Amazing food. Great location. Inviting atmosphere. Hot eating establishments often get described these ways. You rarely hear, “and they also have an amazing restaurant payment solution!” Yet the right hospitality payment processing is often a silent partner in dining success.
While it may be a cliche to note how hard-won restaurant success can be, there’s less talk about this payment angle.
Here’s some insight into its intricacies as well as guidance for finding a payment solution that fits your client’s business.
The point behind a POS system: Understanding the hospitality and restaurant payment landscape.
From pop-ups to coffee shops to full-blown fine dining, a restaurant is a complex ecosystem. Balancing the flow of inventory, employees, menus, and seating can be overwhelming.
That’s where a hospitality POS — point-of-sale — system can save the day. More than simply accepting and processing funds, these tools can track critical elements — especially sales — and improve a business’ bottom line.
POS essentials.
Deciding on a restaurant payment system depends on the size, scale, and kind of restaurant it's serving.
A hotdog stand isn’t going to require the extensive logistics needed to maintain a Michelin-star destination. Forbes Advisor notes, however, that there are basic elements that define an effective POS.
- Payment. Whether it’s a touch-based mobile system, a traditional card reader, or an old-school cash drawer, a restaurant will need hardware and software tools to manage money. The key here is versatility, the ability to accept a wide array of payment types.
- Printing. Some kind of receipt is needed for proof of payment. A food truck may use an e-receipt, while a brick-and-mortar pizzeria may opt for grease-stained paper printouts. Again, it depends on the size and needs of the restaurant.
- Inventory. POS systems can follow food and beverage sales as well as keep track of recipes and ingredients — and even send alerts when supplies are running low.
- Reporting. Keeping track of what’s hot on the menu, what times of day are busiest — a POS can help your merchants know when to keep cooking and when to turn off the stove.
Navigating payment challenges in hospitality with advanced POS tools.
Beyond the basics, a powerful POS payment system can offer additional features that broaden a restaurant’s reach, deepen existing diner relationships, and open up a whole menu of opportunity.
- Seating and table management. Sometimes success can be a curse. A popular restaurant that routinely keeps customers waiting is probably missing out on critical sales. A POS with table management capabilities can improve the speed and accuracy of service — and that means moving customers in and out quicker. This enhancement helps busy restaurateurs manage reservations and seating with greater efficiency.
- CRM. A POS can bring a strong relationship management system to the table. With this tool, merchants can track orders and diner preferences as well as stay in touch with loyal customers. It can also give your clients and their diners a more personalized experience — and build deeper relationships between them. CRM can also help determine targeted marketing campaigns and manage loyalty rewards.
- Online ordering. An online ordering system, seamlessly integrated into a restaurant’s POS, opens up a whole new market for your clients. Integration with a delivery service like DoorDash or Grubhub can boost exposure and sales.
Restaurants come in all shapes and sizes. So how do you scale a POS solution for your client?
A do-it-all, Swiss Army Knife POS may be overeating for a greasy spoon, while a weak-sauce system may underserve a large chain. Fortunately, your friends at NAB have solutions to suit any eatery’s appetite.
What are you going to get? A comparative analysis of NAB’s SALIDO and Payanywhere.
Your client wants to go big? SALIDO has hospitality solutions.
From full-service to casual to super-fine-dining, SALIDO unites restaurant operations with convenience and real power: Industry-leading payment processing, state-of-the-art software and hardware, and unmatched analytics for real-time, data-driven decision-making. They pretty much wrote the book on restaurant payment solutions.
What if your client needs something a little more simple and nimble?
Payanywhere lets an establishment accept a wide variety of payments and offers an array of payment-processing options, including Tap-to-Pay on iPhone. Payanywhere brings a host of retail, mobile, and online solutions that are fast, easy-to-use, and full of flavor.
Whatever you decide, NAB is here to help you and your clients make the most of any menu. Want a second helping of perspective on this culinary calculus? Check out this look into different restaurant payment solutions.
