5 Best Point of Sale System Software For Fine Dining Restaurants
What is Point of Sale System Software?
A point of sale is the location where customers are billed. It is a location where a customer makes a payment for the store's various items and services. Simply said, every time a customer makes a purchase, they are completing a point of sale transaction. Your point of sale system consists of both, hardware and software that assists your company in making those sales.
The point of sale software functions as a command center for your business. Contemporary point of sale software includes POS features, contactless payment functionalities, and other integration capabilities that allow restaurants and retail establishments to go beyond credit card processing.
Transactions in a restaurant are processed using restaurant pos software. In its earliest avatar,restaurant pos software was simply a billing software that collected payments and printed receipts. With the introduction of cloud technology, it has evolved into much more. Analytics tools, CRM functions, inventory management, and stock reporting are all available in the restaurant POS of today, streamlining an entire restaurant operation. It can also integrate with various third party systems for online ordering, loyalty programs, e-payments, and table ordering, among other things.
A sophisticated point of sale system like Plum POS, for example, offers features like inventory management, sales reporting and forecasting, workforce management, customer relationship management and more, helping operators take full control of the running of their business.
Essential POS Features for a Fine Dining Restaurant
A fine dining restaurant needs a point of sale system for a variety of reasons. The tasks at a restaurant can become tedious and time-consuming, particularly during peak hours. Managers will need a point of sale system in these situations to streamline everyday operations. Here are the important features a fine dining restaurant's pos system should have.
1. Inventory management
One of the most important functions of a restaurant POS system is inventory management. It keeps track of a restaurant's supplies and sends updates about how and when to reorder them when their levels dip. This reduces chances of under-stocking and other inventory management errors. POS systems like Plum POS allow you to digitally scan products and track inventory levels across several restaurant locations. Their recipe management feature allows you to keep track of how much stock was used up to make each dish.
2. Eases billing operations
One of the most important functions at a restaurant is billing. Customers can view a restaurant's menu on a tablet POS system, place their orders on it and pay for their orders at the table too, splitting the check if they want to. Orders received from online ordering channels are also sent directly to the POS system. This eliminates the need to manually enter orders into the accounting system. With each order, customer information is delivered to the CRM database.
3. Receive real time reports
As a restaurant owner, you may not be able to visit your restaurant regularly. But with a pos system, you won't have to rely on your restaurant manager for sales reports. A restaurant pos system gives you real time reports on sales, inventory, and other information, allowing you to stay on top of things. A cloud basedpos system like Plum POS provides in-depth reports and comprehensive financial statements for all the restaurant's operations. Reports can also be customized, with visualizations for quick and easy reading. Most point-of-sale systems include mobile apps, so you can review these reports with a single click on the go.
4. Develops better customer relationship
As a restaurant owner, your primary goal is to increase customer traffic and sales. It's therefore critical to invest in a point of sale system that helps with customer relationship management. The customer database is managed centrally by a restaurant pos system. This central customer database can be used to understand client behavior, geography, and even order history when there are many locations. When you have the customer's information from the restaurant'sPOS system, you can send them SMS and email updates about new deals, discounts, and upcoming events. Customer retention can also be improved through loyalty programs. You can craft personalized loyalty programs and gain more loyal customers by integrating your point of sale system with CRM.
Restaurant POS Software Market Value: The global restaurant POS software market was worth $940 million in 2018, and is expected to increase at a CAGR of 7.8% to $1,368 million by 2023.
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Plum Pos System
Plum POS is a restaurant management point of sale software offered by restaurant back office solutions provider, Hubworks. It streamlines the overall functioning of both, small businesses and large companies, covering all restaurant formats. Its functions include payment processing, inventory management, and third party software integration.
It is also customizable to a restaurant's needs. Besides software solutions, Plum POS offers a variety of point of sale hardware devices, including POS stations, self-service kiosks, mobilePOS systems for tableside ordering, kitchen display units, and display screens. Restaurant operators love it because of its intuitive inventory management feature. Plum's inventory software keeps a constant eye on your restaurant's stocks and supplies, enabling you to track them in real time via its mobile app.
