While many businesses may be seeing some gains due to economic improvements, the restaurant industry may be dealing with a slight hiccup.
Total transactions for the restaurant industry during June were approximately $45.3 billion, according to a report from the Department of Commerce. This was more than 1 percent lower than the previous month, when the figure was $45.8 percent. However, it was more than 3 percent improved from the sales in June 2012.
“After April’s record-high sales volume, it’s not surprising to see some moderation in sales occurring,” said Hudson Riehle, senior vice president of research for the National Restaurant Association. “However, the late summer season typically brings a boost from travel and tourism, with August being the most common month for leisure travel activity.”
This could be positive news for the restaurant market, especially if sales do start to pick up as summer winds down. However, in order to better take advantage of the potential increase in business, some owners may want to consider bolstering their payment options. This can range widely but may involve implementing new credit card terminals or offering promotional gift cards.
Some restaurants may be taking their payment systems and revamping them, as this could be a noticeable trend in the coming years. An infographic from PayAnywhere explained that in food-related businesses, there may be as much as $1.3 trillion in transactions by 2017. This already should reach $110 billion by the end of this year.
Many consumers already regularly use credit and debit options, and the availability of these tools may help grow the business in the coming years. The report explained that this year, more than 30 percent of patrons will be using debit cards, while approximately one-fifth will use credit options.Back To Blog