THE EFFECT OF USING E-PAYMENT AS A METHOD OF PAYMENT IN THE FAST FOOD INDUSTRY
1.1 BACKGROUND OF THE STUDY
In spite of corporate efforts over the past few years to wring inefficiencies out of back-office processes, invoice-to-cash processing remains a costly proposition for most organizations. The challenge is especially tough in the fast food industry, where companies must deal with high volumes of multi-page paper invoices with a requirement to attach backup documents such as receipts. again the fast food industry also face a dizzying number of customer inquiries, a lot of partial and short paid invoices that require research and resolution, and many disputed invoices. Against this backdrop, it's not surprising that the industry is plagued by high Days Sales Outstanding (DSO), overdue invoices, and manual payment posting and cash application (Jackson, 2010).
For the fast food industry, an answer to reducing DSO and accelerating cash flow as well as improving overall efficiency is electronic payment. A fast food restaurant, also known as a quick service restaurant (QSR) within the industry, is a specific type of restaurant characterized both by its fast food cuisine and by minimal table service. Food served in fast food restaurants typically caters to a "meat-sweet diet" and is offered from a limited menu; is cooked in bulk in advance and kept hot; is finished and packaged to order; and is usually available ready to take away, though seating may be provided. Fast food restaurants are typically part of a restaurant chain or franchiseoperation, which provisions standardized ingredients and/or partially prepared foods and supplies to each restaurant through controlled supply channels. Hence, the effect of e-payment as a method of payment in fast food restaurant help to improve service and productive (Levitin, 2011).
1.2 STATEMENT OF THE PROBLEM
Genesis fast food Enugu uses e-payment as one of the payment option (POS) in their transactions. However, the fast food have not be able to explore other options which may have more effectiveness in business transaction than the POS machine. Therefore, this work seeks to solve the problem of ignorance on e-payment by fast food industry using Genesis as referent point.
1.3 OBJECTIVES OF THE STUDY
The broad objective of this research is to evaluate the effect of using e-payment as a method of payment in the fast food industry with Genesis fast food Enugu as referent point.
Therefore, the specific objectives are as follows;
1. To investigate whether Genesis fast food Enugu uses e-payment for transaction
2. To examine different types of e-payment current present in the fast food industry
3. To determine the effect of e-payment on the services of Genesis fast food Enugu
4. To suggest ways for improving e-payment methods in Genesis fast food Enugu
1.4 RESEARCH QUESTIONS
1. Does Genesis fast food Enugu uses e-payment for transaction?
2. What are the different types of e-payment current present in the fast food industry?
3. What are the effects of e-payment in as a method of payment in Genesis fast food restaurant?
4. What are the ways for improving e-payment methods in Genesis fast food Enugu?
1.5 SIGNIFICANCE OF THE STUDY
The benefits of this research cannot be overemphasized. This is because this work revealed the benefits derived from e-payment as a method of payment in the fast food industry.
Also, the study examines different possible ways for e-payment and reveals ways for improving e-payment methods.
Finally, this work would serve as research material for students who intend to carryout similar research work.
1.6 LIMITATION OF THE STUDY
The limitations of this study include;
1. Time constraint: The availability of time for carrying out this research work was limited. The short duration of time is not enough for a study of this kind.
2. Attitude of the respondents was another major challenge. Some refused to collect the questionnaires while others did not answer some of the questions. Many of them have to be convinced that the questionnaire will be used for purely academic purpose before they cooperate