Tag Archives: credit card

“Tap – Order – Pay” – The Way Forward for Restaurant and Hospitality Sectors?

According to a study carried out by America’s Bureau of Labor Statistics in January this year, the restaurant labor force in that country is still over 450,000 jobs below pre-pandemic levels — marking the largest employment deficit among all U.S. industries. Although figures are not currently available for Canada, the situation is the same.

In November 2022, the USA National Restaurant Association found that 63% of full-service restaurants and 61% of limited-service places are operating with fewer employees than needed to accommodate guests. 

At the beginning of February this year, The Washington Post reported that although many industries have recovered since the start of the pandemic, in the USA (similar trends in Canada) 2 million hospitality and leisure jobs still remain open. 

Hospitality is still stuck in the dark ages. High-friction ordering, slow and clunky payments, and labor challenges lead to low profitability and a poor customer experience,” notes Brian Duncan, President of me&u USA, a global leader in at-table ordering specializing in restaurants and bars. 

The labor shortage has led chefs and restaurateurs to reduce their workweeks, while some restaurant owners have had to increase the wages of their staff by as much as 20% in addition to closing earlier on weeknights. Others have even had to change their business practices to attract new employees.  

Technology can bridge the customer service gap when there are fewer employees available. Customers prefer to use self-service kiosks or access the menu by scanning QR codes because they can take additional time to read the menu, find new things to try, and customize their orders exactly to their preferences. 

Such technology means shorter waits at the counter, faster table turnover, and more accurate orders because the information is transmitted directly from the customer to the kitchen. Also, Pay-at-the-Table Technology cuts out the back-and-forth trips from the POS terminal to the table to process payments shaving several minutes off each table turn. 

Manual orders are typically expensive, slow, and inefficient. Smart technology reduces labor costs, takes the load off servers, increases spending per order, and elevates the customer experience,” concludes Duncan.

  • What factors are impacting the restaurant and hospitality industries in the U.S and Canada.? 
  • How can technological innovations help restaurants operate with limited staff and still increase revenue? 
  • How can self-service ordering and streamlined payment tools enhance customer experience? 

References: 

  1. Guinn, Justin. How to Survive the Restaurant Industry Labor Shortage. January 2023. Toast. https://pos.toasttab.com/blog/on-the-line/how-to-handle-the-restaurant-industry-labor-shortage  
  2. Restaurants added jobs in 24 consecutive months. January 6, 2023. National Restaurant Association. https://restaurant.org/research-and-media/research/economists-notebook/analysis-commentary/restaurants-added-jobs-in-24-consecutive-months/  
  3. Latham, Tory. Restaurants Are Still Struggling to Hire as 2 Million Jobs Remain Unfilled. February 3, 2023. Robb Report. https://robbreport.com/food-drink/dining/hospitality-leisure-jobs-pandemic-1234803857/  
  4. Latham, Tory. Despite 41,000 New Jobs, Restaurant Employment Still Lags Behind Pre-Pandemic Levels. July 8, 2022. Robb Report. https://robbreport.com/food-drink/dining/restaurant-industry-job-numbers-1234697181/  
  5. Hospitality Labor Shortage 2022. May 17, 2022. NCC. https://www.nccusa.com/hospitality-labor-shortage-2022/  

Why Everyone Should Strive To Pay Off Their Mortgage Quicker

Lots of people struggle to get a mortgage in the first place. It’s especially hard now because homes are so expensive. You start to think you’ll be paying off your mortgage for the rest of your life. 

Luckily, your finances will probably improve considerably over time. When they go up you should look into paying your mortgage early. Let’s look at some of the top reasons why it’s something you should aim for in the future. 

Extra Money To Enjoy Yourself 

Get It on Credit - Wikipedia

If people need to take out bad credit loans in Toronto, ON, they won’t have lots of disposable income. When you don’t have great credit you can’t enjoy yourself, but that’s not the case when you’re older. 

When you have more disposable income after paying off a mortgage, you’ll have much more money to spend on luxuries. If you need to keep paying a huge chunk of your income towards a mortgage your life won’t be as fun. 

Saving Lots Of Money In Interest 

Once you walk into Clover Mortgage Brokers in Toronto & GTA, they’ll let you know how much you can spend on a home. But it’s going to be a lot more over the lifetime of the mortgage due to interest payments. 

When you pay interest on a loan, it makes up a big chunk of your monthly payments in the beginning. The amount of interest you pay drops over time, but if you pay off the mortgage early you’ll no longer have to pay it.

