Pye kiosks capitalize on payment diversity

In payment circles, cash has always been king. These days, the number of consumers carrying cash – at least enough to pay for an order at a restaurant – is increasingly becoming scarce in favor of electronic payment methods.

Credit and debit cards remain the dominant payment methods in the United States. Digital wallets such as Venmo, Cash App, and PayPal trail but are growing rapidly in popularity.

Cash is a costly means of payment, given security issues, risks and handling costs.

The value of cash, however, can’t be understated. People ages 55 and older are the largest group still using cash regularly, making 23% of their payments in cash, compared to only 12% among those aged 23 to 34.

Those numbers have helped led some cities, such as Washington, D.C., to ban cashless business. Additionally, many people don’t have a bank debit or credit card, so they must use cash to make payments. In the United States, approximately 7% of the population are unbanked, according to Global Finance. While 7% seems small, it represents around 23 million people who rely on cash or other non-bank forms of payments.

Leading technology firm Pye recognized the cash gap long ago and configures its kiosks to accept multiple forms of payment, including cash.

One of the biggest advantages of digital payments is how quick they are, especially for major purchases. Counting out cash can take more time for both businesses and consumers.

Still, technology developers that don’t facilitate cash payments are overlooking a key segment that can drive revenue and profitability.

“Technology that doesn’t consider cash as a form of payment only hurts the businesses that may deploy those kiosks and shuts out many consumers who prefer cash payments or who use cash as their only form of payment,” said Jegil Dugger, Pye CEO and founder. “As we design solutions that make operations more effective and efficient for the restaurant industry, it’s critical to incorporate ways to serve those who still use what many consider an alternative payment method.”

The Future of Dining and Shopping: How Self-Ordering Kiosk Systems are Revolutionizing the Restaurant

Understanding Kiosk Machines and Their Benefits for Restaurants and Hotels

Effective Business Success Through the Impact of Self-Ordering Technology

Using kiosks to close employment gaps

Investment in kiosks proves positive ROI for restaurants, retailers

Our Products

Beignet

Crème Mini Countertop

Crème Deluxe Cash

Crème Mini with Stand

Crème Free Standing

Èclair Cash Recycler

Canelé Table Top

Kiosks help combat challenges facing restaurants, retailers

The prospect of mandated salary increases, in the form of minimum wage hikes, represents an opportunity for restaurants and retail businesses to reverse their operating models from that of a career launching pad to a career destination where satisfaction is high and the ability to earn enough to support a family is plausible.

“Businesses overcome challenges all the time,” said Jegil Dugger, co-founder and CEO of self-service solutions firm Pye. “Minimum wage increases, though, always seem to be a black-and-white issue: covering increased pay means taking drastic measures. The good thing is that this is not an overnight change and actually was inevitable. So owners have time to strategize how an increase in the minimum wage can be a positive impact to their operations.”

Part of the answer to reshaping a business model centers on investment – in people and in technology.

To the latter, technology such as kiosks increasingly has emerged as cornerstones of the new business model in the restaurant and retail industries, and the digital solutions will play an even larger role moving forward. Here’s a couple of key reasons why:

Compliment the workforce

Kiosks are intended to supplement the workforce. Critics in the past have described the technology as a facade, disguised as mechanical replacements for labor, which represents part of a restaurant or retailer’s largest expense alongside food and supplies.

But with many businesses still struggling to hire enough workers to attain full staff in the post-COVID environment, they can use kiosks to stand in as stable members of the staff that come at a fixed cost – a cost they’ve largely already paid.

Improve the customer experience

Long lines generally mean long wait times. And those two serve to sour customers who expect efficiency and speed with their orders.

At high-traffic times, kiosks can be used to enable customers to order and pay on demand, keeping them from having to congregate with others in front of a bank of registers. At fast casual eateries, the units allow diners sitting at tables to place their orders through the device, which connects wirelessly to the restaurant’s main point-of-sale system and kitchen displays, sending their request directly to the cooks. They don’t have to wait for a server, who may be tied up with other tables or duties.

Decreased wait times increase the consumer experience and keep those diners coming back.

Pye kiosks capitalize on payment diversity