Running a restaurant business is no easy feat. You need to work round-the-world and time is limited for you. In such circumstances, your ability to run business operations without reducing the quality of food and service can be the difference between failure and success.
Customer service is a big part of the highly competitive restaurant business, and whoever delivers it best gains a competitive advantage over its challengers. When we talk about customer service, a big part of that is opening your business to as many customers as possible and the best way to do that is providing multiple payment options. When you run a cash-only restaurant, you limit the payment options of your customers, which has a direct effect on your earning potential.
While it may be fine for sandwich carts, food trucks, and other small, independent restaurants to operate with a cash-only model, a restaurant with a dine in place, which includes a small corner café, will be doing itself a huge disservice by allowing people to pay with ‘cash only’. By limiting your restaurant to a ‘cash-only’ payment model, you turn away many customers from your doors and effectively miss out on a significant portion of your target market.
You may think that you’re saving on merchant fees, but the reality is that you’re losing out on potential revenue by limiting your access to a wider customer base. The good news is that you can overcome all these issues with a restaurant POS system. By introducing a POS system in your restaurant, you can dramatically boost your daily sales. Not only that, a restaurant POS system can help you enhance the customer experience, which can lead to more repeat visits and ever-growing clientele.
Why Invest in a POS System for Your Business?
More than half of the restaurant owners are currently not using a POS system for their business and this is despite of the advances in payment technology. There are several factors that influence the decisions of these over 50% restaurant owners, but the primary reason they stay away from a POS system is that they’re used to storing money or calculating purchases with a cash register and haven’t fully realized the potential benefits of a full-fledged POS system for their business.
As payment technology evolves, it is becoming increasingly important for restaurants to upgrade to a comprehensive restaurant POS system to not only process payments, but also to manage inventory, reviews sales reporting quickly, and do a lot more.
With a restaurant POS system, you can completely streamline every aspect of your food business, which will save you time and money. A comprehensive POS system is essential for your business if you want to deliver a great customer experience, keep control of costs, and grow revenues as well as overall profitability. If you’re still on the fence about investing in a POS system for your business, then here are some solid reasons for you to take the jump and get a POS system for your restaurant.
Open Door to More Customers
Of course, the biggest reason to invest in a POS system for your business is opening your restaurant business to more customers. A steady influx of customers is a major factor in the success of any business. With more and more people relying on a mode of payments other than cash for their daily transactions, it is crucial for your business to keep pace.
You will cut your restaurant business off from a potential increase in traffic if you stick to a ‘cash-only-concept. On the other hand, you will ultimately boost your daily sales and increase profits if you invest in and start to use an integrated point-of-sale (POS) system. With POS systems, it is easy to accept credit or debit cards for all transactions as they come with both integrated and axillary card readers.
In addition to the above, you can augment restaurant POS system with hand-held devices to allow your staff to process credit or debit card payments table-side. Moreover, with the necessary integration, your POS system can accommodate a variety of digital payment platforms such as PayPal, Apple Pay, and even Bitcoin.
Customers want to be served on a priority basis. With the right restaurant POS system, you can ensure that customers are served and catered to without any delay. The POS system streamlines the queue system to manage the situation for customers as well as restaurants. In the restaurant business, time is money, so you should have a process to cash out customers quickly and efficiently, both to accommodate their schedules and free up tables for waiting customers.
With an integrated restaurant POS system, you can make it easier to process credit and debit cards quickly and avoid a queue at the register. Additionally, with hand-held payment devices, you can speed up the process even further.
More Accurate Payment Processing
Accuracy at the checkout point is a major concern for restaurant owners. Even small errors can cost you money. Such errors are all too common with handwritten tickets. A restaurant POS system, on the other hand, connects terminals through a common interface and when you employees input an order to their workstation using a hand-held device, the ticket becomes accessible at all points throughout the system.
This makes it possible to retrieve, verify, and process the customers’ bills as they check out. This can potentially eliminate costly mistakes and other misunderstandings that are a common occurrence with handwritten tickets.
Improved Tracking and Management of Inventory
For restaurant business owners, it is extremely important to keep track of inventory and stock. By providing an accurate picture of available items, a point-of-sale (POS) system can make this easy. With a POS system, you can easily manage items that are available or sold and can calculate the stock through the scanning process.
In the restaurant business, there is little room for error, especially when it comes to managing the costs of food. Your potential profits can be severely cut by waste, theft, and shrinkage. Thus, it is crucial to accurately track your on-site inventory and daily usage patterns. With a restaurant POS system, it is possible to track inventory in real-time and get projected usage of all ingredients as each order comes in and is prepared by your kitchen staff.
