Restaurant POS Systems are no news to the market. The whole restaurant and retail industry has been using it for a while now. But we never expect an individual to know each and everything, we never can. Several people are new to the industry and are unaware of the POS System, it’s advantages, uses, and all the related stuff. So if you are new to the industry and want to use technology to its fullest for a successful business, then do read this article till the end.
What do you mean by POS System?
A POS System denoted, Point Of Sale System. But that’s not all when we talk about today’s retail businesses. In today’s date, a POS System includes the management of several things. In addition to the traditional bill and receipt, it also managed customer relationships, inventory, books of accounts, and much more. Undoubtedly, POS System is now Restaurant management software.
What does Restaurant POS Software do?
Restaurant POS Software does all that a restaurant needs to function properly. From sales to purchase accounting, from receipt generation to profit and loss statement generation, POS Software is your aid, no matter what.
How to choose a Restaurant POS System?
There is an endless number of Restaurant POS Systems available in the market. Yet, the count seems to be still on rising. With so many options, each claiming themselves to be the best in the stream, confusion is inevitable. But just there’s an answer to every question, there’s a solution to every problem too.
To begin with, there are certain things to be kept in mind. These points will help you analyze and select a POS System, that is perfect for you and your business.
No matter what you are going to buy, knowing your budget is the best way to limit your options down. The total cost of the POS System will be influenced by certain factors. These factors are:
- Your number of terminals/ stations
- Number of your store location
- Whether your servers used to hold held devices.
- Whether you use web-based
- Restaurant POS Payment Processing Costs
For any business out there, payment processing cost is an actual big overhead expenditure. It is very important to know that your POS lets you choose the payment processor. There are some other POS too, which won’t allow you to select your payment processor.
Some charge different processing rates for different levels of subscription, while some charge flat rates for all. Just make sure that whichever you choose, it doesn’t charge too much.
- Locally v/s Web-based Restaurant POS, based on Cost
There are two wide options when it comes to getting a POS. Either you get a Web-based Restaurant POS or a Local POS. If you get a web-based POS, you need not worry about most of the things and only pay your subscription feels.
On the other hand, if you like to do everything with your own hands and decide to get a Local POS, you might have to keep a few things in mind.
- It generally has a license fee which is to be paid once. This fee is around $1,000 and $2,000.
- There is another monthly support fee for local PSO. This fee ranges from $25 to $100per month.
- You need separate hardware for your separate Local PSO. This hardware might cost from $2,000 to $4,000. Make sure you check your POS’s compatibility with the hardware too.
- Some long term contracts may lead to unnecessary penalties, avoid that.
We narrowed down our options by analyzing our budget, now we’ll further short down the list by checking the availability of the product. Whether it’s an on-premises or a cloud-based system server, now the stage is to make a selection based on their features.
- Inventory Management:
Think if you would require features such as low-stock alert, order purchase management, and ability to track down the vendors, etc. This is a good feature to be included since restaurant inventory is much more complex than simple retail.
- Online Food Orders:
Know if your restaurant is accepting online orders, which is a very common trend these days. With online food delivery apps, this is becoming even more popular these days. Even if you are not accepting online orders currently, think if you’ll be accepting orders or not.
- Order Management:
Order Management includes various functions such as sending orders directly to the kitchen and receiving a response, once the order is prepared, helping out your customers in bill splitting on demand, etc.
- Menu Creation:
This function is specifically designed for restaurants that have multiple outlets at different locations. These outlets usually have different menus, the reason could be anything such as different seasons, cultures, etc.
Basic level reporting such as daily sales, best dish, employee data, etc. However, there are many more features too, but in the end, it’s you who has to analyze what is being offered and what you want.
- Consider your Technology:
- How reliable is the data connection that you possess?
- Do you want your POS to accept offline payments?
- Do you want a local server as a backup?
- Would handheld be appreciated by you to order at the table?
- Would your restaurant be benefited from these features?
- How tech-savvy are your workers?
- Do you have any prior equipment? Do you want your POS to work with that equipment?
- Other points to take care of:
- Remember, always note what your customers like and what do they want?
- Test the Customer Support Service of your prospect dealer. Try to know how well they respond and how supportive they are.
- Always go through Reviews
- Explore and Exploit the benefit of free trials.
- Think about the future.
Technology has developed and spread its roots in every field. Our best way to succeed is by holding the hand of it. But don’t let anything fool you just in the name of technology. See, try, analyze and succeed.;)