The restaurant industry is highly competitive, and it’s critical for restaurant owners to look for opportunities to boost productivity, minimize costs, and maximize the profitability of each day. For many restaurant owners, substantial benefits and cost-savings can be obtained by moving to a cutting-edge point-of-sale solution that consolidates multiple essential functions into a single, easy-to-use business management system.
Managing a successful restaurant is no easy task. There are many details to attend to, competition is fierce, and it’s important to make the most of all the different tools and equipment at your disposal to make sure that costs stay low and profits stay high. This is particularly true with food service point-of-sale systems. These essential systems are responsible for processing payments with speed and accuracy, but many restaurant businesses are not truly leveraging the full potential of what a modern POS solution can offer.
In recent years, the capabilities of restaurant point-of-sale systems have grown by leaps and bounds. They are no longer just limited to processing transactions, but can perform a diverse range of valuable business tasks to help restaurant owners and managers boost productivity, increase accuracy, and widen profit margins. Before we start to explore the specific advantages of all-in-one point-of-sale systems for restaurants, let’s take a moment to highlight some of the most common warning signs that aging POS technology is holding your restaurant back from achieving even greater success.
Warning Signs It’s Time to Upgrade Your Restaurant POS System
Perhaps the most noticeable limitation of older point-of-sale systems in restaurants is their inability to process the newest methods of payment. Cash, credit cards, and debit cards are generally accepted even on POS terminals that are over 10+ years old. However, some of these systems may not be equipped with newer features like tap-to-pay technology, or may be incapable of accepting payments from customers using digital wallet apps like Google Pay or Apple Pay. If you are noticing a trend of more customers asking to pay with a digital wallet app, but your business is unable to process them, it certainly could result in reduced repeat visits from those customers who are unable to pay with their preferred payment method.
Lack of ecommerce integration is another major limitation of older POS systems. Offering customers the ability to order online for delivery or pickup is a significant source of revenue for restaurants, but managing these orders from a separate system can be awkward and inefficient. It also means that things like pricing and menu details must be updated in both the in-store POS as well as on the online web platform. This duplication of efforts increases the risk of data entry errors, inconsistent pricing, and other mistakes that could be prevented with a consolidated approach to in-store and online order management.
Some businesses utilize multiple different devices or systems to manage other critical restaurant tasks such as inventory management, staff scheduling, sales reporting, customer loyalty programs, or marketing initiatives. Although each individual system may do its singular task well, the potential for human error as data is manually entered into separate systems can be quite high. Plus, the time needed to switch from one task to another on separate devices can add up fast and result in lost productivity and higher operating costs. Furthermore, the cost associated with upkeep and maintenance on so many different systems cuts into profitability and needlessly raises your operating expenses.
If any or all of these signs sound familiar, it’s time to seriously consider investing in a new POS system for your restaurant. The benefits of upgrading to an all-in-one food service POS solution are compelling for any restaurant owner, and once you’ve put into service, the impact it will have on your bottom line will remove any lingering doubt.
Advantages of All-in-One Restaurant Payment Processing Solutions
Implementing new POS technology in your restaurant will have an immediate positive effect on the productivity of your team and on the efficiency of your operations. One of the first things you’re likely to notice is the time savings while performing routine tasks that used to require interacting with two or more different systems. In addition to simply having more powerful hardware and faster processing speeds, the functions of your POS will seamlessly integrate together with up-to-the-minute data synchronization. For example, pricing updates will be immediately reflected in your sales reporting, while inventory replenishment automatically flows into the availability details of menu items. The elimination of time-consuming manual data entry tasks between different systems is a highly valuable advantage when managing a busy restaurant.
Integrations and value-added apps are what allows modern restaurant point-of-sale systems to perform such a diverse range of tasks. Depending on the types of systems already in place at your restaurant to handle things like scheduling, accounting, inventory control, or customer loyalty programs, there may be direct integrations that can be made between them and your new POS. Alternatively, third-party apps for these various functions can be installed quickly and easily on your point-of-sale system, consolidating multiple business tasks onto a single solution.
Another key advantage of new point-of-sale technology is the flexibility to accept new payment methods while simultaneously supporting existing payment types. Your business will be able to accept physical credit and debit cards as well as digital wallets, QR code payments, NFC tap-to-pay cards, and all other methods of payment. Modern POS solutions are also far more accommodating to future developments in payment technology, as the software and hardware used to power these systems can be upgraded as needed to evolve along the way.
One benefit that may not immediately be apparent with a new restaurant POS system is more effective communication between the front of the house and the back of the house. In many restaurants, the point of sale system is stationed at the front of the house, while the other important business systems are located at the back of the restaurant. With a consolidated and integrated POS business management solution, the computers at the back and front are synced at all times, keeping all employees continually up to date with complete accuracy and precision.
Choosing to move forward with a more functional and capable POS for your restaurant is a major decision, but one that will certainly prove to be worth the investment. The next question you will be faced with is which POS system will be the right match for your specific business needs. Not only that, but it’s also vital to evaluate which merchant services provider you should partner with to handle implementation, configuration and support for your business.