Despite advances in payment technology, 55 percent of restaurant owners are not presently using a POS solution for their business. Although there are multiple factors that influence this number, the primary reason is simple: many restaurant owners think a cash register is just used to store money or calculate purchases and have yet to realize the full range of benefits a full-fledged POS system can bring to their business. In fact, as payment technology continues to evolve, it has become increasingly important for restaurants to upgrade to a comprehensive POS solution to process payments, manage inventory and review sales reporting quickly.
For large or chain restaurants, incorporating the latest payment technology is easy, as they have the funds and assets to upgrade their products. Small or independent restaurants, on the other hand, oftentimes do not have this luxury due to limited resources. The good news is that most tablet-based POS solutions have become less expensive since being introduced, but still retain high quality functions and software.
The right POS solution can offer a restaurant many benefits. Here are the top seven:
The great thing about a POS solution is that all reports are processed and managed digitally – meaning there is no need to manually write down inventory amounts, sales reports, or receipt information. Eliminating paper will allow a restaurant to reroute the focus from basic administrative tasks to customer service and building additional revenue.
REDUCED WAIT TIMES
An up-to-date POS system greatly increases the level of service a restaurant provides. It allows employees to input orders faster, process transactions quicker and keep lines moving. Ultimately, an updated POS solution greatly reduces wait times and enables restaurants to increase customer satisfaction and serve more guests.
INCREASED CUSTOMER SATISFACTION
Utilizing a POS solution can increase overall customer satisfaction by improving the customer experience. POS technology allows restaurants to easily change menu items, offer new menu suggestions, and compile a database of customers via their phone or e-mail meaning that restaurants can better provide quick, accurate and personalized service – three factors that lead to more satisfied customers.
Loyalty programs are a proven method for creating repeat business, generating additional revenue and strengthening relationships with customers – all key factors to business growth. In order to implement an effective loyalty program, a restaurant will need a POS system to manage customer data. Loyalty programs can be monitored and stored within a POS solution, making it easier to process loyalty points a customer is building or redeeming from their account.
Customers are more likely to leave a tip if they order from a POS solution with a tablet due to the tip option showing on the screen when a customer checks out than they are to leave a cash tip directly on the table. POS solutions makes it easier for customers to leave tips, which means restaurants will have an easier time collecting more of them.
Unlike older cash registers, POS technology takes the guess work out of business analytics by automatically providing real-time data that restaurant owners can use to increase productivity, streamline inventories and reduce costs. From managing employee time sheets, schedules, inventory, and projecting revenue, a POS solution is an all-in-one product that can save time while providing reliable, up-to-date information for a restaurant.
On top of faster functionality and the ability to process payments easily, POS solutions also come with the latest forms of technology that protect a restaurant from data breaches and fraud. Some security features a POS can offer include:
• PCI compliance
• Fraud Detection
Don’t miss out on these benefits for your restaurant. Upgrade your POS system today and reap the rewards.