Payo is Australia's first eat now, pay later app exclusive to hospitality.

Payo's mission is to support the hospitality industry by encouraging more people to dine out and enjoy more. Payo customers can eat and drink at payo partner restaurants, cafes and bars and pay the bill in four fortnightly instalments with zero interest simply by scanning a QR code. Payo also offers users access to exclusive, limited time offers at participating venues.

Payo is the pioneer of Buy Now, Pay Later (BNPL) in the hospitality industry in Australia and even worldwide. Launching in Australia in March 2021, payo is currently available in Brisbane, Sydney, Melbourne and the Gold Coast with plans to expand nationwide.

And if the stats from our first year are anything to go by, BNPL for hospo is only going to get bigger:

- We have increased the average order value across our partners by 50%.
- Our users are going back 4-5 times to the same venue after making a transaction on Payo.

Our purpose will continue to be focused on creating a win-win for both the customer and merchant. Payo customers have a better experience by being able to dine out with the financial flexibility to split the bill in four payments. We also support growth for our merchants by delivering higher spending customers through increased average order values, loyalty, winning new customers, and improving restaurant efficiencies.

Payo has also recently launched payo checkout - a self-checkout technology that allows customers to scan a QR code at their table to pay their bill in seconds.

 

Buy Now, Pay Later: How to get started with this latest payment trend for hospitality

Get an overview of BNPL, how it works, the benefits, and how you can start offering it.

The world of Buy Now, Pay Later (BNPL) is growing. And while this repayment option has been available for some time, it's only recently that it's become widely adopted by merchants across various industries.

One of the newer industries embracing BNPL is the quick-service restaurant (QSR) industry. From fast food to casual dining, more and more QSRs are offering BNPL as a payment option to their customers. 

If you're a QSR owner or manager, you may be wondering how to get started with BNPL. In this article, we'll give you an overview of this payment trend, how it works, the benefits, and how you can start offering this option to your customers.

BNPL for the hospitality industry

For QSRs, BNPL allows customers to pay for their meals over time. This repayment option is relatively new and is being offered by very few providers. However, the number of providers is growing, and the option is becoming more widely available.

It works like this: customers can sign up for an account with a provider. Once they have an account, they can link their credit or debit card to the account. When they're ready to eat, they can use their account to pay for their meal. They'll then have a set period of time to repay the amount of the bill.

The repayment period is typically a payment every fortnight so the repayment period lasts six weeks.   

Payo, an Australian provider of BNPL services in the hospitality industry, allows participating QSRs to split their customer's bill into four interest-free payments. Launched in 2021, payo has seen the average order value of their partner QSRs increase by 50% and customers returning 4-5 times to the same venue.

What are the benefits?

There are several benefits of offering BNPL as a payment option to your customers.

  1. It can increase your sales. Customers who wouldn't normally dine out may be more likely to do so if they can spread the cost over time and enjoy this flexibility. This can lead to an increase in both the number of customers and the amount they spend per visit.
  2. It can help you attract new customers. BNPL can be a great marketing tool to help you reach new diners as your venue is promoted by the BNPL providers, for example payo has a search and discovery feature on their app. Customers who may not have considered your restaurant before may be more likely to try it if they know they can pay later.
  3. It can improve customer satisfaction and loyalty. Offering BNPL can show your customers that you're willing to work with them to make dining out more accessible and flexible. This can lead to repeat business and loyal customers.
  4. It's easy to implement. BNPL providers typically onboard quickly with no charges, and have an easy-to-use online platform that you can use to set up and manage your account.
  5. It's a growing industry. The world of BNPL is rapidly expanding, and the hospitality industry is a part of that. In Australia, Gen Z and millennial audiences are embracing BNPL and over 6 million Australians have a BNPL account. This trend is expected to continue, meaning there's potential for more restaurant customers to use BNPL in the future.

Payo: the BNPL partner of choice for QSRs

With hundreds of venues across Australia already on board, payo is the leading provider of BNPL services in the quick-service restaurant industry.

Payo offers a simple and straightforward way for QSRs to offer the payment option to their customers. There's no need for point-of-sale hardware and basic training for staff is sufficient. All you need is a smartphone or tablet to download the payo app, which takes less than two minutes.

Once you're set up, you can start offering BNPL to your customers straight away. Payo will even provide you with marketing materials to help promote the service in your venue.

For customers, using payo is easy. They can sign up for an account in less than 60 seconds and if approved, link their credit or debit card. Once they're ready to dine out, they can use their payo account to pay for their meal in instalments, often upgrading their order!

Payo will also soon launch a virtual card, so customers can use payo anywhere where credit cards are accepted. This means there are no requirements from venues to have an NFC stand or QR code at the POS.

Final thoughts

BNPL for QSRs is a great way to increase sales, attract new customers, and improve customer satisfaction. With payo, QSRs can offer the payment option with no sign-up fees, no monthly fees, and no hidden costs. All you need is a smartphone or tablet to get started. Reach out to payo today to learn more about how they can help your business grow.

Other Articles

QSRs are hopping on the Eat Now, Pay Later bandwagon, here’s why

QSRs, or quick-service restaurants, are known for being an affordable option when it comes to eating out. But over the last year, more and more QSRs in Australia are offering Eat Now, Pay Later options to their customers.

payo CEO: Eat Now, Pay Later could just be the new normal in dining

Consumers are excited to dine out again, but they're also looking for ways to simplify their experience.

How payo is shaking up the QSR industry with Eat Now, Pay Later

Technology is quickly changing the way we experience restaurants and pay for our meals.

Why the hospitality industry needs a “Buy Now, Pay Later” solution

It’s no secret that the hospitality industry has been hit hard by the pandemic. QSRs and food venues have had to close their doors, losing valuable revenue in the process.