Digital Payments Finance Fintech News

Rise in Payment Activity Offers Sign of Quicker Recovery for Full Service Restaurants

Rise in Payment Activity Offers Sign of Quicker Recovery for Full Service Restaurants

TableSafe® Customer Transaction Revenue in Q1 Rebounds to the Highest Level Since Pre-COVID

TableSafe, Inc., a leading innovator of pay-at-the-table technology designed for the hospitality industry, today shared that customer payment transactions indicate a recovery of the full-service restaurant industry is gaining momentum. According to TableSafe’s data gathered from across the United States, dollars spent in restaurants during the first quarter of 2021 rose to the highest level since the first quarter of 2020. Transaction revenue also increased 15% in Q1 over Q4 of 2020.

@TableSafe customer transaction revenue in Q1 rebounds to the highest level since pre-COVID, indicating full service restaurant recovery. #FSR #restaurants #payments

“Our data offers clear indication that full-service restaurants are recovering more quickly and substantially than many in the industry were expecting,” said Gordon Gardiner, CEO of TableSafe. “Even though some of the most populous states only allowed restaurants to re-open capacity in March, there’s been a healthy rebound in transaction revenue and volumes.”

Read More: KPMG’s New Tax Data Reader Tool Automates Analysis Of Financial Data, Simplifying…

TableSafe’s increased transaction revenue exceeds data recently reported by Restaurant Business, noting that, “restaurant sales surged 36% year-over-year in March as consumers spent their stimulus checks, enabling the industry to almost completely recover sales lost during the pandemic.” TableSafe data shows a 77% increase in dollars spent year-over-year in March, indicating that the rebound is even more sizable when measured just for full-service restaurants.

“Based on the data, it appears that the full-service restaurant industry may have hit an inflection point in its recovery from the pandemic,” Gardiner said. “This is very encouraging for the restaurant industry and we expect more progress as the full effect of restaurant re-opening comes into play in Q2.”

According to Technomic, a research and consulting firm servicing the food and foodservice industry, the restaurant industry as a whole was not expected to recover from the pandemic until 2023, and the full-service sector wasn’t expected to bounce back until 2025.

Read More: Linedata Launches First Integrated ESG Data Solution For Asset…

TableSafe’s pay-at-the-table platform is used in full-service restaurants across the country including in 20 of the 30 most populous states, representing approximately 75% of the country’s population.

“We’ve had to reassess every aspect of our business in response to the pandemic, creating a safer, more comfortable experience for our guests,” said James King, Founder and CEO of Titan Hospitality Group. “The payment process is no longer viewed as a mere transaction, but a critical component of guest safety, satisfaction, and ultimately our bottom line. It’s more important than ever to our business, and an important part of the recovery in our industry as a whole.”

Read Also: SEI’s Collective Investment Trust Business Experiences Significant Growth

Related posts

Hywin Wealth Appoints CTO to Accelerate Digital Transformation

Fintech News Desk

Katapult Announces its Lease-Purchase Solution, an Integration with Salesforce Commerce Cloud

Fintech News Desk

Los Angeles-Based Fintech Innovator Launches Cross-border Financial Services for Millions of Filipino Americans in the United States

Fintech News Desk