With this real-time tracking of inventory, you can increase efficiency and minimize the chances of over ordering of perishable product that can quickly contribute to waste. Additionally, POS systems with real-time tracking capabilities make it easy for your restaurant employees to know when specific menu items and daily specials are sold out, this will help you keep the front of the house running smoothly.
In addition to the above, you can use eliminate shrinkage with a restaurant POS system as the system allows you to access detailed inventory reports both on-site and from a remote destination using a tablet, or smartphone. Remote monitoring with a mobile POS or iPad POS system can help to minimize shrinkage and eliminate theft, which are two of the major concerns for restaurant owners.
Detailed and Accurate Reporting
A key feature of a POS system is detailed and accurate reporting. This is possible with a restaurant POS system, you can store a lot of information faster than any manual cash register or other traditional solution. The POS system pulls information within seconds through the databases to facilitate your restaurant management and this database is where all details relating to your inventory, customers, and cash is stored.
With a POS system, it is easy to reach accurate information in no time. In addition to rapid access, the POS system ensures the accuracy of data, which helps in dealing with inventory. Even a minor mistake in dealing with inventory can cause a loss that your restaurant may never recover from. The POS system takes care of this by eliminating the chances of human error and improving the accuracy of your calculations.
Maximizing Revenues Through Loyalty Programs
Majority of the U.S consumers are enrolled into at least one food and beverage loyalty program. With the right restaurant POS system, you can take advantage of the benefits of loyalty programs. The POS system can help you gather data on customers’ preferences and behaviors to personalize customer experience, increase visits, reward customers, and run targeted marketing campaigns.
What Makes Mobile POS or iPad POS a Good Choice for Your Restaurant Business
Earlier, we pointed out one benefit of using a mobile POS or iPad POS system for your business which was the ability to perform remote monitoring to minimize shrinkage and eliminate theft, improving the tracking and management of inventory. This is just one of the many benefits of using a mobile POS or iPad POS system for your restaurant business. So, what are other advantages of a mobile or iPad-based POS system? let’s find out.
The biggest advantage of having a mobile POS or iPad POS system for your restaurant business is mobility. With this POS system, you can allow your staff to accept mobile orders from guests and take orders from anywhere to speed up service times and provide them access to mobile reporting on smartphones or tablets.
An iPad-based POS system makes it faster to take orders. Moreover, you can make all the necessary changes and corrections with only a few clicks. And, if the POS system comes with management and analysis capabilities, then you can save time because of real-time data sharing between the POS and the management platform.
3. Lower Upfront Costs
With a cloud-based mobile POS or iPad POS system, you can drastically lower the upfront costs associated with traditional or non-mobile POS systems. With traditional POS, you need to buy expensive computers, workstations, and/or servers. An iPad or mobile POS system, on the other hand, requires only printers, a payment hardware, and a Wi-Fi router hidden somewhere in the back of your restaurant.
A good cloud-based mobile POS or iPad POS system will provide backup in case anything goes haywire with your internet access. How does the mobile POS or iPad POS system provide backup? With fallback or offline solutions that allow you to keep running even when your internet connection is out.
5. Ability to Access Your Insights from Any Smart Device
With traditional legacy POS systems, you have print out a lengthy report at the beginning or end of a shift to get the required insights into your restaurant business. A cloud-based mobile POS or iPad POS system, on the other hand, allows you access your insights from any smart device, such as a smartphone or tablet.
With this ability, mere clicks of a touchscreen are all that is needed for you to get updated sales, inventory, customer feedback, and more in real-time. With this real-time data, you can find solutions to situations in as they appear and before it spirals into a bigger problem. Imagine all the time and money you can save by catching issues before they start to blow out of proportion.
6. Ability to Update Menus Quickly and Easily
Often, restaurants need a quick and easy way to change their menus based on the trends in a season. With a cloud-based mobile POS or iPad POS system, this is incredibly simple. Using this POS system, your restaurant management can access menus from the web. Whether they are at home, on the road, visiting suppliers, or even attending overseas events, you staff can change menu information at any time and from anywhere provided they have an internet connection and the right login credentials/user permissions.
7. Improved Customer Service
With the data collected by the restaurant POS system, you can estimate and predict demand at all times. Additionally, the POS system allows you to better manage your customer relationships and provide an enhanced experience to customers by giving you the ability to maintain and update client information in your CRM.
With the above features of a restaurant POS system, you are well on you way to turning your restaurant business into a profitable, money-making machine.