is on a month-to-month basis, I began looking for a dependable payment option to serve my business well before my current contract expired.
Crypto As a Payment Option For A Business?
So, after exhaustive research into the best way to handle my business payments, I discovered cryptocurrency. Cryptocurrency is a borderless currency and is not bound by any government or central authority. It has advanced rapidly, causing significant changes in businesses across various industries.
Since cryptocurrency functions as both a store of value and a medium of exchange, I thought of considering it as a payment option for my restaurant.
Moreover, it eliminates the need for an intermediary and exorbitant third-party service fees.
The fees incurred consume a larger portion of the transaction total during payment processing. It's disheartening to see how much money is lost during transactions to processing and service fees, regardless of whether the restaurant bears the cost or passes it on to the customer.
Accepting Crypto As a Payment Option
Adding cryptocurrency as a payment option significantly reduced the costs I incurred due to servicing fees and increased my business profits. International payment is one major issue that crypto has solved for my restaurant. Now I take orders without worrying about whether or not the customer card will work.
Accepting cryptocurrency eliminated the need to pay the monthly extra processor costs to process my transactions. I saved $6000 in the first month. The integration of crypto processing was simple and required no effort or cost.
So, here's how I added crypto payment to my restaurant :
Processing Crypto Payment With Cwallet
Obtaining a crypto wallet was the first step in integrating a crypto payment. The crypto wallet acts as your company's bank account, storing all payments. Getting a crypto wallet was the easiest with Cwallet, as all I needed to sign up was to link my business social page. I didn't have to worry about providing proof of verification, uploading official documents, etc.
Now that I have my Cwallet, I need to make it a payment option for my company. Fortunately, Cwallet provided me with a QR code that anyone can scan without requiring a wallet address.
Since it is practically impossible and time-consuming to give wallet addresses to many customers making orders at a time, the Cwallet QR code saves me stress.
Now customers make payments directly to my crypto wallet only by scanning my Cwallet QR code, which is done at zero cost to both parties!
Cwallet allows you to create a tip box for FREE. All you have to do is download the mobile app or sign up via the desktop version and then follow these steps to set up your tip box.
The Cwallet tip box enabled me to increase my sales and attract more cryptocurrency users to my restaurant. It also saved cost as all I needed was to paste the QR code for payment at the payment point.
Why I Chose CWallet For My Restaurant Business?
Cwallet Is A Unique Interactive Cryptocurrency Wallet That Combines Custodial And Non-Custodial Features. You Can Manage And Trade More Than 800 Cryptocurrencies In One Location. It Offers Security, Simplicity, And Flexibility.
The Cwallet Provides Complex Crypto Needs Of Individuals Or Businesses Through A Variety Of Tools Like The Tip Code, Airdrop Game, Giveaway Tool, Mobile Refills, Bulk Payment, Request Invoice, Payment Button, Etc. It Is More Than Just A Cryptocurrency Wallet Where Users Can Send And Receive, Buy And Sell, Or Hold And Swap.
Aside from not having to go through a time-consuming registration process to set up a payment option for my business, Cwallet also provides;
- Zero transaction fee: this is the most significant benefit to my business, as there are no charges on withdrawals or deposits, and customers' transactions are processed at no cost.
- Instant transaction: the tip code instantly reflects payments without any fees charged.
- Investment opportunity: the token I received may increase in value, allowing me to enjoy capital gains without paying taxes on my investment.
Accepting crypto payment changed my business fortune, and using the Cwallet service made the process seamless and automated. My sales increased significantly as every challenge was solved using the Cwallet tip code.
Cwallet does not charge any deposits, withdrawals, and token swap fees. Therefore, using this wallet is absolutely FREE!
So, what are you waiting for? Download Cwallet NOW.