Restaurant Payment Security Technology Olympics
Welcome to the 2018 Restaurant Payment Security Technology Olympics. It will be a fierce competition between the best of the best, old and new, restaurant payment technologies. Most of the point allocation goes to security, but other factors such as speed, convenience, efficiency, and overall style will be taken into consideration by the judges.
A veteran competitor, Cash payment was disqualified early on in the qualifiers. While it scored several points for security, it lost most points in the convenience and efficiency category. Judges found bill and coin exchanges to be time-consuming. When it came time for gratuity portion of the event, time was lost mentally calculating tips. Judges also noticed time loss and decreased efficiency as servers fumbled sorting bills and going through the register.
Yet another celebrated veteran of restaurant payments, Cheque was at a disadvantage right from the get-go. The only high score it was able to obtain was in the convenience portion of the event – as it was able to be transferred without hassle between guest and server. In the speed portion of the competition, Cheque scored poorly. It took at least three business days for Cheque to be processed, oftentimes even seven, leaving the merchant without validated payment. Cheque took the biggest hit, however, in the security portion of the competition because instances of fraud were high.
Magnetic Swipe Only Card Readers —
The iconic figure in credit card processing, and known as Magstripe Reader to friends and family, is not the same great shape it used to be, and it shows. It remains in good standing with the judges, scoring very high on the speed, efficiency, and convenience. As devastating card-present fraud statistics skyrocket because of counterfeiting and skimmers, Magnetic Swipe-Only cards could not compete against younger and more secure restaurant payment technology.
EMV Chip Card Processor —
Rightly deserving of silver is EMV Chip Card Processor. Though a young technology, it has already established itself in Canada and much of Europe and Asia. The EMV Chip Card Processor is a fixture in point of sale systems and payment terminals. Judges gave maximum Security points because of its aggressive anti-fraud capability. Judges knocked off several points, however, from the convenience category as guests had to interrupt their dining experience to go to the house payment terminal to conduct the transaction.
Pay at the Table Restaurant Payment System—
The youngest, yet undoubtedly the most powerful of the competing technologies, the Pay at the Table Restaurant Payment System wowed the judges today. The Pay at the Table Restaurant Payment System scored maximum points in security because it is EMV compliant. Because of its portability, the guest never had to let their credit card out of their hand. The Pay at the Table Restaurant Payment System also scored top points on speed, convenience, and efficiency. Guests remained seated at their tables, creating a seamless dining experience. Servers effortlessly strolled from one table to the next without going back to the house point of sale system. Merchants received their payment instantaneously without error or fraud.
Judges were particularly impressed with the overall style of The Pay at the Table Restaurant Payment System. The handheld payment processor was lightweight, and was easy to use by the servers, had an intuitive user interface and PIN pad for guests, and versatile for merchants.
For several years now, The Pay at the Table Restaurant Payment System has been the reigning champion in Canada, Europe, and Asia, and is looking to take hold of the U.S. market. The U.S. should really watch out for this powerful technology.
Representing Pay at the Table Payment Systems is SecureTablePay. Read more about the gold-medal winner.