 

Why Choose a Mortgage Broker in Canada? | Hatch Mortgages

It Eats Into Any Debts You Have 

Over the course of a lifetime, couples can generate a huge amount of debt. College tuition, car payments, and credit cards can sometimes be quite high. These debts won’t disappear once you pay your mortgage. 

Fortunately, once your mortgage is gone you’ll be able to focus 100% of your efforts on your other debts. It will take you one step closer to becoming debt-free, so you’ll have one less thing to worry about. 

A Mortgage Is A Secured Loan 

When you take out a mortgage it’s classified as a secure loan, which means when you don’t pay the loan they’ll be able to take your home away. In a perfect world, you’ll have as few secured loans as possible. 

You could pay a credit card instead of a mortgage, but it would mean they could take your home. Even though you won’t miss your credit card payments, they couldn’t take your home even if you did completely ignore them because a credit card isn’t classified as a secure loan. 

It’s Easier To Enjoy Retirement 

Nobody should have to pay debts when they’re retired. Sadly, so many people are struggling now, so it’s much more common than you think. It will eventually start to hurt your mental and physical health. 

How can you enjoy retirement if you’re always worrying? Maybe you’ll even have to stay on at work because you can’t afford to retire. Pay off your mortgage to ensure you don’t have any stress when you retire. 

Debt Isn't About Right Or Wrong - It's About Freedom

Don’t Leave It Too Late 

Nobody is saying you should try to pay off your mortgage as soon as possible, but it’s something you’ve got to start considering as the years go by. 

There Are New Forms Of Money On The Horizon

Take a look at these transactional trends to see how you might be spending your money in the future.

What does the future hold for the way we pay?

Paying for your purchases used to be to the most straightforward task around, you’d exchange your coins with the cashier and in return you’d receive your goods. Simple. But today, a modest transaction can involve some serious tech.

Whilst everything in the world seems to be making a switch to digital, money is no exception. Gone are the days of signing signatures, punching in pins and certainly, counting coins, but the advancements show no sign of stopping. As contactless method currently seems to offer the most convenient method of payment – it begs the question of what could possibly come next.

The use of physical cash is dwindling as more and more options become available to consumers.

Consider how the Corona virus lock downs have also affected the use of physical cash:  businesses and retail either favor interac and credit cards or outright refuse the use of cash transactions. Look to the infographic below for three of the most prominent examples of the way our spending habits are currently evolvingFor the Silo, Danielle Mowbray /creditangel.co.uk

Future of spending with digital money

11% Of Male Black Friday Shoppers Will Pull Items Out Of Hands Of Others

Black Friday and Cyber Monday are a cultural phenom. One that American and (in the past few years) hard-boiled Canadian consumers look forward to each year. They brave the crowds, set out a savings mission plan and shop like a thrifty gladiator entering the battle arena of value.

WHEN IT COMES TO BLACK FRIDAY/CYBER MONDAY…

While images of people camped out in Walmart parking lots dominates the Black Friday news cycle (as well as trampling and fights), we wanted to find out how people really intend to spend these consumer holidays-and more importantly, how much they intend to spend. We also looked at Holiday Gift searches from last year on our sister site-interestingly, there’s apparently a big market for discontinued perfumes.

SOME INTERESTING FACTS FROM THE STUDY

* Men are much more open to violence on Black Friday: One out of 10 guys (11%) would pull something out of the hands of another shopper.

* 86% of Generation Y intends to use Black Friday and Cyber Monday discounts on items for themselves.

* Men are the most generous: 26% of guys plan to spend at least $1,000 on holiday gifts.

* Very few people are procrastinating: While 4% claim they’re already finished with their holiday shopping, 41% intends to complete it on Black Friday/Cyber Monday.

* 43% will wait up to an hour on Black Friday; 24 people said they’d willingly camp out for MULTIPLE NIGHTS.

* Bosses and co-workers are at the bottom of everyone’s shopping list: Children, understandably rule (followed by spouses/significant others).

The following info-graphic is based on responses from 6,354 online shoppers who were surveyed immediately after checking out.  For more take a look at our friends at Tada, they are awesomely obsessed with reporting on all the things that online shoppers value.  For the Silo, shopzilla.com/Jarrod Barker.

Silo Black Friday Cyber Monday

VisaNet Connects Two And A Half Billion Credit Cards

One of the many ways the Internet is driving the global economy is through digital payments, making it easy for consumers to buy just about anything from anywhere. VisaNet is the largest payment processing network in the world, connecting 2.4 billion credit cards at 36 million locations across 200 countries.