There is more to restaurants than good food and service.
Owning a food business can be really stressful and time-consuming. You have to calculate daily sales, check inventory, keep track of your staff… the list goes on. As a busy person, you don’t always have time to visit your physical store and go over every detail.
Restaurant owners in the modern-day setting know that investing in a robust point-of-sale (POS) is now a requirement and an asset.
An efficient POS system presents a load of benefits — from tracking employee productivity to monitoring cash flow, sales, and revenue. It can even help lessen the chances of getting negative feedback from diners.
Whether you are a newcomer or a long-serving restaurant owner, finding the right point-of-sale system is crucial to help you manage your business. The following tips can guide you as you choose the right POS fit for your restaurant.
Observe Several Point-of-Sale Companies
Before you make any decision, it is highly recommended that you research multiple POS systems first. This way, you can gauge the pros and cons of each company and decide which one works best for your restaurant. You also get to save yourself from future frustrations and additional costs if you know the types of services that they offer.
Seek advice from your POS Service Provider
If you already have an existing POS (point-of-sale) system for your restaurant, talk to your provider about the available services that work with your current system. Consulting a professional will give you a concrete idea about the kind of system and equipment that is compatible with your restaurant environment.
Seek Valuable Insights from Colleagues
Consult fellow restaurateurs or business partners about their experiences when it comes to choosing a point-of-sale. You may open up a topic about the rates and fees associated with their credit card processing, and whether the rates are negotiable. Other people in the industry can even give you feedback about how a specific point of sale system affected their business.
Read Customer Feedback
This time around, try to look at yourself as a consumer. Go over the ratings and feedback section of the websites you visit. Read customer reviews on various POS systems, but keep an open mind while doing so. Never focus on one negative comment from an irate customer. Read at least 10-15 reviews before you take things into consideration.
Evaluate the Payment Terms and Conditions
It is important to note that POS technology is no longer confined to credit and debit cards only. Payment systems can now handle both card and contactless transactions. Keep in mind that different types of transactions also have different rates. Having a clear idea about varying pricing quotes for both online and in-restaurant purchases will help you in deliberating your choices.
Opt for a Company with Efficient Processing Agreements
When looking for a POS system, find out if you can choose your own processing company or if you are locked into using a specific one. There are credit card processing companies that offer flexibility in terms of payment terms. Unlike processors that lock you into long-term contracts, some allow month-to-month options or even allow you to change companies without expensive early termination fees.
Another plus factor when choosing a credit card processor is the rate-lock guarantee. While it is a fact that most companies have the right to increase your rates anytime, there are companies that offer you the same rate for as long as your account is active.
Watch out for Nonstandard Fees
Credit card payment processing system involves standard fees such as:
PCI Compliance Fee
On the other hand, some companies may have additional fees for :
Application and Setup
Shipping and Handling
Maintenance or Service
Ask your account representative to thoroughly explain what is in the contract before you sign anything.
Ask about the Security Features
Utilizing a restaurant payment system offers many advantages, but it also has risks in terms of security. One thing that you should ask your prospective processor is about the protection they offer. There might be instances in the future when you encounter fraudulent transactions. Be clear about this area since it poses a lot of implications regarding your restaurant’s financial security, stability, and reputation.
Time for Your Big Decision
Deciding on a payment processing company and POS solutions that work best for your restaurant is not an overnight success. A streamlined method in making payments and gathering structured data greatly contributes to the success and growth of your restaurant, that’s why you should consider many important things before making a decision. Once you have chosen an advanced POS system through the help of professional services, everything else will fall into place. Ready to give your restaurant a competitive advantage through systematic payment solutions? Tulumi Digital Marketing will guide you as you enter the world of cashless payments.