Restaurants may use Plum POS to create loyalty programs that reward customers with discounts, freebies, and other incentives. The company also provides staff training for the use of its point of sale system. This point of sale system will streamlines orders received both, on site and through various offline and online channels.
Plum One is a plan for small eateries. Plum One costs $1,716 and comes with a POS register, thermal receipt printer, 2.3 GHz dual-core order station base, detachable wireless order entry touch screen, and cash drawer. It is part of the Plum Essential Station Bundle. Mid-sized restaurants can opt for Plum Two, which comes with two plum stations, two thermal receipt printers, two cash drawers, and networking equipment. It is available at $3,505 under the Pro Station Bundle. All Plum POS products are available for sale on the Hubworks website.
When you use Square point of sale system, Restaurant Management becomes a breeze. It includes everything you'll need to run and expand your company. When a sale occurs in the restaurant, it keeps track of each customer's preferences and feedback and constructs their profiles. Restaurant management can utilize this information to view purchase histories and send out emails about special deals and discounts. They can also deliver personalized messages to encourage customers to return to the eatery.
Square POS features a dashboard with in-built sales and inventory reports to help you keep track of how your business is doing. Operators can track inventory and obtain sales data via the mobile app, which provides real time hourly information based on restaurant location and transaction type.
Square POS uses magstripe and contactless card readers to accept debit and credit card payments, as well as mobile wallets. It also contains a Virtual Terminal, which accepts payments through a computer and allows users to enter card information without the need for a card reader.
Square POS is free to use. But when you make a payment, you need to pay a processing fee of 2.6% plus 10 cents for each dip, tap, or swipe transaction.
Revel Systems is a cloud based point-of-sale system that allows restaurants to combine operations and data with the point of sale on a single dashboard.
This Pos System is suitable for restaurants of all sizes and includes features such as customer management, social media management, and inventory management. A Restaurant Manager can keep track of hourly sales, payment summaries, sales data, order details, and other data in real time. They can also get the data in the form of graphs and charts. Barcode scanning, mobile ordering, loyalty programs, and discount cards are all available through Revel.
Its inventory management tool links online and offline channels and provides real time inventory information while its CRM feature allows managers to keep track of customer information and order history.
The cost of Revel POS software is $99 per month per terminal. Users must also pay to set the system up. Prices for this start at $674.
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Lightspeed Retail is a point of sale system designed specifically for fine dining restaurants and other enterprises. It assembles Pos Data and takes care of inventory management, payment processing, customer data access, and cash drawer management, among other functions. It also works with POS hardware such as receipt printers and barcode scanners.
For a business that has several restaurant locations, Lightspeed Retail can help with multi-location management and inventory synchronization. It also offers a mobile app for tracking inventory from anywhere.
The Lightspeed Retail POS system also has several other customer-centric features, like the ability to create customer profiles, track purchase history, and obtain consumer insights. It includes tools for employee management like a time clock for punching in and out, as well as a logbook for tracking employee performance and sales.
The Lightspeed Retail Lean Plan costs $69 per month, while the Standard Plan costs $119 per month. It also offers an Advanced Plan at $199 per month.
Shopify POS offers a restaurant everything it needs to run the business, including Inventory Management, reporting and analytics tools, and third party integration. Restaurants that provide both online and offline order deliveries will find Shopify a useful POS system because it integrates easily with both channels.
Shopify POS allows restaurants to connect their offline and online sales, handle pick-up orders and roadside orders and start a sale offline and finish it online. The Shopify POS system also has a cross-channel inventory management function that allows you to use barcode scanners to perform quick counts, categorize inventory, and track it.
It also has a mobile app that allows you to keep track of numerous inventories, payments, and order catalogs from any location at any time. It unifies consumers and orders into a single platform, making it simple to reward customers through loyalty programs and sell gift cards.
The Basic Plan is $29 per month, while the Shopify Plan costs $79 per month. Shopify's Advanced Plan is available at $299 per month.