A recent study by FreedomPay, the global leader in Next Level CommerceTM solutions aligned with Toast, the leading cloud-based restaurant management software company, to bring important insights on what matters most to enterprise hospitality leaders. Key among these findings is the fact that data security, system integration, and enablement of growth are major critical vectors in the making of both merchant preference and trust within payment solutions and point-of-sale providers.

Key Takeaways from the Survey

The survey gives crystal-clear insight into what enterprise hospitality leaders value most when selecting payment solutions and Point-of-sale systems. Notably, 53% of the overall population of merchants expressed a need for help in prioritizing their technology spend, which makes a strong business case for integrated solutions that can deliver full value and make informed decisions.

Data Security: An Issue of Paramount Importance

The central finding that has emerged from the survey is that merchants unanimously agree on the issue of data security. All the participants believed that data security was important, although only 98% of them stated that data privacy is a major consideration in selecting a payment solution. In an era characterized by increased cyber threats, rigorous measures on security have never been needed more than now. Those providers that provide quality security protocols and adhere to standards, as validated by the PCI Security Standards Council in FreedomPay, will engender trust from a greater number of merchants.

Integration: The Basis of Operational Efficiency

System integration as another critical factor comes out to be an area where most merchants would be looking to have a rather highly integrated system. The results of the survey suggest that 85% of merchants have their payment systems either fully integrated or integrated to a very high level with other software. Seamless integration means easy operations, accuracy of data, and a view of business performance in its entirety for informed decisions. This simplifies operations, reduces errors, and increases efficiency, generally making integrated solutions quite impossible to eliminate from modern hospitality businesses.

Customer Support and User Experience

Good customer support was nominated by 49%, 46% said ease of use, and 44% said reliability. This shows that maybe the systems need to be reliable, accessible, and user-friendly. On the other hand, such responsive support services and easy interfaces considerably cut downtime and training costs, which increases productivity at large. It thus dawns on merchants that systems are important if they perform well but also need solid support behind them to ensure minimum disruption to operations.

Growth Enablement and Speed

The attention to the enablement of growth, 82%, and operational speed, 81%, is indicative of the quest of merchants to meet the demands of the present and support future growth and flexibility. Scalability and flexibility of solutions can accommodate growth in business and dynamic market demands that offer strategic differentiation. Knowing customer behavior relative to shopping and purchasing patterns is core to enhancing customer experience and comprises the roadmap to sales.

Strategic Decision-Making

The results of the survey point out that strategic decision-making concerning technology investments essentially boils down to a balancing act between innovation and mitigating risks. Hence, leaders are looking for integrated, secure, and efficient systems that can drive growth not at the cost of jeopardizing operations. Providers capable of delivering integrated, secure, and complete solutions may best fit such needs.

Industry Implications

These insights draw attention to the areas of opportunities and the key focus areas for hospitality technology providers. From the strategic point of view, promotion of integration abilities, fortification of security measures, betterment of user experience, and strong customer support are some of the significant steps toward gaining and retaining enterprise clients. It is in aligning product development with these priorities that providers have the scope to satisfy dynamic industry requirements with some degree of effectiveness. 

Conclusion

The recent survey conducted by FreedomPay and Toast delivered important insight into security in data, integration, and enablement-driven growth at enterprise hospitality leaders. Providers of technologies should, therefore, focus on these key domains as a driver of solutions toward improved operational efficiency, increasing customer trust, and growing business. In this way, such technology providers will be aiding hospitality businesses to navigate the complexities of today's commerce toward assured long-term success.

Disclaimer: This article is informative and not for promotional purposes. Moreover, the content belongs to the owner and there are no affiliations or marketing motives behind it.