What is point of sale software?
Point of sale software is a set of programs that run on specialized hardware, computers and mobile devices to help different functions of a restaurant run smoothly and efficiently. These functions involve inventory management, order processing, invoicing, staff scheduling, and even customer loyalty.
Five Reasons to Switch From Your Current Point of Sale Software
The Point of Sale System Deconstructed
Traditionally, a Point Sale System, also known as POS system, was used by big and small businesses to process payments from customers at checkout and track sales at the end of the day.
But now, cloud based POSmanagement software is able to handle much more, and can help run businesses smoothly by managing business needs efficiently. But first, let's take a look at the different types of restaurant POS systems that are available in the market so you can select the best pos system for you.
It is used by a restaurant for payment processing, but can also be used to manage inventory by tracking inventory levels. It is an affordable and simple setup ideal for a small business and for startups.
Terminal or legacy POS-
This POS system deals with multiple functions, including order management and employee management. It comes with add ons like a cash drawer and barcode scanner.
Cloud based POS-
This online system can sync with your existing hardware and is suitable for startups and new businesses.
After looking at the different types of restaurant POS systems, let's look at their two major componentshardware software. POS hardware comprises of the physical components that help process transactions, like a cash register, a touch-screen monitor or tablet, a cash drawer to store cash, receipts, cheques and payment slips, a receipt printer, and a card reader to process payments made by a debit or credit card. Retail POS software processes and stores transaction details. Its features vary, depending on the product and scope of business.
How Can a POS System Help Sales Grow?
A modern point of sale software can help a restaurant not only accept payments and track sales but also manage the daily workflow. Its end objective is to help a business increase revenue and profits. POS systems can help sales grow in the following ways-
Better efficiency- A retail POS management system helps you save time scheduling employees, tracking inventory, and accounting, as these functions are managed by the system. This also reduces errors and lowers labour costs.
Data, reporting analytics- POS software tracks inventory and issues alerts when stocks run low. It also suggests how much stock should be ordered. It even makes sales forecasts by studying past purchase orders and sales receipts to recommend items that sell well.
Payment processing- A modern Point Sale solution can process various payment options like credit cards or mobile payments like Google Pay or Apple Pay. It can also directly send detailed transaction receipts to a customer's email address or mobile device.
Reduced wait time- Customers appreciate it when they don't have to wait too long for service. A good POS software, with order management and table management tools, will help you cut down on customer wait time and help garner repeat customers.
Customer feedback- Many Restaurant Management systems have inbuilt tools to collect customer experience and feedback. This helps a business rectify shortcomings by processing negative feedback and thus improves customer experience.
Gift cards and loyalty points- POS software also manages customer loyalty programs. This includes the issuance of gift cards and the processing of loyalty points. All this helps build customer loyalty, which in turn increases sales.
The point of sale software you’re using is not up to the task.
Modern Point of Sale Software is designed for the modern restaurant. It’s easy to use, has all the functions you need, and can be customized to the demands of your business.
Five Reasons to Switch to a New POS System-
Many modern Point Sale systems like PlumPOS can help a restaurant enhance operational efficiency, improve customer experience and lower cost. And now with online ordering solutions, restaurants can expand their customer base too. Online ordering works via third party partners like GrubHub or Doordash. It also works through the brand's own web portal or app.
A restaurant POS system with an inbuilt online ordering feature will give you more control over orders and save upto 30% on your third party fees. This type of POS solution allows easy customization of meals and good customer service. It ensures repeat customers and builds a restaurant's reputation through its easy use.
As customers build their orders and check it in real time, they tend to add more to the cart. This generates more revenue for the restaurant. Online ordering system also helps collect data on customer preferences, enabling a restaurant to build targeted campaigns via email marketing or ads on social media.
Many restaurants are now integrating third party apps into their Point Sale software. Many modern restaurant POS systems like PlumPOS, make it possible to have third party app integrations. Integration food delivery apps into your point of sale system, for example, will help increase your customer base and, in the long run, your revenue and profits.
A restaurant POS system seamlessly merges third party apps into the restaurant workflow. Any order through third part apps goes directly to the printer and an alert is issued to the staff. Contactless payments are also processed by the POS system.
Integrating third party apps into POS software reduces human errors in processing orders, as the process is fully automated. The POS system works in tandem with the kitchen to ensure food doesn't grow cold waiting for pick up.
Gone are the days when a restaurant manager had to spend hours with a pen and paper trying to chalk out the weekly schedule. Modern POS software like PlumPOS helps automate and streamline employee management functions like scheduling and tracking, for both, large and Small Businesses.
Many POS systems have time tracking functions that help manage employee hours, overtime, tips and labour costs. Data shows that employers in the U.S. lose around $400 billion every year due to time theft. Mobile POS systems have made it easier for staff to take orders and bill customers, leading to fewer errors and better customer relationship management.
POS systems also provide detailed real time reports on sales, thus reducing the chance of theft. They also generate detailed reports on employee performance, which can guide a business in rewarding good employees.
Your point of sale software has served you well so far, but it can’t keep up with the new needs of your business.
POS Systems have come a long way. It’s time you looked at what the market has to offer the modern restaurant.
Loyalty programs can draw customers to your restaurant. If a loyalty program can satisfy your customers expectations, they will be more willing to be a part of a loyalty program. A POS solution like PlumPOS can help a restaurant create a loyalty program to benefit old patrons and draw in new customers.
A Point Sale system can help track reward points so that customers can redeem them easily. A survey found that customer spend 39% more when they are able to unlock their loyalty points. They also tend to spend more when they are close to their incentive goals.
POS systems make it easy for customers to join loyalty programs via their phones or email addresses. This helps the brand communicate with the customer easily about offers and discounts. It also helps customers keep track of their loyalty points.
The kitchen is the mainstay of a restaurant, as good kitchen management is central to a restaurant workflow. A good point sale software has inbuilt kitchen management tools that help organize daily tasks, connects the front and back of the house, and improves workflow efficiency.
A good kitchen management system will send an order from the POS system to the kitchen display at the preparation station. It organizes items to make sure dishes are sent out in the right order for quick service and issues alerts on the kitchen display if there's a long wait time for dishes to be prepared. Most importantly, it alerts kitchen staff about special requests, customer allergies, and so on. It also helps optimize menu options so the kitchen can push their most popular products and Best Food options on the menu.
Your customers are frustrated with how long they have to wait for their food and how slow your service is.
Switch to a modern point of sale software that can help you manage your inventory, track orders, and get accurate reports on customer satisfaction.