Restaurants are expanding the revenue potential from gift card sales by adding retail sales channels, promotional incentives, e-gift, mobile, and bulk sales.
One of the biggest hurdles in implementing or updating a gift card program is optimizing best practices for gift card accounting. This is because some of these new growth channels have both discounts and extra fees associated with them. Accounting practices can make the difference between a highly successful revenue generating program and one that has a negative impact on both a company and individual careers.
Let’s take a look at one of two crucial issues of gift card accounting: how to fund a discount. In the post, we’ll discuss how to track breakage. […]
The summer is in full swing and the holidays are probably the last thing on your mind. As much as we don’t want to think about snowflakes and holly branches, now is actually the best time to start thinking about your restaurant’s holiday-themed gift and promo cards. Here’s why:
In a recent survey, 73 percent of adults said they would purchase at least one gift card to give as a gift during the holidays. Those same adults said that 34 percent of the gift cards they planned to purchase would be for restaurants. With gift cards being such a hot item, restaurants should make sure they have an ample supply of holiday-themed cards and carriers.